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.
Angela Noote is a native of Northern California and graduated from Chico State with a degree in public relations. After college she moved to the Central Coast and worked first in ad sales then in editorial, eventually spending more than a decade as a print reporter and editor. She detoured into design work at a printer/publisher, and with a partner eventually opened a boutique full-service marketing agency. Moving into corporate communications, she built and managed several successful marketing teams in the hospitality, financial services, and nonprofit industries. Most recently she was an internal comms manager in the tech sector. After a long stint spent in Georgia (Go Dawgs), she moved to Baton Rouge, LA and has written for clients in the financial, luxury imports, higher ed, commercial cleaning, and medical equipment industries. Her son is a media arts major at the University of South Carolina, and her husband owns a comedy theater in Baton Rouge, where you can often find Angi teaching improv classes, leading corporate training events, or doing an occasional stand up set.