Genting has announced that it is selling a waterfront property it is calling BayCity Miami. The listing broker says the asking price is over $1 billion.
The 15.5 acre site includes the former Miami Herald property, along with air rights to build on county property above a Metromover station.
It also has 800 linear feet of direct Biscayne Bay frontage.
The BayCity site does not include around 10 acres at the Omni property west of Biscayne Boulevard, which Genting says it is retaining for a development that will now be accelerated.
Here’s what can be built at the BayCity Miami property, according to a press release from the listing broker:
- unlimited buildable square footage
- no setbacks
- height limited only by the FAA regulations (649 feet)
- potential density of over 8,000 units
The property is said to be included in Miami Dade County’s new Rapid Transit Zone zoning scheme, allowing for “an enormous, highly flexible building envelope.”
Previously a developer would have had to build within Miami 21, the city zoning law that is not as flexible.
Avison Young’s Florida Capital Markets Group has the listing.
“This site is among the most valuable in the United States, let alone South Florida,” said Michael T. Fay, Principal and Managing Director of Avison Young’s Miami operations who leads the team managing the sale. “The rarity of this opportunity coupled with the potential to build a landmark office, retail, residential, hospitality, and entertainment destination will attract prospective buyers from all over the world.”
Resorts World Miami was once planned on the site, but Genting has been unable to get approval for a casino: