
Deal Falls Through for $1.225B Sale of Miami Waterfront Site
Genting Malaysia Berhad has rejected Smart City Miami’s request for changes and an extension to the April agreement for the $1.225 billion sale of a 15.5-acre Downtown Miami site on Biscayne Bay. Smart City, a partnership led by Terra Group, had 60 days to conduct due diligence and another 60 days to close the transaction. The property is located at 1431 North Bayshore Drive and is the largest piece of undeveloped waterfront property in the area.
Reports say casino operator Genting is fielding offers from other buyers, and isn’t planning to lower the $1.2B asking price.
Genting acquired the property in 2011 for $263 million. Miami-Dade County would not approve the company’s plans to build a casino along with residential and retail space. Avison Young’s capital markets team of Michael Fay, John Crotty, David Duckworth and Brian de la Fé are representing Genting in the sale.