Malaysia-based Genting announced it will sell its 15.5-acre tract in downtown Miami. The sale marks the finale of Genting’s plans to open a Miami casino, which depended on changes in state law that to date haven’t happened.
Genting bought the former Miami Herald parcel in 2011 for $235 million and has listed it for more than $1 billion with the Avision Young commercial brokerage. Michael Fay, managing director at Avision Young’s Miami office, said, “It’s a transformational, iconic site. We already have interest in excess of $1 billion.” He added a future developer is likely to be allowed to build 60-story-plus towers with up to 7,500 residential units and 20 million square feet of commercial space. “This site is among the most valuable in the United States, let alone South Florida,” Fay said.
Genting still owns a complex north of the former Herald site that includes the Omni mall and a Hilton hotel, giving it the property it would need if it gained a casino license in the future.
The pending deal is bound to set a new peak for Miami commercial real estate prices.
The former Herald site is the last large undeveloped, privately owned waterfront property in downtown Miami. Since Genting demolished the former Herald facility in 2014, the land has sat idle except for occasional special events such as Art Miami and the Miami International Boat Show.
Robert DeSalvio, president at Genting Americas East, said the company still has plans to redevelop its real estate holdings north of the Herald site.
“South Florida’s popularity only continues to grow, and we are incredibly optimistic about our opportunity to bring a unique development to the area,” he said. “With our focus now locked in on 10 acres of prime real estate, we look forward to accelerating the process of outlining a project, putting shovels in the ground and getting a project built that all South Floridians can be proud of.”
