Developer MDM Group announced that it is moving forward with plans to construct a privately financed convention center and a Marriott-branded hotel in Miami, Fla., after securing a contract to acquire the site of the former Miami Arena. Plans call for an investment of more than $1 billion to build a 500,000-square-foot convention center, 1,500-square-foot theater, 2,300-car garage and an 1,800 room hotel.

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