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SmartCity Miami to acquire downtown Miami waterfront property for $1.2b
SmartCity Miami, an investment group led by Miami-based Terra, has finalized terms for the acquisition of a 15.5-acre development site on Biscayne Bay in downtown Miami. The group will purchase the site from its current owner, Genting Group, for $1.225 billion. The closing is set to take place later this year.
The site, situated midway between Miami Beach and Miami International Airport, is the largest undeveloped waterfront property in Miami's urban core. The site offers more than 800 feet of direct frontage along Biscayne Bay and is adjacent to Miami's Museum Park, the Adrienne Arsht Center for the Performing Arts and the Metromover transit system.
Avison Young brokered the transaction on behalf of Genting Group. Gangemi Law Group represented SmartCity Miami, and Bilzin Sumberg represented Genting Group.
“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