The Miami City Commission has accepted a deed to the Malaysia-based Genting Group for a parcel of land along Biscayne Bay. According to The Miami Times, Genting wants to lease the submerged land for a marina on the waterfront site that was formerly the Miami Herald daily newspaper. Genting bought the site for US$236m in 2011. The Malaysian Group also bought a nearby hotel and retail complex for US$185m.
The Genting Group is now negotiating a lease for a 50-slip megayacht marina that adjoins the property. The marina will be connected to a mixed-use project on the former Herald property that will include two residential towers, hotel, and retail area.