Genting Malaysia’s sale of Miami land no longer closing this year
Investment group, SmartCity Miami, was denied its request to extend and amend the terms of sale.
Genting Malaysia Berhard (Genting) has announced that the planned sale of its four parcels of land in Miami-Dade County will not go forward at this time. The purchaser’s request for an extension of the exclusivity period and updates to the commercial terms of its Sales and Purchase Agreement have been denied.
The former site of the Miami Herald was originally planned for Genting’s Resorts World Miami, as per an announcement in 2017, but the casino hotel was never developed.
The land measures 673,691 square feet, or 15.47 acres, and is located between Miami Beach and Miami International Airport along Biscayne Bay. In April this year, Genting announced its plans to sell the land to SmartCity Miami, an investment group.
The purchase price was set at $1.23bn, and was originally brokered by Michael T. Fay, John K. Crotty, David Duckworth and Brian de la Fé of Avison Young, on behalf of Genting Group.
SmartCity Miami has, however, ended its current bid to purchase the property as a result of being denied the extension and new terms it sought.
Genting’s announcement regarding the thwarted sale said, “Genting has seen the value of its investment in Miami increase approximately 400% in just over a decade and firmly believes in the sustained strength and growth of the Miami market.”
The company plans to evaluate other opportunities and options when it comes to closing on a sale of the land “as-is.” Genting also aims to “enhance its remaining Miami holdings.”
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