SmartCity Miami has announced plans to purchase the former Miami Herald property in Downtown Miami from Genting Group.
The sale is set to be completed late this year, at a price of $1.225 billion.
There were a total of nine bids for the property from all over the world, and five of those bids were over $1 billion.
Terra and its CEO David Martin is leading the SmartCity Miami LLC investment group that won the bid.
“This site offers the opportunity to do something spectacular, something that all Miamians can take pride in, and we will deliver nothing short of that,” Martin said in a press release.
The development will improve access to the waterfront and elevate Downtown Miami, with a focus on connectivity, resiliency, careful planning, and beautiful design, he added.
The SmartCity commitment to smart development “made them by far and away the best choice,” Genting Group’s Kevin Jones said.
With the sale in the works, Genting will now accelerate its development plans in Florida and New York, Jones added.
The company is retaining the giant former Omni property next door, along with several other properties in the area.
The former plans for Resorts World Miami on the property: