Genting Sells Downtown Miami Parcel In $20.9M Opportunity Zone Deal

In one of the most anticipated Qualified Opportunity Zone real estate transactions in Miami, A&E District Holding Company, LLC, an entity owned and controlled by a subsidiary of SF QOZ Fund I, LLC, led by David Cohen and Liam Krahe, has acquired a prime 35,544-square-foot development site, consisting of six contiguous parcels in downtown Miami.

The purchase price is $20.9 million. The off-market transaction closed on May 30.

The fund is focused on acquiring and developing land in high-growth, high-density submarkets of South Florida for ground-up mixed-use projects.

The seller was Genting Americas, Inc., part of the Genting Group, one of the leading leisure and hospitality corporations in the world, which owns and operates major resort properties in Malaysia, Singapore, United States, Bahamas and the United Kingdom. The seller was represented by Salomé Bascuñan of Bilzin Sumberg and Alfonso Jaramillo of Fortune Christie’s International Real Estate.

The six-parcel assemblage consists of the following addresses: 1525 NE Miami Place, 1515 NE Miami Place, 75 NE 15th Street, 1516 NE 1st Avenue, 1512 NE 1st Avenue, and 1502 NE 1st Avenue. Together, these six parcels form a contiguous development site located in Miami’s Arts & Entertainment District.

The site is one of the last collections of undeveloped parcels in Miami’s urban core. Surrounded by billions of dollars in infrastructure upgrades and public investment, it is positioned just steps from Biscayne Bay; the future Rev. Edward T. Graham Greenway a/k/a the Underdeck, a 33-acre public park inspired by urban redevelopment models like New York’s High Line and Atlanta’s BeltLine, set to run beneath the under-construction Signature Bridge; Miami World Center; the Kaseya Center; and the Adrienne Arsht Center for the Performing Arts.

“This isn’t just a development site – it’s an opportunity to redefine urban living in one of Miami’s fastest-growing neighborhoods,” said Krahe, Co-Managing Principal of SF QOZ Fund I. “We believe these parcels are situated in one of the most strategic, urban-core locations left in Miami.” Krahe mentioned that “he looks forward to delivering an incredible project that adorns the Miami skyline and unites and enhances the fabric of the community.”

The fund plans to immediately develop the land into a mixed-use project consisting of luxury residential multifamily apartments and retail. Construction is expected to begin in early 2026.

“With billions in public infrastructure, improved connectivity, and massive demand for multifamily rental housing, this is one of the rarest and most exciting real estate development opportunities in a Miami Qualified Opportunity Zone,” said Cohen, Co-Managing Principal of SF QOZ Fund I.

 

“We’re not just building a tower –  we’re creating a high-impact project that aligns with Miami’s growth trajectory and long-term economic development plans.”

The development team includes a joint venture between McCaffery Interests, Inc., and Grandview Development Co., two vertically integrated real estate development companies known nationally for their urban placemaking, execution and delivery of luxury multifamily and retail development projects, and deep experience developing high-density urban and transit-oriented projects.