The remaining six acres are under contract at an undisclosed price to another big-name developer whose venture will complement Related's enterprise, One Miami Group partner Larry DeGeorge confirms in a prepared statement.

"This (deal with Related) represents the culmination of several years of effort to bring together the right group with the vision to properly utilize this tremendous site," DeGeorge says.

Related's final plans for the three acres haven't been disclosed but are expected to follow the master use special permit which the city of Miami approved Nov. 17, 1998. That zoning allows 1,500 residential units, a 300-room hotel, 400,000 sf of retail, 1.2 million sf of office and 7,000 parking spaces.

The estimated buildout value of the project is $1 billion, area brokers familiar with tract and the zoning tell GlobeSt.com on condition of anonymity.

"We view this site as the most exciting development opportunity in the Southeastern United States," Related founder/CEO Jorge Perez says in the same statement. "It will be at the epicenter of a rebirth of Downtown Miami and provide a focal point for all that is happening to the north, near Bicentennial Park and the Performing Arts Centers and to the south, in the west Brickell area."

The nine-acre, four city-block tract in the center of Miami's commercial district was assembled by DeGeorge and partners Ned L. Siegel and Morris "Skip" Stoltz II. The tract is bounded on the south by Biscayne Boulevard Way (SE 4th Street); on the east by Biscayne Bay; on the north by SE 3rd Street; and on the west by SE 2nd Avenue.

DeGeorge says Related and the unidentified buyer of the remaining six acres will build "an entirely new urban center for the city of Miami.