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Prime Downtown Miami Waterfront Property to Sell for $1.225 Billion
SmartCity Miami LLC, an investment group led by Terra and its CEO, David Martin, has finalized terms to acquire a 15.5-acre site on Biscayne Bay. The group will purchase the site from Genting Group for $1.225 billion. The closing is set for later this year.
The site is midway between Miami Beach and Miami International Airport, and is the largest undeveloped waterfront property in Miami’s urban core. It offers more than 800 feet of frontage along Biscayne Bay and is adjacent to Miami’s Museum Park and the Adrienne Arsht Center for the Performing Arts.
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.
- ◦Sale/Acquisition
- ◦Development