Related Group, Related Companies Both Reportedly Interested In Resorts World Miami Property

Both Related Group and Related Companies are interested in Genting’s Resorts World Miami, according to the WSJ.

Related Group was founded by Jorge Perez, while Related Companies was founded by Miami Dolphins owner Stephen Ross.

The two were formerly development partners in Miami for over 40 years, but recently agreed to split.

“We’re always interested in prime, waterfront land,” Related Group president Jon Paul Perez told the paper.

“Yeah, of course I’m interested in it. I don’t know at that price,” Ross reportedly said.

The paper also reported that Related Group and Related Companies have “explored” possibly partnering to bid on the property.

Genting is said to be hoping to get over $1 billion for the site.

One of the first projects that Ross is planning now that the partnership has ended is the One Brickell City Centre supertall tower.

 


 

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anonymous
1 month ago

Let ross take on this job. Hudson Yard is a great example. Related group in my opinion puts out ok build quality based on their previous jobs

Anonymous
1 month ago

and just barely ok

Anonymous
1 month ago

i smell a southern hudson yards……

Anonymous
1 month ago

Not really, Hudson Yards has four supertall towers and it’s massive with only half completed. Their is a height limit in the Genting site of only 649 MSL.

Name*
1 month ago

What makes Hudson Yards special is the public space, spectacle of the lower designed structures, and connectivity to streamlined walkway/park (Highline).

New to Miami
1 month ago

I hope Miami gets a cool park like the Highline that connects to a tropical Hudson Yards.

Original
1 month ago

Forget it..there’s already the hardly used Maurice A. Ferre Park nearby already.

Underliner
1 month ago

Good news. The Miami Underline serves that purpose. Phases 2 and 3 are on the way. Public/private partnerships are activated, with possible large scale monument at the end or near the Miami River (TBD) — Miami’s tropical yards.

Underlina
1 month ago

Miami doesn’t have smog, silly goose.

The Underline has tropical foliage 🌱 and butterflies 🦋 Anyone interested in seeing this beautiful MIA space and signing up for future events:

https://www.theunderline.org/

Checo
1 month ago

The HEART is a 33 acre public space on the southern property line of this site. It will extend from the bay to Gibson Park in Overtown. It should be pretty cool.

Anonymous
1 month ago

The Underline is south of here in Brickell and not near the port or commercial shipping route, check it out , surrounded by young and professional residences, filled with lush landscaping and butterfly gardens, stone table tennis stations, marked bike paths, free yoga, musicians, sculpture gardens etc. 🤙

Anonymous
1 month ago

Especially The Shed. https://theshed.org/

Anonymous
1 month ago

Notice they didn’t say “an exact replica of Hudson Yards” they said “a southern” version of it. But thanks for pointing out that a replica won’t go here because we definitely all thought that.

Anonymous
1 month ago

I don’t think anyone would want a replica of the (closed?)Vessel.

Anonymous
1 month ago

No one said they did

Anonymous
1 month ago

“Biscayne Fields”

Anonymous
1 month ago

Sounds like farm land

Anonymous
1 month ago

“Biscayne Greens”

Anonymous
1 month ago

Sounds like something you cook in a pot.

Design Pro
1 month ago

Love the design. The amorphous wavelike shapes are the standard unified new architecture in Miami and spectacular. It really makes Miami skyline impress and standout.

Anonymous
1 month ago

It’s supposed to emulate coral

VEETEEK
1 month ago

Then it should all be white, cause we’re rapidly killing all the coral.

Anonymous
1 month ago

Yes, but this is the old Genting proposal and probably will never see the light of day.

Anonymous
1 month ago

That design was an eyesore, and so happy it will not ever see the light of day.

Anonymous
1 month ago

I see the letters “M” “I” “A” “M” “I” subliminally added into the silhouettes.

Anonymous
1 month ago

Miami needs more original urban-topical designs like this, not inexpensive replicas of old NY towers.

Anonymous
1 month ago

Hudson Yards is old?

Anonymous
1 month ago

Yeah it was a ghost town last I saw.

BB1
1 month ago

Oh what could have been!!! I hate to be a pessimist, but I feel like this will get turned into more dull rectangular towers with little connection to one another. This was an outstanding design, but will they actually build this or dumb it way down and break it up to maximize profit? (whomever ends up purchasing the land)

Checo
1 month ago

It was a magnificent proposal.
No one at Genting said, “but at what price”. They spared no expense with the megayacht marina, the millions of meeting, ballroom, and resort spaces, thousands of hotel rooms, and an swimming pool that extended from the Biscayne Bay to Biscayne Boulevard. It was incredible.

Yo-yo
1 month ago

We should have let Gentings build this. What a shame to have missed out on such an opportunity.

Anonymous
1 month ago

Genting had their chance but chose not to build.

Anonymous
1 month ago

…they were denied their casino license.
Otherwise, it would have happened.

Anonymous
1 month ago

Agree it looks like the Aston Martin was influenced by these designs.

The renderings show an entire complex of Aston Martin style buildings. Would be AMAZING here in Miami.

Hope the developers bring this design back to life or use the same Miami-urban style!

Dn10
1 month ago

The original resorts world rendering would have been iconic

Anonymous
1 month ago

COMPANIES, baby! Group is going to give use the same boring Arquitectonica boxes with jagged or bubbly balconies, oriented only towards the bay, and a giant parking garage along Biscayne Boulevard.

monopoly money
1 month ago

exactly………

RenRich
1 month ago

Agreed!!!

Name*
1 month ago

We are not getting the seashells. The property is bigger now but split.

Anonymous
1 month ago

There are a lot of parties interested. Don’t get all worked up.

Melo is sigma and Chad
1 month ago

But how long would they take to develop it.

Anonymous
1 month ago

10-20 years before that entire site is built out, easily.

Name*
1 month ago

Another 40 years

calivalle
1 month ago

Build any towers with awwwmazing architecture….

Anonymous
1 month ago

Please stop showing those ugly renderings. They’ve been around for at least 10yrs. Stop.

Anon
1 month ago

Say goodbye to our blue skies, Miamians. These developers will block our sun without hesitation, just as they have in NYC and Sunny Isles.

Anonymous
1 month ago

Agree they need to make it a law that they need to be glass so they reflect light, at least!! Build more low rises. So many crappy lots next to super talls that could be planned Development. Use eminent domain and clean up the city –

do any lawyers work for the city, or do they just go to pig pardon parties?!

Realtalk Reilly
1 month ago

Ain’t that the truth! Just wait til you see how high that monstrosity is going to be that they’re building at 5th and Alton on Miami Beach. “Total Eclipse of the Beach.”

Let’s put it this way — the grass at the southern end of that silly park that the developers built just north of the building, in exchange for being allowed to build so high, is ALREADY starting to die from being in the shadow of the building, and they’re only up to about the 7th or 8th floor!

That park deal was so stupid. They should’ve just let the developer build two towers on the site, but at half the height. Which would STILL leave them taller than most buildings on SoBe.

The developers never presented a 3D model of the building to the City, just drawn renderings. Seeing a model of it would’ve laid bare the preposterousness of it.

Drac
1 month ago

“Total Eclipse of the Beach”

Another “hand wringing” tactic. It’s good you don’t have to worry about anything other than “dying grass” in a park because of some building’s height on this part of Miami Beach.. a place that was built for tourism.

Please pity us regular folks for having many more pressing problems on our minds.

Anonymous
1 month ago

We need union jobs Ross don’t like unions jobs

Shawn Kouri
1 month ago

Soooo, does this mean that the resorts world casino is canceled?

real estate BS
1 month ago

Genting owns the Omni superblock which is not on the market. They have plenty of room for a casino there

Anonymous
1 month ago

It’s not a matter of room. It’s that residents unanimously would never allow a casino anywhere close to downtown Miami. It’s being cleaned up. Maybe in North Miami Beach, or somewhere with a resort vibe away from the hub.

Checo
1 month ago

The Florida Legislature was where the Destination Resort bills died.
Disney didn’t want this competition. The Orlando Convention Center didn’t want this competition. The Downtown Miami Convention Center (now dead) rallied against this competition. The Miami Beach Convention Center rallied against this competitor. Carnival Cruise lines didn’t want NCL (who at the time was 51% owned by Genting) to bundle hotel rooms to cruse voyages, etc.

The Resorts World Destination Resort would have attracted large groups and conventioneers. Crony capitalism was at play, and sadly, the Destination Resort bill did not pass.

Name*
1 month ago

😂 is that a joke. Disney, a family park, was competing with a casino!? When there’s an epic world class one in Hollywood…

Anonymous
1 month ago

Good thing Disney lost its special privileges last year.

subcommadante marcio
1 month ago

yeah those hillbillies up north gonna enjoy picking up the tab

cleavage or bust
1 month ago

disney did have a big negative say for the casino….think about it,,,if the parents blow all the vacation money at the casino when the kids sleep off the day at the beach …no disney day trip from miami…..

Namebrain
1 month ago

The joke is that the truth has been spoon fed to you and you STILL cannot see it.

Checo
1 month ago

Disney leaders are smart enough to know that a Destination Resort is not “a casino”, no more than the Voyager of the Seas cruise ship is a Casino.

Cardiologists who have their conventions in Orlando, bring the family who then goes to the Disney Resorts for the week.
If there were ample meeting space at Resorts World, the Cardiologists’ families would go to the beach.
Disney knows that they can get those useful idiots to think that Resorts World was a casino (which was not), those useful idiots would get very emotional and call their elected officials.

No Casinos
1 month ago

Miami is not Las Vegas. We have enough casinos in South Florida.The Hard Rock is probably enough. People don’t come here to gamble. Most people the frequent casinos don’t have any business being there.

Anonymous
1 month ago

Please speak for yourself. You don’t speak for the people that come to Florida. You don’t speak for the 100+ million tourist that come to Florida, let alone the local residents.

Checo
1 month ago

Destination Resorts are economic engines that import money from places far away. The people come for a meeting, conference, or convention, and they leave their money with the waiter, the pool attendant, local restaurant, or Uber driver, then they go home.

People who continue to call that multi-billion dollar project a “casino” simply do not understand money, real estate, or economic development.

Anonymous
1 month ago

“unanimously”
???

Anonymous
1 month ago

I guess that was an overstatement if you want it, which I apologize about. I’ve just never heard anyone else want one. My friends go to Hard Rock when they want to visit a casino.

Anonymous
1 month ago

Plenty of room, but no political backing. No local government leaders want to upset the cruise ship and Miami Beach hotel interests, or upset the existing parimutuels.

Checo
1 month ago

Wrong, they had some political backing. Just not enough. Genting was a very big part of the Cruise Ship industry having owned 51% of the second largest cruise company in the world. True, the pari-mutuels didn’t like it, but neither did the Seminoles.

Anonymous
1 month ago

In your dreams. There is no possibility for a casino in miami. Perez is against of casinos and strip halls in town.

Anonymous
1 month ago

Halleluiah

Anonymous
1 month ago

Shawn, didn’t you read that an asinine stipulation was passed not too long ago that said someone in little town north Florida can also vote on Miami getting a resort casino? That’s why you don’t see a resort casino in Miami yet.

Anonymous
1 month ago

The main opposition is across Biscayne Bay. Over at PortMiami cruise terminal offices, and from the Fountainbleau, Eden Roc, etc.

Checo
1 month ago

At the time Genting was lobbying for the Destination Resort License, they owned a controlling interest in Norwegian Cruise Lines.

Anonymous
1 month ago

So? Ever hear of Mickey Arison? Carnival Cruises owner? Think he wants a casino next door competing for his dollars?

Checo
1 month ago

Yes, he is a very nice guy. He doesn’t want the 51% owner of NCL to own and operate 4,000 hotel units within a 4 minute water taxi of the cruise ships.

It’s called crony capitalism. It is why Mickey publicly stated that the problem was “traffic” because he understands that Carnival has owned actual casinos. Mickey used his influence with Young Arts to convince the young and naïve kids that a Destination Resort would be bad for the arts, and convinced them to hold fundraisers and organize. Funny stuff.

Anonymous
1 month ago

Florida voters have been able to vote on gambling issues for decades.

Expand Education
1 month ago

I’d rather see a new school, university or campus of an Ivy League style school built here over a casino, one that can teach new talent for the next economy of Miami.

Name*
1 month ago

Can the city do anything to bring more higher education campuses and world-class education into downtown, those types of things advance culture?

Education is Development
1 month ago

Even UM can open a new City Campus here in Miami and develop a few blocks of urban higher education, maybe in adjacent Overtown (like Columbia did).

There’s got to be a new professional field to open a school for here. This would fair well for a mayor looking to be elected.

Can you believe this… there is an NYU campus in West Palm Beach.

We can definitely get a big name to open a Miami campus and build a modern iconic building to attract innovation and culture, jobs, NEW CONDO owners,and fresh talent here in our own casa de los intelectos!

Anonymous
1 month ago

It’s a clinic run by NYC, not a full-blown school. WPB is getting a UF satellite campus, however.

Anonymous
1 month ago

NYU*

Checo
1 month ago

You can never have enough!
But Kellogg School of Business and Babson College have exceptional programs in Miami. Miami Dade College is doing incredible things in conjunction with MIT and other tech schools in the northeast. The stackable certificate programs with Google, Tesla, and other tech companies are national models. MDC has just opened the AI Lab, trading centers, cybersecurity labs and programs this year. It is impressive.

Anonymous
1 month ago

Just take a coding class at MDC. You’ll make more than an Ivy League grad with some liberal arts degree in Self Gratification.

Future Father
1 month ago

It can be the new Sunbelt League for math, computer science, engineering, law, business, architecture, marketing, pharmaceuticals, the arts, literature, history, etc.

Anonymous
1 month ago

Don’t even bother with school for learning to code. You’ll be axed for an Indian visa abuser, courtesy of Buydone rolling back Bad Orange Man’s policies to hire U.S. citizens.

Anonymous
1 month ago

That would be fantastic.

Checo
1 month ago

This is because you are not educated on real estate development or how property taxes work.

Destination Resorts make money and pay BIG money in property taxes.
Property tax money gets paid to schools.

Educated developers will get the Highest and Best Use from this land to the benefit of schools.

Schools COST money, they do not PAY property taxes. Put schools somewhere else, put marinas, retail, hotels, restaurants, etc on the waterfront.

Name*
1 month ago

LOL because all the best schools are located next to casinos? I bet our youth would go broke before they even get a chance to pay off their loans.

Education can directly meet this need. Tuitions bring in revenue and fuel innovation, development and culture.

Do you know how many students across the country would love to go to school in Miami and have a big name to put on their resume? New jobs would be created here in Miami.

Checo
1 month ago

?????
It is clear that more people in Miami DO need to get educated.
However, I think that you missed the point.

The Genting project proposal included 5,200 hotel rooms among other things.
https://www.thenextmiami.com/full-list-of-every-property-controlled-by-genting-in-downtown-miami/#:~:text=The%20proposal%20included%20six%20LED,a%20total%20of%205%2C200%20rooms.

Forget about the retail, the restaurants, the marina, the condos, etc. for a moment. Let’s have fun with math:
5,200 hotel rooms x 72% occupancy x 365 days in a year x $300 AvgDailyRate x 6% Miami Dade hotel tax = $24,598,080
$25M per year just in the resort taxes.

On those 5,200 hotel rooms alone, the Net Operating Income is about $ $225,482,400 per year and at a 5% capitalization rate, the value of ONLY the hotel part of the assets would be $4.509 Billion in property value. $4.5 Billion would generate about $90,192,960 in Property Taxes to be paid to local community, Miami-Dade County and Miami Dade Schools EVERY YEAR.

Only the 5,200 hotel rooms part in the Resorts World Miami project would generate around $90M PER YEAR in Property Taxes, and $25M a year in Resort Taxes.

You may have thought through your waterfront higher education facility, but I really doubt that. Ask a Tibor Holo School of Real Estate MSIRE Graduate, they can help you understand HABU and why it is important.

Anonymous
1 month ago

No wonder MDC owns some many acres of underutilized land downtown.

Anonymous
1 month ago

Oh we got MDC, ranked #477 (tied) in nursing, glad we got the best nurses too-we good.

Anonymous
1 month ago

Too prime of real estate for a school. Plenty of vacant lots for that in Overtown west of I-95, which is in proximity to Jackson Memorial Hospital (medical and pharmaceutical opportunities). Even better if MDC sells all their downtown holdings and relocates too, and it’s only a few Metrorail stops away.

Anonymous
1 month ago

Why is education not deserving of prime real estate? It raises all property and brings in students. I would think that would be a top priority for a world class City and economic hub. NYU is along Washington Square Park.

Anonymous
1 month ago

Tell us more about how NYC does it.

Checo
1 month ago

Please see the post above.
It is not that higher education isn’t “deserving” of prime real estate, it is not the highest and best use of THAT prime real estate.

Neither NYU nor Washington Park is on waterfront property with a deep water cut to the ocean. NYU is about 10 east of the Hudson River. Similarly, your utopian higher education idea could go 10 blocks from the Biscayne Bay waterfront, in the middle of Overtown on Gibson Park.

Anonymous
1 month ago

In NY prime real estate is near a metro stop not the water. They have low income projects on the water, in the LES, but not advocating to model afrer NY – just saying there’s different paradigms and it’s not a one size fits all. Granted Miami has
More beautiful waterfront, but that’s why a schoool on the water could inspire generations to come. Miami already has condo after condo on the water.

Pat
1 month ago

That last screenshot shows the video of the project proposal.
It is an incredible economic engine.
5,200 hotel rooms
1,000 Condominiums
250,000 sq ft of retail and shopping
700,000 convention, meeting, ballroom space
3.6 Acre pool
Marina
Baywalk

15,000 construction jobs. 30,000 permanent jobs.

30,000 permanent jobs every year. 30,000 is about 4 times as many people as undergrads at Harvard.

Anonymous
1 month ago

Im just happy the proposed monstrosity died. Also, the design didn’t age well, did it ?

anonymous
1 month ago

nope, it did not!

Anonymous
1 month ago

The design was one of my fav ever