The largest undeveloped waterfront parcel in downtown Miami, once pitched as a site for possible casino, was sold to a local real estate owner for roughly $1.2 billion.
(Bloomberg) — The largest undeveloped waterfront parcel in downtown Miami, once pitched as a site for possible casino, was sold to a local real estate owner for roughly $1.2 billion.
Genting Bhd, a Malaysian gambling giant, sold the 15.5-acre (6.3-hectare) site to a group led by Miami-based developer David Martin, according to a statement. Martin’s firm, Terra, has more than 5 million square feet (465,000 square meters) of residential and commercial real estate valued at more than $8 billion.
The transaction is set to close later this year, according to the statement.
“For now, our team is focused on understanding the full potential of the property and the surrounding area,” Martin said in a statement. “Our vision will evolve as we learn more.”
Genting, which owns casino resorts in Malaysia, Singapore and the US, is cashing out amid the boom in South Florida. Companies including Ken Griffin’s Citadel and Dan Sundheim’s D1 Capital Partners have pushed into the area, helping to drive luxury rents and home prices in Miami higher.
Genting acquired the Florida property and some nearby real estate in 2011. The company unsuccessfully sought a casino license from the state. Now, the firm plans on investing the proceeds in its resorts, including possibly an expanded hotel and casino complex at one of its spots in Queens, New York.
It will hold on to at least some of its Florida land, although it’s unclear just how much.
“In holding on to a significant assemblage of adjacent land, Genting is positioning itself to accelerate development plans in both Florida and New York,” Genting Group’s Kevin Jones said in the statement.
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