MIAMI — Genting Group has agreed to sell a 15.5-acre development site in Downtown Miami for $1.2 billion. The property is the largest undeveloped waterfront property in Miami’s urban core, according to the seller.
SmartCity Miami — an investment group led by locally based Terra and the company’s CEO David Martin — will acquire the property in a transaction expected to close later this year. The site offers 800 feet of direct frontage along Biscayne Bay, adjacent to Miami’s Museum Park and roughly midway between Miami Beach and Miami International Airport. A mixed-use property is planned for the site, details of which were not disclosed.
Michael Fay, John Crotty, David Duckworth and Brian de la Fé of Avison Young brokered the sale, and a team led by Suzanne Amaducci at law firm Bilzin Sumberg provided counsel to Genting. Ricardo Fraga of Greenberg Traurig and Laura Gangemi of Gangemi Law Group represented SmartCity in the transaction.
“The scale and location of this site offers the opportunity to do something spectacular — something that all of Miami can take pride in — and we will deliver nothing short of that,” says Martin.
“For now, our team is focused on understanding the full potential of the property and the surrounding area,” he continues. “Our vision will evolve as we learn more. Over time, we will arrive at a plan that elevates downtown Miami, improves access to the waterfront and is welcomed by our community.”
Several mixed-use developments are currently in planning or underway in downtown Miami, including Miami Station, land for which was acquired in February; The $215 million Wynwood Plaza, which received construction financing in January; and the $4 billion Miami Worldcenter, which has been underway for several years and recently announced new retail tenants.
—Katie Sloan