BREAKING: Genting Group To Sell Prime Downtown Miami Waterfront Property For $1.225 Billion USD To SmartCity Miami LLC

SmartCity Miami LLC, an investment group led by Miami-based Terra and its CEO, David Martin, 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 (USD). 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. 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 positioning of this rare opportunity to build a landmark mixed-use development on Miami’s most premier waterfront site attracted nine total offers – five of which exceed $1 billion – made by prospective buyers from all over the world,” said Avison Young Principal & Miami Managing Director Michael T. Fay. “Ultimately, our client chose the developer with the right experience and motivation to bring an iconic, transformational project to area.”

 

“This is a prized piece of real estate in the heart of one of the world’s most dynamic and fastest-growing cities, and we are honored to have been selected as the property’s next owner,” commented Terra CEO David Martin. “At Terra, we have a long history of enhancing communities and transforming neighborhoods through careful planning, beautiful design, and a focus on connectivity and resiliency. Our development on Biscayne Bay will continue this tradition.

“The scale and location of this site offers the opportunity to do something spectacular, something that all Miamians can take pride in, and we will deliver nothing short of that. For now, our team is focused on understanding the full potential of the property and the surrounding area. 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.”

 

“There were lots of attractive elements in Smart City’s bid, but above all, their deep understanding of — and commitment to — smart development in Miami made them by far and away the best choice,” said Genting Group’s Kevin Jones. “In holding on to a significant assemblage of adjacent land, Genting is positioning itself to accelerate development plans in both Florida and New York, and is confident its new partnership with Smart City will lead to real benefits for the residents of Miami.”