The company that purchased The Miami Herald building this past spring says it will build a 10-million-square-foot, mixed-use development on the site.
Malaysia-based Genting Group announced its plans for the bayside land Wednesday.
The McClatchy Company, which owns The Miami Herald, sold the building in May for $236 million, but the newspaper wouldn't have to move out for two years.
According to a news release, Resorts World Miami will feature coral-reef-inspired skyscrapers and a new three-mile Baywalk. It will include four hotels with a total of 5,200 rooms and two residential towers with 1,000 units.
The project represents a $3 billion investment by Genting Group. Officials say it will be one of the largest development projects in Florida history.
Developers estimate the project will create 15,000 construction-related jobs and 30,000 permanent positions.