Genting Group, a Malaysian gambling operator, is trying to turn a profit on its Miami bet, but it keeps some of its chips.
Genting is seeking more than $1 billion for the 15.5-acre waterfront complex, Bloomberg reports, sources confirmed to The Real Deal.
The land at 1431 North Bayshore Drive in downtown Miami’s arts and entertainment district represents more than half of the company’s holdings. The site includes the former Miami Herald headquarters, which is now home to the annual Art He Miami and Context Fairs. Genting acquired his 14.6-acre waterfront estate in 2011 for $236 million. This was a Miami-Dade County land sale record at the time.
Genting used Avison Young’s team of brokers, led by Michael Fay and John Crotty, to list downtown Miami’s conglomerate. According to a press release, Biscayne Bay has over 800 feet of waterfront.
“We’ve already generated well over $1 billion in interest,” says Fay. “This is the largest undeveloped waterfront property in South Florida, specifically downtown Miami.”
Kuala Lumpur-based conglomerate Genting, led by billionaire CEO Lim Kok Thay, has long been a real estate gamble as part of a large mixed-use project that includes luxury resorts, residential towers and retail outlets. I have been pursuing But it has been hampered by significant legislative opposition over the years.
The site is zoned at T6-36b-O and allows developments of up to 60 stories, 500 or approximately 7,800 units per acre, totaling approximately 21 million square feet.
bloomberg First reported the news of listing.
Genting will keep the Hilton Miami Downtown hotel and Omni Center on the north side of the property, according to Bloomberg.
If the Genting property does get a deal, it will likely be Miami-Dade’s most expensive land sale following years of rising land prices.
Hollo family Florida East Coast Realty has sold a 2.5-acre development site at 1201 Brickell Bay Drive. $363 million This is the current record. Citadel’s billionaire hedge fund manager Ken Griffin was later revealed to be the purchaser. The Brickell land sold for $3,340 per square foot, approximately $145 million per acre. On a per-acre price basis, Genting’s complex sells for over $2.2 billion for him.
In 2018, Genting’s Resorts World Miami signed a multi-year deal with Miami-based Loud and Live to use the former. herald site as an event venue.