David Martin of Terra Group Acquires Prime 15.5 Acre Previous Miami Herald Site in Downtown Miami for $1.225 Billion from the Genting Group

Terms have been agreed upon for the purchase of a 15.5-acre development property on Biscayne Bay in Downtown Miami by SmartCity Miami LLC, an investment company led by Miami-based Terra and its CEO, David Martin. Genting Group will sell the property to the organization for $1.225 billion (USD). The closing is scheduled for later this year.

The property, which is located at 1431 N Bayshore Drive in Miami, has 800 linear feet of direct Biscayne Bay frontage and highly aggressive zoning in one of the city’s most vibrant and connected neighborhoods. A notable mixed-use commercial, retail, residential, hospitality, and entertainment destination could be developed on the location.

The buyer of the property is a longtime Miami resident, Miamian David Martin, CEO of a Miami-based development firm, Terra Group.

 

 

 

 

 

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According to Martin, “This is a prized piece of real estate in the heart of one of the world’s most dynamic and fastest-growing cities, and we are honored to have been selected as the property’s next owner. At Terra, we have a long history of enhancing communities and transforming neighborhoods through careful planning, beautiful design, and a focus on connectivity and resiliency. Our development on Biscayne Bay will continue this tradition. “

Martin continues, “The scale and location of this site offers the opportunity to do something spectacular, something that all Miamians can take pride in, and we will deliver nothing short of that. For now, our team is focused on understanding the full potential of the property and the surrounding area. Our vision will evolve as we learn more. Over time, we will arrive at a plan that elevates Downtown Miami, improves access to the waterfront, and is welcomed by our community.”

The rare riverfront location in the Omni District was valued at just about $1.5 billion. The 15.5-acre development site, known as BayCity Miami, now hosts ArtMiami’s Art Wynwood show in February as well as CONTEXT Art Miami every year during Miami Art Week. The Miami Herald’s main office had stood on the land and was destroyed in 2014.

The Resorts World operator Genting Group, which owns 10 acres of land west of Biscayne Boulevard, will continue to be involved in the Omni neighborhood. Genting Group is one of the biggest resort, entertainment, and gambling organizations in the world.

The property, which spans many lots and once housed the Miami Herald’s headquarters, is zoned RTZ for mixed-use in Miami-Dade and is in the Metromover subzone (Rapid Transit Zone). The land has limitless buildable square footage, no setbacks, a height limited only by the FAA standards (649 feet), and a potential density of more than 8,000 units according to South Florida’s most benevolent zoning designation. The RTZ zoning offers builders a sizable, incredibly flexible building envelope as well as the chance to create a unique waterfront development on the site.

By comparison, Miami Worldcenter is 27 acres.

Genting Group to Lease Submerged Land for Development of 50-slip Mega-yacht Marina

It looks like the Malaysia-based Genting Group is on their way towards developing a 50-slip mega-yacht marina on the former Miami Herald site, according to The Real Deal. In 2011, Genting bought the former Miami Herald site for $236 million, which also included an additional $185 million for the nearby Omni retail and hotel complex. While their ultimate goal has always been to build a casino, opposition to those efforts has shifted their focus to first developing a mega-yacht marina. The proposal shows that the marina could accommodate 50- to 175-foot long vessels.

The Miami City Commission recently cleared the way for the marina development, as they agreed to accept a deed for the submerged land in Biscayne Bay, which would then be leased for the marina development. Genting’s subsidiary Resorts World Miami LLC., is negotiating to lease the submerged land which is currently owned by the city of Miami and the Florida Department of Transportation (FDOT).

Besides the marina, Resorts World Miami is also planning to include two residential towers, a hotel, and retail shops with 800-foot long walkway along Biscayne Bay. No word yet as to when they plan to begin development.

Miami-Dade County is Suing Genting Over Huge Tax Breaks on Its Undeveloped Casino Land

Resorts World Miami

The situation with Resorts World Miami, a gigantic casino and resort proposed by Malaysian casino conglomerate Genting, has deteriorated from a glittering (although very controversial) development on Biscayne Bay in Downtown Miami, to a stagnant and mysterious project bogged down by legal obstacles and lawsuits. A suit that Genting filed against the county attempting to force through legalization of a casino is ongoing while the county has hit Genting with three separate suits arguing that the company has received unfair tax breaks and refunds, reports the Miami Herald.

The suits appear to correspond to the three years in which the county’s Value Adjustment Board granted the company substantial tax refunds (2012, 2013, and 2014) totaling about $2.5 million with $255,000 in interest. Unsurprisingly the county isn’t happy, but neither is Genting, which has counter-sued saying they believe the county inflated the assessed value to begin with. That assessed value, for 2012, was $132 million for the building and land that was the former bay front home of the Miami Herald and was to become Resorts World Miami. This was only slightly more than half of the $232 million the company paid for it. That same year, Genting was able to get that assessed value reduced from $132 million to a very impressively low $88 million. Meanwhile, without a casino, beyond a few empty promises Genting has shown little interest in building a resort of any kind on the site, and the land remains empty.