Genting’s BayCity Miami Site Expected To Fetch $1B+, ‘Among Most Valuable In US’

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:


 

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Anonymous
2 months ago

This needs to be a pedestrian mecca whatever gets built just make it an area where everyone can walk around and enjoy the Bayfront while also walking to the underdeck and baywalk.

Anonymous
2 months ago

Miami should require that for all waterfront!!

Anonymous
2 months ago

Absolutely! And go to whatever length and cost to take back a strip along the bay front or build one out. No single condo is entitled to block the bay front. It belongs to us all to enjoy.

Anon
2 months ago

The good news is that this is already the law — any new development in the City of Miami along both the bay and the river must leave a public strip along the water. Only problem is that it takes a long time to wait for each waterfront lot to be developed.

Miami Winning
2 months ago

👏 👏 👏

Slim Shady
2 months ago

It has been required for at least a couple of decades.

Anonymous
2 months ago

Close off all the roads in this block and widen NE 15th to route west to 95 with multiple towers and direct waterfront access for all…

BORINGGGG!
2 months ago

Walk around, everybody should just aimlessly walk around. Forget going in the establishments that they build being the reason why you came there in first place.. who cares, just be seen walking around.

Do you know how dull you sound?

Anonymous
2 months ago

Nobody said you can’t drive there just limit the car flow within the development and have parking on the side away from the water and try to limit car traffic generally to encourage mass transit that’s part of this site…

BORINGGGG!
2 months ago

Huh?..

This is what happen when you play SIM City too much, you start having ideas that’s unrealistic in the city you live in.

Anonymous
2 months ago

A waterfront bay walk is unrealistic? The opposite is unrealistic. You can’t have aging bland condos and mid-tier luxury high rises blocking the pedestrian ways along the bay, and force the rest of the city to become a ghetto. This practice WILL be reversed since the nature and character of the city changed and is now catching up.

The city and state have every right to carve out enough space for a walkway and tree lined park along the bay since those buildings are already set back quite a bit, and wherever needed there could be extensions added to the land -— which is going to eventually be due if not due already due to erosion and will need to be approved in order to keep those buildings standing structurally with sea water erosion.

It’s a win win for everyone especially whomever champions this idea and gets their name out on the plaque for the park.

BORINGGGG!
2 months ago

Whoever buys this land will split it up and sell most of the lots to achieve a bigger yield on the money they invested. This is about making money, not about investing millions of dollars to build a park just to feel good about getting their name on a plaque and making you feel good.

You need to learn what capitalism really means.

Anonymous
2 months ago

Capitalism will ensure that the right thing is done to bring this city to the next level and enhance the Bayfront with pedestrian ways. More people make money when the city elevates itself to the next level (not just one sole property owner). Property values go up around the space, including those who donate a little bit of land or, if necessary, sell it back to the government or develop it for public use.

Slim Shady
2 months ago

Mostly agree.
The wrong kind of Capitalism can screw things up.
Crony Capitalism screwed up the City Square plan that would have been as close to this pedestrian Utopia favored by many.
Cronies totally killed that plan so Genting could line the Miami Herald’s pockets a bit more.
Getting had to rely on parasitic lawyers and lobbyists who promised the moon and Genting too got burned.
It will be interesting to see what developer has the cajones (and/or no sense of history) to buy this land and do something with it.

Anonymous
2 months ago

Isnt being clueless is boring?

Anon
2 months ago

I think you need to get outside Miami…..

Anonymous
2 months ago

Parking and ride sharing drop off next to the bus terminal and metro mover the rest of this block for pedestrians

Anonymous
2 months ago

What?

Anonymous
2 months ago

I’d rather walk around enjoying bay views and watching manatees float and dolphins play than go into some overpriced “be seen at” selfie spot restaurant. People that always have to be pissing away their money in order to be entertained are boring. And probably have negative net worth to boot.

BORINGGGG!
2 months ago

Well heck, you don’t need to hang around in this area to see “manatees float and dolphins play” if that’s exciting to you,there are plenty of spots in Dade County to do that. Keep your money in your pocket and have a boring time all you want. But don’t blame people who go to restaurants and other establishments for what you call “pissing away their money in order to be entertained,” because you can crook tomorrow and have a big bank account and a pocket full of money but all you did was harbor it and lived a very boring life.

Anonymous
2 months ago

…or I can retire early in my 50s and you can spend your retirement bagging my groceries at Publix. Or I can still go to Publix and buy food in the upcoming recession while you’re waiting in the food pantry line.

Anonymous
2 months ago

Agree not saying no more restaurants and trendy spots but there has to be a balance. Even people who like restaurants need to take a self-healing walk along the bay.

Slim Shady
2 months ago

“Needs”?
Or you “want” it to be?

If you want it to be “a pedestrian Mecca” get involved with the purchase.
(Funny even type “pedestrian Mecca” considering that most don’t take a Lime scooter or Uber on their pilgrimages to Mecca).

$2Billion private properties do not have to be a holy place for walkers. There will be a setback of (at least) 50ft. and any reasonable developer will want retail/waterfront restaurants because they are the highest and best use of waterfront property on a Marina.

Of course, it will be a great place to walk.

Anonymous
2 months ago

Musk or bezos should drop a billie and have at it…

Anonymous
2 months ago

or Mr. Griffin….team up with Related and develop a Hudson Yards South that outdoes New York

Anonymous
2 months ago

Elon Mask should relocated Twitter there!

Anonymous
2 months ago

Exactly! Twitter would do much better here and be fair and balanced.

Anonymous
2 months ago

Headquartered at Hines Tower or World Trade Center of the Americas!

Anonymous
2 months ago

They can stay where they’re at. We already have Ken.

Not Anonymous
2 months ago

The more the merrier!!

Anonymous
2 months ago

Thanks for the visual 👌

Drac
2 months ago

Actually, this is not unexpected news because basically we knew they were going to sell the area after they couldn’t get they’re casino idea approved, and when it didn’t, the once Miami Herald has sat empty for over a decade.

Drac
2 months ago

Miami Herald site*

Anonymous
2 months ago

Nobody wants a casino here. They’re trying to clean/class it up downtown not trash it up with desolate people.

Anon
2 months ago

Boston’s high end “Encore” Hotel, Casino, & Marina would beg to differ. Super upscale and has been incredible for the area.

Anonymous
2 months ago

Boston is a B list city. Miami is A list.

Drac
2 months ago

YOU don’t want a casino there. Fortunately you don’t speak for everybody. No matter what they do you’re going to always see trash and desolation downtown. If you can’t stomach it, there are plenty of tiny hick towns in this country where you can move to.

Anonymous
2 months ago

Hick towns are where casinos are built.

bob
2 months ago

“affordable housing” – Totally Nuts. this is an opportunity to WOW… Dont ruin it. Make it out shine Vegas and people will come. Thing big and not dumb

Anonnie
2 months ago

We’re not competing with Vegas, Bob. We’re more than a tourist party town. This is a world-class residence and business hub, which also provides a leisurely fun lifestyle.

monopoly money
2 months ago

the luxury business set love to booze and whore just like the rest……

Anonymous
2 months ago

stay tuned… but Related had better bust a move with casa bella…those east facing views are not gonna be the same……

Anonymous
2 months ago

A lost beaut by Arquitectonica.

Nick
2 months ago

Good

anonymous
2 months ago

Wish list:
Real transit oriented development with a limited amount of car parking
Housing for thousands of full-time residents, across all income levels
Great street design to encourage walk, bike, and micromobilty.
Baywalk!! and iconic public park

Anon
2 months ago

This is the A&E district, and the largest waterfront parcel in South Florida. Housing can go literally anywhere west. This should be some sort of entertainment component or civic-minded development, not affordable housing. That can go literally anywhere else.

Anonymous
2 months ago

Agree 💯 there are luxury waterfront condos ALL over Florida, no shortage and limited overall value. What we need is a world class civic and entertainment space that will elevate the entire city, State and country!

Anon
2 months ago

Exactly. Finally someone with vision.

Anonymous
2 months ago

Why would low income people be provided with housing in one of the most expensive waterfronts in the world?!?

Anonymous
2 months ago

Um, I think on that list he said, “Housing for thousands of full-time residents, across all income levels.”

Anon
2 months ago

“Across all income levels”. That would include the lower brackets. This is waterfront property. I’ll do that math for you.

Low Income Levels + Waterfront Property = Affordable Housing. Got it?

Anonymous
2 months ago

No, I don’t “Got it”

Just because you got money doesn’t mean you can afford to live anywhere. Paying $1400 to live in a studio apartment somewhere in Little Havana proves that.

Anonymous
2 months ago

^^well quit while you’re still behind lol

Anonymous
2 months ago

waterfront housing for broke people—yeah you’re sure wishing hard.

anon
2 months ago

doesn’t have to be broke people lol literally just include the middle class, otherwise miami will remain purely an investment hotspot where people spend 2 weeks in winter with no culture or ‘energy’, if you earn 250k a year and can’t afford to live in miami its going to be shit

Anon
2 months ago

This is the most valuable piece of land in Florida. It’s wont be market-rate housing.

Anonymous
2 months ago

Melo has already been delivering that.

anon
2 months ago

doesn’t have to be broke people lol literally just include the middle class, otherwise miami will remain purely an investment hotspot where people spend 2 weeks in winter with no culture or ‘energy’, if you earn 250k a year and can’t afford to live in miami its going to be sh*t

Anonymous
2 months ago

Not waterfront housing for low income. That’s unreasonable. It shouldn’t be exclusive to any income level. It should be high-end outdoor space for the public and, given the value of the property, high end luxury residences overlooking that space AND the bay.

Anonymous
2 months ago

Wait, they designed BCC! They’re awesome. Keep up this quality throughout 👌

Anonymous
2 months ago

I hope they add more museum, art, and theatres with all these development plans. How about a comedy club?

Anonymous
2 months ago

We don’t need a comedy club. These comments are funny enough.

lol
2 months ago

Kind of a bummer, I was hoping they would resurrect the original plan. Here’s hoping we don’t get more glass boxes.

Dn10
2 months ago

Resorts World would have been cool. Loved the architecture.

Anan
2 months ago

Density of 8000 units downtown and Bayfront . Is 1 Billion unreasonable ?

Yo
2 months ago

BRING THE CASINO BACK.
Build the original Resorts World Miami that was planned.

Miami Winning
2 months ago

We don’t want casinos here – we want art and culture. If anything out a casino on Miami Beach where there’s already a party vibe, like Monaco, and keep Greater Miami sophisticated and residential.

Anonymous
2 months ago

Who is “we”?
The audacity and arrogance to speak as if you know what the majority of the people want “here”
Speak for yourself. You don’t speak for me.

Name*
2 months ago

Look how huge the emptiness is around there many blocks. blocks and blocks and blocks of nobody. Emptier than Chernobyl. Biggest empty spot in the greater downtown core.

Anonymous
2 months ago

THIS is the Miami city look (not the Waldorf Astoria, brick shapeless block design). Hope developers and the city team up to design more buildings like this!

Anon
2 months ago

LOL. One second commenters on this site rip Arquitectonica to shreds and the next they are praising their designs as “the Miami look”.

Ya’ll are just ignorant and don’t know wtf you are talking about.

Anonymous
2 months ago

New to this discussion. Maybe it’s not Arquitonica at large but the Miami division/designs. Do they design curved organic looking buildings? Please reference some, Google image search pulls up a bunch bland rectangular blocks.

Anonymous
2 months ago

Wait, they designed BCC! They’re awesome. Keep up this quality throughout 👌

BB1
2 months ago

This may need to be broken up to get that kind of money.

Anonymous
2 months ago

What killed this for getting is the Mayor essentially killing the monorail and committing to the metro mover for some expansion…and all for the better

Anonymous
2 months ago

Genting shelved the monorail plans, and the county mayor sent a press release full of hot air about expanding a low-capacity transit system when Metrorail, a streetcar, or even Brightline extension would have been better alternatives. Hardly a commitment, not to mention while simultaneously chipping away further at the urban growth boundary and enabling further sprawl.

Anonymous
2 months ago

O’ please SHUT UP! You’ve been talking that same drab for weeks now. I’ve known both of cities for at least fifty years now and I’ve witness not a thing being done when it comes to a Mass Transit system to Miami Beach. And if the powers that be in this entire county keep listening to idjits like you, nothing, NOTHING!.. will ever get done concerning Mass Transit between the two cities.

Free Idea Guy
2 months ago

We should build an epic giant Epcot-style Ball or other spectacular shape, with a ride-style museum, sponsored by a tech company, to show off Miami’s innovations in climate control and sea level mitigation strategies.

It’s so fascinating and people from all over the state, country and world would want to come to experience the ride and learn how we are building a brighter future.

Miami is the porotype for how to build a coastal city, and we can offer our insights to the world, and create an amusing museum for all to enjoy and attract tourists–It would appeal both to thrill seekers and intellectual enthusiasts.

Anonymous
2 months ago

This is honestly where Hard Rock Stadium should be.

Anonymous
2 months ago

Uhh a stadium in the middle of downtown? The traffic is already bad. If you’ve been to other cities you may have observed the stadium is always a metro or car ride to get to for a reason.

Name*
2 months ago

I guess they’re not gonna cover the three tower nautica Fort Lauderdale 600 foot new broward tallest Project

Anon
2 months ago

Not after yesterdays debacle. One guy almost crashed TNM’s servers with his maniac downvoting.

Anonymous
2 months ago

lmao people downvoted it because that’s what they felt about it but you can’t take it and think it’s just one guy? how desperate😂

Deez Nutter
2 months ago

That guy is still doing it here. Hey, that guy, Deez Nutz in your mouth

Anonymous
2 months ago

More important stuff to cover!

Anonymous
2 months ago

You could do an update on the Gallery. The school is already up, in like a month, so fast, and piling began for the residences.

Anonymous
2 months ago

The gallery, amazing concept, beautiful design but there’s still time to save Brickell from the haunting mural work in the renderings. Nobody wants to see a stoic face on the wall. Just panel these facades with natural materials, like a wood or limestone look.

Anon
2 months ago

World Center was a flop relative to the original vision. We need a Related Co / Stephen Ross level developer to acquire this and build the real Hudson yards of the South.

Anonymous
2 months ago

It wasn’t a flop, it’s just a different vision and it’s shaping up to be amazing!

Anonymous
2 months ago

No world center is definitely a flop

Anonymous
2 months ago

Except the original vision was indeed a “game changer.” The resulting product is absolute mediocrity.

Anon
2 months ago

Worldcenter is a decade away from completion – do you have a crystal ball? A total of NINE towers and their retail components have not even been unveiled yet.

What are you talking about? This development is barely off the ground and people are already pronouncing it dead.

Mia
2 months ago

Definitely a Flop. Over half the buildings are cereal boxes. The project is laughable when compared to NYC Hudson yards or any other large acreage urban development

Anon
2 months ago

It’s like the only design standard you guys care about is whether or not the design is rectilinear….when the vast majority of high rise designs are…rectilinear.

Just reeks of ignorance. There’s many more qualities to consider than the form, which is usually determined by the zoning and developer anyways.

Anonymous
2 months ago

Rectangular aren’t being built anymore except NYC, but that’s an entirely different look and routed in a moment in time. Some of the new skinny rectangles look like nose hairs. Look at Asia and Middle East for inspiration or right here at the iconic Zaha Hadid building. It out Miami on the map for architecture. If we’re going to do rectangle it’s got to be low and have a dang good facade like buildings in DC or Parks. If you go high, bring in the curves and organic shapes.

Anonymous
2 months ago

Not saying rectangular is totally done but if we’re going to add iconic staples then let’s bring spectacle to the skyline.

Anonymous
2 months ago

Paris* and all the other typos SMH oops.

Anonymous
2 months ago

Okay, a bunch of rectangular boxes with disappointing tenants.

Anonymous
2 months ago

hudson yards is a dead zone when it comes to night life so go figure

Anonymous
2 months ago

That’s not the design that’s the issue, it’s the overall city let to overdevelop with little consideration to quality life piled with the recent and current leadership in nyc allowing it to fall into disrepair.

Anonymous
2 months ago

True – we can learn from NYC, utilize the best designs and planning, while preserving our unique identity that makes it so appealing for people as an alternative form of tropical ubran living that NYC can never have.

Anonymous
2 months ago

^
Haha.. you guys are funny and really don’t know shite about NYC.

Anonymous
2 months ago

I bet you many of the people commenting helped build that city, lived there and painfully watched it devolve.

Pleezzee
2 months ago

“Worldcenter is a decade away from completion”

After saying this project is a flop, you now admit that World Center is a decade away from completion?

That must be some good sh__ you’re smoking!

Anonymous
2 months ago

It’s not even done fool

Brooklyn
2 months ago

It really is a spectacular site, but $1 billion is a bit ridiculous for vacant land.

Classic broker blowing hot air

anonymous
2 months ago

it is 16 acres

Anon
2 months ago

Thats actually a low figure. If it sells per square foot the same as the Citadel site it will be over 2 Billion.

Brooklyn
2 months ago

Why would it sell for the same land PSF?

Ken Griffin was an atypical buyer and had an atpyical motivation. He’s an end user and building his own HQ for his firm.

Market value does not necessarily mean the last highest nearby trade…

Anonymous
2 months ago

Yes it does. Market values are going up from studios to the coveted two and three bedroom condos, and of course the land for new developments. We have successfully pushed through the short blip in the radar when the Fed raised interest rates, expectations have recalibrated, and demand is strong again.

If I hadn’t already, I would certainly buy into this market again before competition gets fiercer.

Anonymous
2 months ago

You’re not wrong in your market assessment on condos, but you are comparing a condo to a massive office tower site—apples to oranges.

Monopoly Man
2 months ago

Its almost like something could be done with that land that would make a billion $ + purchase profitable at some point in the future…. hmmmmm, I wonder what it could be.

Anonymous
2 months ago

Based on my experience, what would make a billion dollar water front property profitable:

A boozy water park, where top tier musicians play, infinity wave pool, ancillary environment museum to show off all of Miamis innovations in climate control (educating those who want to move or invest here) with an eclectic gift shop, celebrity chef market and outdoor dining experience, fire pits, and performance artists

Mr. Tremont
2 months ago

I think a parking lot would be more valuable than what you described.

Anonymous
2 months ago

This is going to make everybody’s property values keep on going up, ladies and gents.

Anonymous
2 months ago

What’s 7k housing units and 2m sqft of commercial worth then?

Anonymous
2 months ago

It’s even better as vacant land because they can build anything they want on it plus not have to demo anything that exist already there