Genting’s Interest in Miami-Dade School Property Wanes

by Isaac Benmergui, Esq on May 25, 2012

Along with its scaled-backed plans to the site of the Miami Herald, comes the news that the Genting Group is no longer interested in buying more than 10-acres of the Miami-Dade school district’s property.

When Genting couldn’t get the approval it needed to develop a luxury casino project on the site of the newspaper, it went back to the drawing board and altered the original plans to focus on a luxury hotel and entertainment complex on the site. The good news is the school board has other proposals to consider and the Genting Group remains committed to Miami.

The district doesn’t have to sell the property, it would also entertain the idea of lease or other type of development agreement. In any event, the district would need at least a year to relocate its headquarters. Miami-Dade school district, the fourth largest in the country, encompasses 300 schools, more than 30,000 employees and roughly 350,000 students.

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