SmartCity Miami LLC, an investment group led by Miami-based Terra, has finalized terms for the acquisition of a 15.5-acre development site on Biscayne Bay in Downtown Miami. The group will purchase the site from its current owner, Genting Group, for $1.225 billion. The closing is set to take place later this year.
The site, which is situated midway between Miami Beach and Miami International Airport, is the largest undeveloped waterfront property in Miami's urban core, according to the participants. The site offers more than 800-feet of direct frontage along Biscayne Bay and is adjacent to Miami's Museum Park, the Adrienne Arsht Center for the Performing Arts, and the Metromover transit system.
Michael T. Fay, John K. Crotty, David Duckworth, and Brian de la Fé of Avison Young brokered the transaction on behalf of Genting Group. Ricardo Fraga of Greenberg Traurig and Laura Gangemi of Gangemi Law Group represented SmartCity Miami, LLC. A team led by Suzanne Amaducci at law firm Bilzin Sumberg represented Genting Group.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
