Miami-Dade gets rent check from casino giant Genting for $10 million – Miami, Florida

Miami, Florida 2021-06-08 23:48:16 –

Written by Jesse Shekner On June 8, 2021


Miami-Dade received a large check by mail last week, $ 10 million as part of a nearly-century rented space by a Malaysian casino giant above the Omni Bus Station north of downtown Miami. Received from Genting Group.

The one-time payment precedes plans to build a 36-story hotel and retail center on the 14th-floor terrace northeast. The county and Genting subsidiary Resorts World Miami agreed to the terms in April 2017.

Spokesperson Rachel Johnson confirmed on Monday that the county received funding on June 2.

In a copy of the letter given to Miami Today, Albert Dotson Jr. of law firm Bilzen Samberg (representing Resorts World Miami) told County Chief Operating Officer Jimmy Morales: Or full prepaid rent. “

Genting spent about $ 420 million to buy the former Omni Mall across the street and the site of the old Miami Herald in the east, which was trying to build a vast gambling resort, with Miami Dade. Has a 90-year lease agreement. Includes a 25-year renewal option.

The company has agreed to upgrade and maintain nearby omnibus and Adrian Earth Metromover stations, which include new stairs, air conditioners, elevators, escalators, surveillance systems, floors, lighting and pedestrian accessibility. Is equipped.

According to a memo from former Deputy Mayor Alina Hadak, total station improvements in 2017 amounted to approximately $ 22 million.

The construction of Resort World Miami will take place on an acre of land and will include a 300-room hotel, a 20-story apartment and a 5,000-square-foot retail store.

The Genting-funded project will create approximately 1,900 jobs during construction, followed by 171 direct and 100 indirect jobs.

Beyond Gentin’s negotiated $ 10 million payment, the company has an annual rent of $ 100,000 under construction in the county’s transportation and utilities sector, and 50% of total revenue from the retail portion of development or 300,000 a year. You are supposed to pay the larger of the dollars.

Dodson admitted that prepayment was a prerequisite for the deal, but he and others, like others, “have endured the negative effects of Covid-19 like any other industry. He said he was hoping for Genting to seek a reduction in rent.

“Frankly, after the epidemic of the new coronavirus infection, Resorts World has taken for granted the same kind of rent reductions, especially given the scale of temporary rent payments. I thought I would request and receive it. To many of the county’s tenants, “he said.” And that guess wasn’t just for me. In the past year, Resorts World really made this payment. I’ve been asked many times by county officials if I was going to do it. “

A Resorts World spokeswoman sent another interpretation to that assumption in an email to Miami Today.

“We are keenly aware of the budget constraints many faced by pandemics and we are not immune to these challenges, but we are returning $ 10 million to the Miami-Dade County community. I want to provide you with the ability to do it. Please stay away. ” “We are deeply investing in the region’s short-term and long-term prosperity and look forward to working with local leaders to realize the vision and promise we all have for Miami. I am doing it. “

Miami-Dade gets rent check from casino giant Genting for $10 million Source link Miami-Dade gets rent check from casino giant Genting for $10 million

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