The Last Big Empty Waterfront Site in Downtown Miami Is Sold for $1.2 Billion
- Genting property was bought by group led by Martin’s Terra
- Gambling giant unsuccessfully sought a casino license for site
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The largest undeveloped waterfront parcel in downtown Miami, once pitched as a site for possible casino, was sold to a local real estate owner for roughly $1.2 billion.
Genting Bhd, a Malaysian gambling giant, sold the 15.5-acre (6.3-hectare) site to a group led by Miami-based developer David Martin, according to a statement. Martin’s firm, Terra, has more than 5 million square feet (465,000 square meters) of residential and commercial real estate valued at more than $8 billion.