The latest mega development project has been announced by the Genting group after acquiring the 14-acre prime Miami Herald property along Biscayne Bay. The Malaysian conglomerate has plans on building residential blocks, shopping centers, a sprawling hotel, state-of-the-art convention center and maybe even a casino adding to the blitz and glamour of downtown Miami.

When compared to Chicago and its landmark Millennium Park project, there were hardly any notable projects coming up in Miami. But not that is not the case with this Magic City; there are so many new major development projects that are being planned for this bayfront property.

Here’s a checklist of some of the new developing sites in Miami; the Bayfront Park is all set for a new look with the bolstering of a canopy of trees. The concert amphitheater in the park is being refurbished and soon will be opened to the public. The sale of the prime Herald land is another mega development project which will change the skyline of downtown Miami. The Bicentennial Park, a wasteland and a blob on the city, is being remodeled into the Museum Park and will also house the Miami science museum, partly funded by the famous philanthropist Phillip Frost.

Then there is also the potential for the Omni center and Hilton to get remodeled following the $100 million deal offered by Tate Capital Real Estate Solutions and ROK Acquisitions.

The Pebblebrook Hotel Trust acquired this property from the Related Group which had developed this famous hotel, their reasons being the strong potential this hotel property can have on the booming tourist industry in Miami.

The Viceroy Hotel was constructed in 2009 by the Related Group and was situated in the third tower of the Brickell complex. Though the hotel in entirety was known for its outstanding hospitality service, there were two main features which attracted the local crowds as well as the tourists. The first was the 28,000 square foot spa, a state-of-the-art relaxation and rejuvenation center and the second was the Club 50, the rooftop lounge which was a favorite hangout for Miami’s hip and trendy crowd.

Jon Bortz, who is the CEO and Chairman of the Pebblebrook Hotel Trust, stated that the company was extremely thrilled to purchase the Viceroy Miami hotel at such an attractive price. He also added that they believe the Viceroy can be a big asset in their ever-expanding portfolio especially as they are looking forward to geographical diversification. This hotel property is the right place to start their business expansion in the beautiful city of Miami.

The deal has been made by both the companies but the sales have not yet officially closed as per reports.

The report released by the Florida-based Condo Vultures states that more than 21% of the condo units still remain unsold in this area. The transaction cost in 2011 went up by 11%; buyers bought each condo for a blended price of $236 per square foot as opposed to 2010, when a blended price of $232 per square foot was paid by buyers.

This news has both good and bad implications, according to Peter Zalewski, who is a principal with Condo Vultures. Though there are 700 unsold condo units in Downtown West Palm, the number is much less when compared to other areas like Downtown Miami Beach and Sunny Isles Beach. But the catch is that this number does not include the 500 units that were earlier purchased in bulk but is now being sold off to individual buyers for a higher profit.

The sales velocity has come down with the fall in the real estate market. Since 2003, approximately 2700 units have been sold in Downtown West Palm Beach to individual and bulk buyers for a total price of $1.1 billion as per the report from Condo Vultures.

The all-cash deal was closed this Friday and would mark the entry of this Malaysian conglomerate into Miami’s expanding tourist industry and development zone. The company is planning on a $2 to $5 billion dollar project which promises employment for thousands. According to Michael.Y.Cannon, a real estate analyst, this is the biggest property deal witness in Miami since the Dade history.

The waterfront property is an ideal piece of land nestled between the MacArthur and Venetian causeways; the Herald building present on this property will supposedly be torn down to make way for an array of hotels, shops and residential properties.

This deal marks the entry of big players into Miami and its transformation into a city-state. The potential to attract foreign tourists is on the rise making downtown Miami and excellent spot for big time conglomerates.

Herald publisher David Landsberg said that the company has been given two years to make the move and will in no way affect the publishing business. From the total proceeds, $163 million will be set apart for the McClatchy’s pension plan, $65 million to close the company’s debts and $2 million to the taxes. Following the announcement, the McClatchy stocks witnessed an all time high closing at $2.95 per share, the highest single day gain since March.

Icon Brickell, with its 1700 units, was one of the condo projects that were badly affected when the economy crashed because it was launched at that time. Amazingly, they have almost all been sold, with less than 300 condos remaining. Property dealers are very upbeat about selling these as well by the end of this year because investors are flocking to this area. 900 Biscayne Bay, another luxury project in Brickell, has sold almost all of its 509 units.

Investors from Latin America, Brazil, Argentina, Columbia and Venezuela find that downtown Miami offers them the best returns for their investments because prices were slashed in order to offload inventory. They are eager to pick up good bargains while they can because availability of units has dropped from 22,000 condos to a mere 3,000. Liquidity is no longer an issue here since most of the deals are done in cash. 85% of the condos are occupied. It is also interesting to note that a vast majority of buyers are second-home buyers. However, many people believe that this upswing only indicates that the market is finding its equilibrium.

There is no doubt at all that the condo has been bought by this Kevin Durant and not any other because Oklahoma records show that the agent for the company is Wanda Pratt who is Durant’s mother.

The apartment, Unit 6307 in 900 Biscayne Bay, has three bedrooms and is spread over 3,535 square feet of area. The project which was built in 2008 is almost sold out as of now. It has a prime location, being very close to the Miami Heat’s American Airlines Arena.

It remains to be seen why Durant, a leading scorer for the NBA who plays for Oklahoma City Thunder, has invested so much money in Miami. After all, his team only plays one regular season game in Miami every year. Besides, he has extended his contract with the Thunder and there seems to be no likelihood that he will join Miami Heat, giving Thunder fans no reason to be worried on this count. There is no denying the fact that Miami is a lovely place to stay in and that Durant probably wants to spend some time on South Beach!

Sales figures for this year have already crossed the numbers done the previous year because the market has seen a tremendous upswing starting in March 2011. This heightened off take has also driven prices upwards, with certain properties showing a 10 to 15 percent increase in value, with units commanding approximately a $50,000 increase over prices quoted in November 2010.

The interesting thing about the current purchases is that many of them are made by foreign investors. People from as far away as Europe are picking up condos here. Many buyers are from closer home, with investors from Latin America buying choice properties here for the purpose of investment. Most property deals are done with cash because it is difficult for a buyer to get financing unless the person has a very high credit score and due to the fact that a lot of condos do not qualify for financing.

There are quite a few end users who have bought property in Florida this year but the majority of buyers seem to be investors. Many investors are eager to maintain the quality of the property in order to get good rental value for the present and a substantial profit when they sell. They are therefore willing to pay association fees.  This is certainly a very exciting time to enter the market.

Real estate prices in the Miami-Dade County had touched very low levels after the property boom lead to an oversupply of housing units. This in turn caused prices to crash in 2007. Foreign and domestic investors have responded to these prices by investing in property in large numbers. The demand is such that condominium sales, long stagnant, have gone up by an astounding 84 percent in March.

Many people from Europe consider Florida to be a great place to buy property. However, canny investors from Mexico and Canada also think of Florida as a safe bet. Property prices are currently on an upswing but it is still the norm to find excellent bargains here especially since there are a great many foreclosure properties available for the picking.

Some industry analysts and insiders are still unsure about the long term prospects of the real estate market in Florida. However, they are increasingly getting silenced because of the continued influx of much needed money. In fact, many developers are gaining confidence because of the positive turn the market has taken. The Related Group, for instance, is in talks to develop a 35-story condo tower in Brickell Key, a move that will certainly lead others to follow suit.

An estimate taken recently leaves out the report that there are around 165 luxury waterfront homes that are put for sale in the Miami Beach area alone including the zip codes from 33139 to 33154. The shocking news is that each has an asking price to be more than 1,000,000 and around 32 listed earlier that was sold in the last 12 months was for 1,000,000 and above.

The managing director of Fairmont Turnberry Isle commented upon the success as, “This is an unprecedented partnership that will transform Fairmont Turnberry Isle’s already acclaimed reputation as a premier golf resort into the ultimate performance training center for athletes at all levels”.

“Our partnership with Pete Bommarito, one among the top performance training coaches in the industry and Dr. Matthew Cooper, President of USA Sports Therapy paves the way for many exciting opportunities including providing our guests and club members with cutting-edge fitness and nutrition programs. There’s nothing else like this at a resort of our caliber”, he added.

The massive collaboration with renowned personalities will attract more skilled professionals from different levels to this place such as:

• Physical therapists
• Bio-mechanical specialists
• Fitness trainers
• Nutritionists
• Rehabilitation therapists
• Muscle activation specialists

Apart from offering these benefits to the Fairmont Miami hotel private club members and guests, grants counseling and  training for the present clientele of Dr. Cooper and Bommarito.