Pursuits
Miami Seeking Budget Relief Courts Commercial Developers Abroad
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Miami is looking abroad for developers to revive its commercial real-estate market, counting on revenue from new projects to relieve a fiscal hangover left by the collapse of residential prices.
Asian companies are behind the two biggest commercial ventures this year. Hong Kong-based Swire Pacific Ltd. got initial approval June 23 for Brickell CitiCentre, $700 million of retail, hotel, residential and office space. Genting Malaysia Berhad agreed in May to pay $236 million for the Miami Herald newspaper headquarters owned by McClatchy Co. It plans a $3 billion waterfront resort and casino for the 14 acres.