The Genting Group on Wednesday doubled the footprint for Resorts World Miami as part of a calculated step to win support for a gambling license from the Florida Legislature.
Genting purchased the $161 million note on the troubled Omni Center from Miami real estate investors Jorge Perez, Jimmy Tate and Sergio Rok. The deal, whose purchase price was not disclosed, gives Genting control over the entire $206 million mortgage on the Omni, which is currently in the midst of foreclosure. Genting purchased the other $45 million note last week.
The plan: turn Omni into the first stage of Resorts World Miami with the ability to open a casino with restaurants, bars and entertainment facilities as soon as Fall 2012 — within months of receiving potential approval from state legislators for a gambling license.
“The Omni acquisition is a strategic acquisition that answers the Legislature’s concerns about where are the jobs,” said Colin Au, a Genting principal. “We are taking a calculated risk. We are responding to the concerns and trying to create jobs as fast as possible. The Omni is what’s called a decorator-ready solution.”
By combining the Omni Center with the Miami Herald property and the Checkers site Genting purchased on Biscayne Boulevard, the Malaysian conglomerate has now assembled about 30 acres. While Genting must still complete the foreclosure process on the Omni property, company officials remained optimistic Wednesday that they could reach an amiable resolution with property owner Argent Ventures and gain control of the site within a few months.
The Omni mortgage acquisition came on the same day Genting unveiled its $3 billion master plan for Resorts World Miami.
The mixed-use project is unlike anything South Florida has seen in terms of sheer magnitude and design. With plans for four hotels, two condominium towers, more than 50 restaurants and bars and a luxury retail shopping mall, it’s being billed as one of the largest projects in the state.
The design of the 10 million-square-foot development draws inspiration from the region’s coral reefs. The centerpiece is a 3.6-acre outdoor lagoon — equivalent to 12 Olympic-size swimming pools and surrounded by natural sand beaches — that would allow visitors to literally swim from Biscayne Boulevard to the edge of Biscayne Bay.
“This will put Miami on the map and make it a destination,” said Bernardo Fort-Brescia, co-founder of Arquitectonica, which is designing the project. “Miami has not seen resorts of this importance, Orlando has and maybe Las Vegas. This will make Miami more than competitive. It will have an advantage.”
By acquiring Omni, Genting is in position to speed up the development of Resorts World Miami and offer an immediate benefit of revenue generation and new jobs. The casino would go in the empty 650,000 square feet that once housed the Omni Mall, a process that Genting officials say would take minimal structural work. The Hilton Hotel, existing office tenants and parking garage would remain. An Omni casino would create 5,000 permanent jobs and $100 million per year of taxes for state and local governments, Genting said.
Miami state Rep. Carlos Lopez-Cantera was both skeptical and intrigued by the idea.
“It’s interesting, I would like to see how they would accomplish that,” said Lopez-Cantera, the House Republican leader. “I would want to see all the details. That’s a lot of jobs they’re talking about
Source: Miami Herald
Read more: http://www.miamiherald.com/2011/09/14/2407173/genting-unveils-plan-for-miami.html#ixzz1dRKode7R
Genting purchased the $161 million note on the troubled Omni Center from Miami real estate investors Jorge Perez, Jimmy Tate and Sergio Rok. The deal, whose purchase price was not disclosed, gives Genting control over the entire $206 million mortgage on the Omni, which is currently in the midst of foreclosure. Genting purchased the other $45 million note last week.
The plan: turn Omni into the first stage of Resorts World Miami with the ability to open a casino with restaurants, bars and entertainment facilities as soon as Fall 2012 — within months of receiving potential approval from state legislators for a gambling license.
“The Omni acquisition is a strategic acquisition that answers the Legislature’s concerns about where are the jobs,” said Colin Au, a Genting principal. “We are taking a calculated risk. We are responding to the concerns and trying to create jobs as fast as possible. The Omni is what’s called a decorator-ready solution.”
By combining the Omni Center with the Miami Herald property and the Checkers site Genting purchased on Biscayne Boulevard, the Malaysian conglomerate has now assembled about 30 acres. While Genting must still complete the foreclosure process on the Omni property, company officials remained optimistic Wednesday that they could reach an amiable resolution with property owner Argent Ventures and gain control of the site within a few months.
The Omni mortgage acquisition came on the same day Genting unveiled its $3 billion master plan for Resorts World Miami.
The mixed-use project is unlike anything South Florida has seen in terms of sheer magnitude and design. With plans for four hotels, two condominium towers, more than 50 restaurants and bars and a luxury retail shopping mall, it’s being billed as one of the largest projects in the state.
The design of the 10 million-square-foot development draws inspiration from the region’s coral reefs. The centerpiece is a 3.6-acre outdoor lagoon — equivalent to 12 Olympic-size swimming pools and surrounded by natural sand beaches — that would allow visitors to literally swim from Biscayne Boulevard to the edge of Biscayne Bay.
“This will put Miami on the map and make it a destination,” said Bernardo Fort-Brescia, co-founder of Arquitectonica, which is designing the project. “Miami has not seen resorts of this importance, Orlando has and maybe Las Vegas. This will make Miami more than competitive. It will have an advantage.”
By acquiring Omni, Genting is in position to speed up the development of Resorts World Miami and offer an immediate benefit of revenue generation and new jobs. The casino would go in the empty 650,000 square feet that once housed the Omni Mall, a process that Genting officials say would take minimal structural work. The Hilton Hotel, existing office tenants and parking garage would remain. An Omni casino would create 5,000 permanent jobs and $100 million per year of taxes for state and local governments, Genting said.
Miami state Rep. Carlos Lopez-Cantera was both skeptical and intrigued by the idea.
“It’s interesting, I would like to see how they would accomplish that,” said Lopez-Cantera, the House Republican leader. “I would want to see all the details. That’s a lot of jobs they’re talking about
Source: Miami Herald
Read more: http://www.miamiherald.com/2011/09/14/2407173/genting-unveils-plan-for-miami.html#ixzz1dRKode7R
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