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.