Downtown Miami Development Site Trades for $1.2B

SmartCity Miami LLC, 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, which is situated midway between Miami Beach and Miami International Airport, is the largest undeveloped waterfront property in Miami’s urban core, according to the participants.  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.