Malaysian gaming giant Genting, which rolled the dice on the sale of a prime waterfront property in Downtown Miami in November, appears poised to hit the jackpot: a $1B deal for the 16-acre parcel.
The bidding for one of the most coveted sites on the waterfront in downtown Miami—a former headquarters of the Miami Herald—has attracted nine offers, including five that each are in excess of $1B.
According to broker Avison Young, which marketed the listing, the five mega-bids will proceed to the next stage the acquisition. According to a release, the broker is giving the top bidders until 5 pm today to submit capital stack plans, pricing and proposed due diligence and closing dates.
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