Downtown Miami Development Site Trades for $1.2B
Genting Group received nine offers, five of which exceed $1 billion.
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.
The site attracted nine offers in total, five of which exceeded $1 billion, according to prepared remarks by Fay. Prospective buyers came from all over the world, he said.