Genting and Arquitectonica held a press conference yesterday afternoon to unveil plans for a $3B mixed-use development known as Resorts World Miami. The development will reside on the 13.9-acre Miami Herald land which was purchased for $236M in May of this year. The 10 million square-foot Bayfront resort will have a total of 5,200 hotel rooms distributed amongst four hotels, two Condominium Towers with 1,000 units, more than 50 restaurants and bars and a 250,000 square-foot luxury retail center. The development will also have 750,000 square feet of convention and meeting space, including a 200,000 square-foot ballroom which would be the largest of its kind in the nation. The focal point of the development will be 3.6-acre outdoor lagoon, the equivalent of 12 Olympic-size swimming pools, surrounded by natural sand beaches. The plan also includes space for a casino but Genting first needs the Florida Legislature to approve expanded gaming for that to come to fruition.
Resorts World Miami is estimated to create 15,000 direct and indirect Construction jobs as well as 30,000 permanent positions once Construction is completed. Development is expected to start as early as Spring 2012 and could be completed as early as Fall 2015.