“There’s been no break in the receipt of offers at, and even above, the $1.225 billion price,” said Michael T. Fay of broker Avison Young, who represents the seller.
In June, Genting said that a $1.225 billion bid by SmartCity Miami, led by Terra, had been terminated. SmartCity remained interested in the property, the company said at the time.
The WSJ reported today that Related Group, led by Jorge Perez, passed on the deal. The reason: Genting wanted the full purchase price upfront, instead of in phases. Taking the entire site at once should mean a discount, Perez said.
Genting purchased the site from the Miami Herald for $236 million in 2011, and added development rights on adjacent county property later. The company also owns the Omni and other nearby property which it will retain ownership of.
The former plans for Resorts World Miami on the property: