Genting Bhd, the Malaysia-based hotel and casino operator, is seeking more than $1 billion for the site of the former Miami Herald building in Biscayne Bay, just across the water from Miami Beach.
Genting bought the site in 2011 for $235 million hoping to build a mixed-use luxury casino, hotel, and residential complex but failed to secure a change in Florida Law that would have allowed it to win a casino license.
The current zoning laws for the site allow developments up to just under 650 ft, creating the potential for a complex of over 8,000 residential units and over 20 million sq ft of commercial space, including hotels.
The waterfront site, which looks out over the Venetian Causeway to Miami Beach, is the largest undeveloped parcel of land in downtown Miami still in private hands. It has remained largely vacant since the Herald building was demolished in 2014.
Demand for land in Miami has surged since the pandemic as developers struggle to meet demand from companies and people wanting to relocate to South Florida.
“The rarity of this opportunity coupled with the potential to build a landmark office, retail, residential, hospitality, and entertainment destination will attract prospective buyers from all over the world,” said Michael T. Fay of Avison Young, which is handling the sale on behalf of Genting.
Genting will retain a 10-acre site to the north of the Herald site that is currently home to a Hilton Hotel and the Omni Centre and has hinted that it will continue to seek a casino license and may pursue further development.
“South Florida’s popularity only continues to grow, and we are incredibly optimistic about our opportunity to bring a unique development to the area,” said Robert DeSalvio, President, Genting Americas East. “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.”