MIAMI (CBSMiami/AP) —  There are new plans in place for the bay-front site where the Miami Herald building now stands.

The company that purchased The Herald building has put its proposal for the world’s largest casino on the back burner.

READ MORE: Dale Holness Files Lawsuit Seeking To Overturn Sheila Cherfilus-McCormick's Razor-Thin Win

Resorts World Miami spokesman Tadd Schwartz said phase one of the bay-front project will instead focus on a luxury hotel and two condominiums.

READ MORE: Cast Iron Tub Falls Through Ceiling, Hits Three Firefighters Battling House Fire

The original project had plans for the entire 14-acres and a massive casino. The initial five-acre plan includes underground parking and a few stories of restaurants, shops and meeting rooms that will have an open-air vibe that Schwartz says is pedestrian friendly. Between 200 and 500 rooms will be available from a hotel of at least four-star caliber.

The plans are more modest than the $3.8 billion project Malaysia-based Genting Group announced in 2011 after buying the property for $236 million.

MORE NEWS: Have You Seen Them? Miami Police Looking For Missing 12-Year-Old Ana Contreras & 13-Year-Old Angelica Contreras

(TM and © Copyright 2013 CBS Radio Inc. and its relevant subsidiaries. CBS RADIO and EYE Logo TM and Copyright 2013 CBS Broadcasting Inc. Used under license. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.)