The 15.5-acre prime waterfront parcel carried a hefty price tag of $1.2 billion. Major Miami developers were interested—nine of them—all offering bids in excess of $1 billion. The Related group passed. Terra Group bit.
It looked like the lot’s owner, Genting Malaysia, was finally going to unload the downtown Miami property it has held for more than a decade.
But in the end, even the sky-high Miami development profile has its limits: The deal fell apart. Terra hadn’t specified how they would use the property, but the lot remains attractive due to its location and its mixed-use potential.
According to the Wall Street Journal, “The number didn’t make sense, that’s all this is really a reflection of,” said Neisen Kasdin, an attorney at Akerman based in Miami who specializes in the development of complex, large-scale multiuse projects.
Photo credit: Alejandro Luengo
