A $1.2 billion deal is struck for the last big vacant waterfront site in Downtown Miami

April 28, 2023

minute read

An undeveloped waterfront parcel of land in the downtown Miami area that was once pitched as a potential gaming location has been sold to a local real estate owner for an amount approaching $1.2 billion, the local newspaper reported.

‍

In a statement, Genting Bhd, a Malaysian gaming giant, announced that the site in the Miami area had been sold to a developer led by David Martin, who said the site was 15.5 acres (6.3 hectares). Terra is a real estate firm that manages over 5 million square feet (465,000 square meters) of residential and commercial property. Terra's firm is valued at over $8 billion.

‍

According to the statement, the transaction is expected to close towards the end of the year.

‍

Our team, for now, is dedicated to understanding the real potential of the property and its surrounding area in order to develop a long-term vision for the property. As we learn more, we will adapt our plans accordingly, Martin said.

‍

In South Florida, Genting, a company that owns casinos in Malaysia, Singapore, and the United States, is cashing out amid the boom. The expansion of luxury rents and home prices in Miami has been fuelled by the investments of companies such as Citadel, which is led by Ken Griffin, and D1 Capital Partners, which is led by Dan Sundheim.

‍

GENTING acquired the Florida property in 2011 along with a few adjacent properties. The company failed in its attempts to acquire a casino license. It will be used to enhance one of the resorts at the firm, including possibly building an expanded hotel and casino complex at one of its locations in Queens, New York.

‍

Despite the fact that it is unclear how much of its Florida land it will hold onto, the company will retain at least some of it.

‍

“We are in a unique position to be able to accelerate our development plans in both Florida and New York, thanks to the control we have over a significant assemblage of adjacent land,” Genting Group chief executive Kevin Jones told Reuters.