Miami has officially approved its proposed deal with Malaysian gambling giant Genting that allows the company to lease bay front bottomland to a subsidiary for a marina.
Resorts World Miami LLC, the developer that owns choice waterfront where the Miami Herald once stood remains in negotiations with city officials for additonal submerged land to build a marina.
The Florida Department of Transportation (FDOT) needed to deed a strip of bottomlands back to the city so the city can lease it to Resorts World, which bought the site for a resort/casino that would have been the world’s largest.
Genting has owned the waterfront parcel about six years while proposing to build a billion-dollar casino/resort on the 14-acre site. However, attempts to get a casino approved by Florida lawmakers have been thwarted repeatedly in recent years.
Resorts World Miami representatives said more than a year ago that the company would move forward to construct the marina, independent of its ultimate ability to build a casino/resort on the upland property, reports the Miami Herald.