Malaysian gambling giant Genting is in a holding pattern on the bayfront property once owned by the Miami Herald: The company says it won’t sell the land but is still far from being able to build the casino it wants.
On Monday, Genting asked the Federal Aviation Administration to re-approve plans to build three 649-foot towers, federal records show. The FAA approved the towers in 2013, but that approval expired Jan. 10. Real estate blog the Next Miami first reported the news.
The towers are not expected to rise anytime soon. Art Miami recently said it had struck a deal to set up its tent on the site for the next several years. Genting also wants to build a marina on the property, which it bought for $236 million in 2011.
The company would need a rewrite of Florida gaming laws to build a casino. A recent proposal in the state Legislature would allow it just that opportunity.
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