The Genting Group plans to demolish the headquarters for the Miami Herald in a few months and build a luxury hotel and high-end condominiums in the first phase of the redevelopment of the bayfront site.
Demolition work is expected to begin shortly after the Miami Herald vacates the property this May, according to the newspaper. Genting’s first phase calls for the construction of a luxury hotel with up to 500 rooms and luxury condos edged by a pedestrian bay walk, says Bill Thompson, senior vice president of development for Resorts World Miami.
“We’ve decided to go with a phased approach,” says Thompson. “That seems to be more conducive with what’s acceptable in Miami. You start out with the waterfront property and that improves the value across everything else. Then you stay fluid based on what’s happening in the marketplace.”
Genting expects to sign an operating deal with a hotelier and marketing is expected to start in 2014 on the sale of two buildings of luxury condominiums, each with several hundred units.
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