Sunday, July 31, 2011
Genting Berhad: Being Jaded in Miami doesn't mean getting ripped off on a condo purchase ... by gimleteye
I don't know how you feel about the a Malaysian billionaire parachuting in to rescue downtown Miami, but serial, developer "visionaries" and the costs they inflicted on taxpayers and voters have me jaded. There was Bayside Marketplace ("The completion of the colorful Bayside Marketplace in 1987 and the Miami Arena last year helped revive the inner city... ", Miami Times, Jan 21, 1989), The Mayfair ("Coconut Grove, an offbeat neighborhood that denizens like to compare to New York City's Greenwich Village, is struggling to maintain its identity..." Miami AP, Feb 24, 1986), Thomas Kramer ("The city gave a German developer approval to build an array of towering structures. Critics fear a condo canyon will result", AP July 28, 1995), Leviev Boymelgreen ("An Israeli company has quietly assembled a large portfolio of land in the heart of downtown Miami and plans at least $1 billion worth of projects there ... the assemblage would give Africa-Israel Investments the ability to significantly shape the future of downtown Miami", Miami Herald, July 14, 2004), and Jorge Perez ("... prices are rising, community activists are railing against development, and observers are wary of a possible bust because of speculation fueled by investors in the pre-construction and condo-conversion markets. Perez and others say they don’t anticipate a collapse, but instead are preparing for a price correction that would level out the sales prices for condos." AP, August 8, 2005). Now Genting Berhad is going to reclaim the civic space on Biscayne Bay with a family-oriented hotel and casino and twenty restaurants? I am still waiting for the public park and soccer fields promised at American Airlines Arena ("The mayors of Metro-Dade and Miami stood on a weedy lot and shook hands Wednesday on a land sale for a new Miami Heat arena, a deal they say will spark a rebirth of a decaying section of the city's downtown. Metro-Dade Mayor Alex Penelas and Miami Mayor Joe Carollo said their 17-acre, $34.7 million deal is just a start: In addition to the 20,000-seat waterfront arena, their deal promises a pedestrian bridge from the arena to Bayside Marketplace and a soccer field, shops and more...", Miami Herald, August 7, 1997) The revival around the Performing Arsht Center and the Marlins Stadium? "Waiter, check please."