Genting Americas has secured a 500 million dollar refinancing for the mixed-use Omni Center near Downtown Miami. Public mortgage documents show that Wells Fargo is acting as administrative agent for a syndicate of lenders. The transaction comes three years after the aborted sale of an adjacent 15-acre site, which was slated to be sold for 1.2 billion dollars.
The approximately 1.5 million sq ft building complex is located between 1501 and 1645 Biscayne Boulevard, directly north of the access routes to the MacArthur and Venetian causeways and adjacent to the Adrienne Arsht Center for the Performing Arts. Built in the 1970s, the property comprises 435,000 sq ft of office space, a 527-room Hilton hotel, and a multi-storey car park with 2,500 spaces. The shopping arcade integrated into the building, Omni International Mall, ceased operations as early as 2000.
Recent leasing success and institutional tenants
Over the past year, the property recorded several notable lease signings. Fitness company Planet Fitness secured 26,000 sq ft of office space, while advisory firm Skyline Financial signed an agreement for 25,420 sq ft. Other existing tenants include the U.S. State Department with a passport office, as well as the private primary school Keypoint Academy.
History of the site and abandoned development plans
Genting Americas, a division of Malaysian casino operator Genting Group, acquired the Omni Center out of foreclosure in 2011 for 180 million dollars. In the same year, the company bought the adjacent 15-acre plot for 236 million dollars, representing one of Miami's largest land assemblages. The office building of the Miami Herald newspaper located on the site was demolished to make way for a casino project. However, the scheme could not be realised due to the lack of a regulatory gaming licence.
In 2023, a joint venture led by developer David Martin of Terra signed a preliminary contract to acquire the adjacent waterfront site for 1.2 billion dollars, excluding the Omni Center itself. The deal, which would have been one of the most expensive development land transactions in the United States, ultimately collapsed due to difficulties in raising capital. The neighbouring site remains largely vacant to this day.
