Archives for posts with tag: Biscayne Bay

Envision, if you will, a stadium in Miami that actually manages to represent the luxury that the city has to offer. If you were to do so, you might imagine attending a sporting event in which the vibrant environment is contrasted with a view of the calm waters of Biscayne Bay and nighttime events accentuate the glittering Brickell skyline.

This is also the vision that David Beckham’s group, Beckham Brand Limited, has for their potential Major League Soccer franchise in Miami.

As many local soccer enthusiasts may have heard, the group has been scouting locations for a 25,000-seat stadium for quite some time, with Arquitectonica as the rumored choice to design and plan the project. Though the group has surveyed around 30 potential sites, one has generated enough interest to inspire talks with Miami-Dade County.

Port-Miami

PortMiami has been interested for quite some time in creating a better connection with the mainland

According to the Mayor’s office, Beckham’s group has asked them to consider allowing the stadium to be built in the southwest corner of PortMiami in Dodge Island. PortMiami has been interested for quite some time in creating a better connection with the mainland. A soccer stadium may fit perfectly with their 25-year master plan for the southwest corner that would include a hotel, retail and office space.

25 acres would be available for the group to lease and build on, but the location raises some questions. For one, the port is only accessible through Port Boulevard and the Port Tunnel that is scheduled to open next year. Adding the event traffic to roads already clogged with cruise ship travelers on weekends may add up to a local nightmare. Similarly, the issue of parking would cause a major stir, though the idea to build an underground garage like that of the American Airlines Arena has been discussed.

Either way, the discussion between Beckham’s group and the county has just begun and any plan would eventually require approval from the Miami-Dade County commission. As a matter of fact, MLS has yet to formally announce an expansion franchise for the city of Miami.

However, a professional soccer stadium built with private money could be a boon to the local economy and provide a large opportunity for retail in the underutilized PortMiami area.

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The investors behind the new Miami Worldcenter development in downtown are hoping to bring in some flagship retail for their 750,000-square-foot-mall, and they just may get it. Earlier this week, the South Florida Business Journal reported that the Worldcenter hopes to land Macy’s to anchor acres of restaurants and retail.

For those that have not yet heard, the Worldcenter is yet another mega-project set for development in downtown Miami. The project will be located within blocks of Biscayne Boulevard, the Metrorail and the Metromover. It will also stand between downtown landmarks such as the American Airlines Arena, where the last 3 NBA Final’s champions have been crowned, and the Adrienne Arsht Center, home to Broadway in Miami.

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Rendering of the Miami Worldcenter

Investors in the Miami Worldcenter are turning to The Forbes Co., and Tauman Centers to help snag Macy’s for the upcoming development. Forbes and Tauman already have a level of familiarity with Macy’s. Their Orlando mall, The Mall at Millenia, already has one. Another well-known retailer may also be in the cards for the Worldcenter. Bloomingdales, which does not yet have any stores in the downtown area, has also been rumored to be part of the move.

Spokespeople for Macy’s, as well as those for the Worldcenter, would not comment on whether or not a deal between the two was in the works. However, if the Worldcenter manages to find big name restaurants and retail capable of fitting their square footage, this could be one of the more exciting developments out of many in the downtown area. The Worldcenter may have the potential to be on the same level as Swire’s Brickell CityCentre, with the capability to transform the downtown landscape.

Developments such as these make it clear that now is the time to invest in South Florida. The South Florida real estate market, which was originally not projected to rebound until 2016, has seen the median sales of condos spike 27.5 percent in one year, to go along with a 20.5 percent uptick in single-family home sales. With every passing day, as new cranes go up in the downtown skyline, South Florida is quickly becoming the place-to-be for affluent buyers.

Founded in 1903, The Miami Herald quickly became the largest newspaper in all of South Florida and one of the most highly-regarded papers in the nation. On August 19, 1960 construction began on a building for the Herald, and by March 24, 1963 the newspaper had a new home at One Herald Plaza. Now, 50 years later, the Genting Group has received a permit from the city to demolish the iconic building.

MiamiHeraldBuildingThe Genting Group, a gaming company based in Malaysia, purchased the property for $236 million in May of 2011. Demolition on the building is ultimately set to begin some time before the end of this year. Their plan for the 14 bay front acres is a mixed-use project that would include a luxury hotel, along with condos, retail, restaurants, and a glamorous 800-foot promenade overlooking Biscayne Bay.

Excitement had been generated through town at the news that the project would include a casino, but the plans have since been scaled down a bit. Genting made up for this fact at the Port of Miami, where their new ferry contains a casino and takes travelers from Miami to Bimini, where there of course is another Genting casino.

The Herald moved out of the building into their new location in May of this year. What they leave behind at One Herald Plaza is a storied-history that has earned much respect from the citizens of their city. The building was the representation of a nationally-honored media outlet and it became a landmark for those driving through downtown Miami. In their time at One Herald Plaza, the newspaper won 19 of their 20 Pulitzer Prizes, the most prestigious award for any newspaper in the country.

The building at One Herald Plaza is a display of the importance of real estate in Miami. One building has the capability to represent both a prestigious history and an exciting future. For one last virtual glimpse of the iconic building, take a look at this picture-tour from Curbed Miami.

Genting Group, one of the world’s largest international casino developers, has signed a contract with Miami-based  Arquitectonica to design a $3 billion Downtown Miami resort.

The Florida Legislature has still not approved the operation of full-based casinos in the state despite millions of dollars spent by casino-hired lobbyists to change the law over the last 10 years.

Gov. Rick Scott vetoed any casino operations in the state last Thursday.  The Seminole Tribe’s casino operations have always been the exception, especially when the casinos are built and operated on Indian-owned land.

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Gov. Rick Scott

The Herald reports, “This year, Genting, Wynn Resorts and the Las Vegas Sands Corp. hired a stable of lobbyists to push a bill to create a casino selection process that would allow them each a chance to bid on a license to operate an exclusive resort casino in any of five regions of the state.

The Senate moved the bill through one committee but it failed to pass. Legislators did approve a $400,000 study to look at the economic impact of bringing resort casinos to Florida but Gov. Rick Scott vetoed that” on Thursday, June 16.

Nick Larossi, lobbyist for Las Vegas Sands Corp. in Las Vegas, told The Herald,  “Miami’s the crown jewel for this market — everybody knows that.

Everybody is posturing and planning and hoping the Legislature will make a decision to make destination resorts a reality” and Genting’s deal just “upped the ante,” he said.

For the past two years, since the Seminole Tribe won its right to offer not only slot machines but blackjack, baccarat and chemin de fer, the world’s casino giants have set their sights on expanding to their posh resorts to Miami.

Unlike previous casino campaigns, the new resorts feature both full-fledged casinos, opulent hotels and convention space as well as family-focused entertainment centers.

Genting, the Malaysian developer bought 140 acres of Biscayne Bay-fronting land on May 27 from The McClatchy Co. (NYSE: MNI) for $236 million or about $1.69 million per acre.

The Miami site has 800 feet of waterfront along Biscayne Bay.

That was one of the highest prices for commercial dirt in South Florida in the last decade, according to brokers who track land transactions.

The deal took two months to put together.

The Miami Herald Media Co.’s newspaper, The Miami Herald, sits on 14 acres of the acquired 140-acre site.  The Herald has two years to find another publishing venue, according to a May 27 news release from McClatchy.

The land’s owner of record is a Genting subsidiary, Bayfront 2011 Property LLC.  The Herald’s building is part of the sale.

Genting and its affiliates are leading developers and operators of destination resorts around the world, including the United States, Malaysia, Manila, Singapore and the United Kingdom.

In his prepared statement, Gary Pruitt, McClatchy’s chairman and chief executive, said, “This property, located on Biscayne Bay, has been home to The Miami Herald for many years. While locating newspaper operations on the bay may have made sense in the past, it no longer is the best fit.

“Importantly, the sale of this real estate has no impact on the mission of The Miami Herald and El Nuevo Herald,” Pruitt said.

The Miami Herald and El Nuevo Herald’s commitments to providing high quality, public service journalism on multiple platforms and to providing the broadest, most effective reach for their advertisers have never been stronger,” Pruitt said.

Pruitt said McClatchy will use $236 million of the proceeds as follows:

  • $163 million will be contributed to the company’s pension plan.
  • $65 million will be offered (the Offer) to the holders of the company’s 2017 senior secured notes (Noteholders) at par as required by the note indenture.
  • $2 million will be used to pay for transfer taxes associated with the sale.

The remaining $6 million will be held in an escrow account payable to McClatchy upon relocation of its Miami operations.

Pat Talamantes, McClatchy vice president and chief financial officer, said: “Making this significant, tax-deductible contribution to our pension plan strengthens our financial position. We reduce the company’s unfunded pension liability and substantially alleviate required future pension contributions, which will increase the amount of cash available for debt repayment.”

McClatchy’s unfunded pension liability at the end of April, after taking into account the $163 million contribution and other 2011 activity, was estimated to be approximately $267 million, down from $479 million at the end of 2010.

The McClatchy Co., based in San Diego, CA,  is the third largest newspaper company in the United States, publishing 30 daily newspapers, 43 non-dailies, and direct marketing and direct mail operations.

McClatchy also operates leading local websites in each of its markets which extend its audience reach. The websites offer users comprehensive news and information, advertising, e-commerce and other services.

Together with its newspapers and direct marketing products, these interactive operations make McClatchy the leading local media company in each of its premium high growth markets. McClatchy-owned newspapers include The Miami Herald, The Sacramento Bee, the Fort Worth Star-Telegram, The Kansas City Star, The Charlotte Observer and The News & Observer (Raleigh).

McClatchy also owns a portfolio of premium digital assets, including 15.0% of CareerBuilder, the nation’s largest online job site, 25.6% of Classified Ventures, a newspaper industry partnership that offers two of the nation’s premier classified websites: the auto website Cars.com   and the rental site Apartments.com and 33.3% of HomeFinder, which operates the real estate website HomeFinder.com. McClatchy is listed on the New York Stock Exchange under the symbol MNI.

Genting Malaysia Berhad, the company named in the purchase of the 14-acre Herald site, is part of the Genting Group, which has five public companies based in Asia, with $45 billion in stock market capitalization and more than 50,000 employees.

In February 2010, Genting opened Resorts World Sentosa in Singapore, a $5.5 billion project with Universal Studios  Universal Studios.

In the fourth quarter of this year, Genting expects to open the Genting New York Casino with 2,500 slot machines at the Aqueduct Racetrack  Aqueduct Racetrack.