SmartCity Buying Genting Site For $1.2B, Planning ‘Something Spectacular’

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:

 

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Anonymous
1 month ago

With the influx in cash Genting can now get going on the Omni mall in concert with Terra perhaps. Glad that David got the deal as he’s a real developer and can execute.

MiamiArchi
1 month ago

Really Happy about this news!
In my Opinion Terra is one of the, if not the best Developer in Miami.
All the projects they do are beautifully and thoughtfully done. Some real attention to details you don’t always get from developers in Miami.
I’m Excited to see what they do with the property.

Miami4Life
1 month ago

What are some other Terra properties in Miami that are done or in the works?

Anonymous
1 month ago

Miami Beach Convention Center and the Mr. C Residences in Coconut Grove are the most famous

Anonymous
1 month ago

You mean more generic Arquitectonica buildings? Bleh…

Anonomatopoeia
1 month ago

Five Park!

MiamiArchi
1 month ago

The list provided below is great. If you look into it, they have worked with the top architects, both local in Miami and international.
Their interiors are always outstanding too! Even the proposed Miami Beach Convention Hotel interiors look amazing, and I was expecting it to be quiet meh.
Also they seem to actually build what they propose as opposed to the rendering switcheroo’s and inferior final construction that I fear has become to common here.
Looking forward to seeing what they do with this property.
But, they are smart patient builders who do it right. So I wouldn’t expect any big announcements or renderings any time soon.

Socretes
1 month ago

Villa Miami or 5 Park are going to be the #2 and #3 after this one is complete!

The first big one was 900 Biscayne. Renzo Piano’s 87 Park is amazing. Bjarke Ingels Grove at Grand Bay, and Rem Koolhas’ Park Grove are other great ones. They have a bunch of luxury deals like Mr. C’s. they also have apartments like the massive developments in Hialeah, Fontainebleau, Dolphin, etc.

Great developers. Great people.

anon
1 month ago

and the famous 87 park in surfside.

Not Anonymous
1 month ago

I agree. They are fully homegrown, and unlike the Fake Related, They deliver Unique and stunning results.

anon
1 month ago

homegrown for the win!!! so glad it’s not a new yorker firm that acquired the deal. 305!!

Anonymous
1 month ago

Should have been the real Related, however. They would have given us Hudson Yards South, without a closed Neiman Marcus.

Hi!!
1 month ago

Yes!! Was hoping for Related/Stephen Ross partnership with maybe an Equinox Hotel and smaller Hudson Yards

Anonimato
1 month ago

I guess you are not counting 900 Biscayne where the top was cut off and never built as planned and marketed.

Anonymous
1 month ago

We all have opinions, but I think UGO is the best developer.

Socretes
1 month ago

Every building that Ugo Columbo builds is great.
I like Terra for their range.
87 Park with Renzo Piano is great, Park Grove with Rem Koolhas is great, etc etc.

But Ugo builds one excellent building every 5 years on average. Terra builds an exception building every 3 years PLUS they go out to the Dolphin mall and build a gazillon apartments, and they go to Doral and build 500 townhomes.

Range. Terra develops real estate better than nearly anyone in S Florida.

Ugo build exceptional buildings…but he has a lot of “side pieces” like selling cars and what not.

Anonymous
1 month ago

Hopefully they build a convention center and a permanent home for Art Basel

Not Anonymous
1 month ago

Art Basel belongs in Miami Beach

Anonymous
1 month ago

No it does not. It belongs where it is and a permanent space would be great. Miami Beach can continue building temp beach spaces for it though

Anonymous
1 month ago

Ironically Terra is building the MB convention center as well

Facts
1 month ago

This is neither ironic or true. They are building the Convention Center hotel.

Anonymous
1 month ago

So it would make sense to build a convention center here. We need a big modern one as it would be a catalyst for a lot of money for Miami

melo yellow was just mountain dew
1 month ago

one of the more sensible comments ive seen on this site lately….a lotta cheerleaders in these threads

Socretes
1 month ago

You should click on the link above from the 2011 YouTube video. (or whatever)

Sensible real estate people understood that Resorts World Miami would be a RESORT. A destination resort that was perfectly set up for conventions, meetings, and events.

This project threatened Orland Convention Center, Miami Beach Convention Center, the proposed MDM Convention Center, and the fact that Genting owned 51% of Norwegian Cruise lines, it threated Carnival Cruise lines.

Bruno
1 month ago

Art Basel Miami Beach is, and has been, centered in the Miami Beach Convention Center.

You are probably thinking of the Art Miami show which is held in the tents on the Genting parking lots.

Not Anonymous
1 month ago

Did you steal my moniker?

Anonymous
1 month ago

Im surprised by all the thumbs down on this comment. My friends who come into Miami (or as they say to me “Im going to Florida”)…. are here because of the Miami “Beach” part of our city. They complain about our traffic but love the beach aspect.

Anonymous
1 month ago

I think they built the convention center in Miami Beach so it’s possible

Bruno
1 month ago

Terra/Turnberryvl are co-developing the MBCC HOTEL.
NOT the convention center.

Anonymous
1 month ago

We sure need a huge convention center and by the water would be such an attraction. Conventions bring so much money to the city.

Not Anonymous
1 month ago

Absolutely. The Knight center is small and old, The city definitely needs a new one. Miami Beach’s isn’t enough.

Anonymous
1 month ago

The Knight center is older than dirt and will also be remodeled along with the new Hyatt that was approved by voters this past November, but it’s still standing in all it’s crusty glory

Socretes
1 month ago

This is true…however, if you add a gaming room the size of a CVS Store inside of a complex with 4,500 hotel rooms, 250,000 convention space, 250,000 ballroom space, 250,000 retail, a marina, a baywalk, and a 10 acre resort swimming pool extending from the bayfront to biscayne Blvd. that is known to the dumbest of Miamians as a casino.

Anonymous
1 month ago

I really love those renderings, very Dubai or Singapore like. I hope whatever comes here looks like that❤️

Anonymous
1 month ago

Miami is the Dubai/Singapore of the west

Anonymous
1 month ago

Better. We have right here…unless DeSantis strips them away.

Truth Matters
1 month ago

Don’t see anything wrong with pluralism. Most certainly don’t want a 1 party system.
Our governor kept us open and free during Covid. He is doing a great job. Don’t see your point

Socretes
1 month ago

If you are a Conservative under age 30, you have no heart.
If you are NOT a Conservative OVER age 30, you have no brain.

MBEvans
1 month ago

Wiston Churchill!

Anonymous
1 month ago

You need to get out more. Singapore is nothing like Dubai, in terms of religion or rights. Many Americans are guilty of not seeing past our own borders. Please don’t be one of them.

Anonymous
1 month ago

They just executed someone in Singapore for having some weed. Executed!!

Anonymous
1 month ago

How dare I not be allowed to spit gum on the sidewalk and change my gender to affirm muh rugged individualism!

Anonymous
1 month ago

Not even close 🤣🤣🤣

Michael
1 month ago

That’s a leap. Not even close. Maybe one day, but a long way to go.

Anonymous
1 month ago

Have you been to all 3 of these cities? I have and the similarities are uncanny.

Anonymous
1 month ago

Singapore? I’ve been multiple times and can’t say that I saw much that was similar to Miami. Other than the weather.

Socretes
1 month ago

The ultimate FU would be if the Terra group resuscitates the Arquitectonica plans and builds it all as previously planned.

That would be perfect!!!

in 2028, they apply for the little casino part to be activated. Voila…..no conventioneers would chose Orlando over Miami.

Anonymous
1 month ago

Now Genting can use this money to build on the other site next door. Let’s keep this loving and fast please😅

Socretes
1 month ago

Think.
Genting does not need to activate money anytime soon.

A smart real estate investor in the next Miami would let this group impact the neighborhood first. In ten years or so, they improve and sell at top dollar.

Anonymous
1 month ago

After 10 years of paying property taxes on non-revenue producing land, there could be a deep recession and they may struggle to recoup their investment.

Socretes
1 month ago

You might think…..
However,
The land that they still own generates revenue.
The land that they just sold for $1.2B dollars did not generate much revenue.

Rob
1 month ago

What Genting had was spectacular. Don’t need to break your brain. Just build that. LOL!

Anonymous
1 month ago

Minus the casino

Socretes
1 month ago

Hopefully, that will be the plan! Dust off Bernardo’s exceptional plans from 2011 and let it rip.

anonymous
1 month ago

Excited to see where this development goes. Terra puts out some great projects. Looked at their websites and you can see they are doing some great week.

Anonimato
1 month ago

Hope Miami gets its first real “iconic” (lol) skyscraper with a spire reaching towards the sky a la Burj Khalifa or the Empire State and Chrysler buildings. No more boxy buildings with flat tops please 🙏🏻

Anonymous
1 month ago

What’s Smart Ury Miami LLC? What did they build so far? That could give us a hint of their vision.

Anonymous
1 month ago

Probably just a newly formed entity for this venture – curious as to who the investors are backing this thing…that’s some serious liquidity

Cover the Podiums
1 month ago

Just doing some quick maths…At $1.2 billion for the land + at least $1.8 billion for 5-6 towers and the common areas is right around $3 billion total. Even if they make 3,000 units which is a lot, it averages out to $1 million per unit, and that doesn’t include profit for the developers. With their profit margin, you’re looking at a $1.3 million average unit price! mama mia!

SW30
1 month ago

Edition Residences a few blocks north are starting at $1.7M. And yea I doubt all of the units built on the site will be condos.

Potential density for this site is over 8k units I believe. Not saying that many will be built, but 3k units for this site is under 200 units/acre. Plus I’m sure there will be hella commercial space which if sold as retail condos could go for around $1k/sqft vacant (see 1000 Museum’s recent retail condo sale)

Cover the Podiums
1 month ago

Yeah but Edition residences is just one tower that is ocean front. These towers are will have blocked views and not oceanfront.

urmom
1 month ago

Office, Resi, Retail

Socretes
1 month ago

Check out Youtube for the previous Genting presentation.
4,500 Hotel rooms
*/- 1,500 condos
Well over a million sq ft of retail, restaurant, meeting, ballroom space.

Terra’s Villa Miami project on 29th Street will be starting around $6M.

Mama mia is right

Anonymous
1 month ago

As if “SmartCity” sounds so dependable and not a total scam.

Socretes
1 month ago

Says the architectural historian known as “Anonymous”.

Anonymous
1 month ago

Says the TNM troll known as “Socretes”.

Bruno
1 month ago

Socretes isn’t a troll. He’s a smart person who knows these developers, knows this land, knows this city, and knows what he’s talking about.

Sounds like a “total scam”. It sounds like a total scam only to people who are under 25 years old, clueless, or both.

Anonymous
1 month ago

Why do Bruno and Socretes have very similar writing styles? Asking for an aquaintence.

Bruno
1 month ago

They are both similarly handsome, smart, humble, and witty.
Just ask their mother.

calivalle
1 month ago

Should be an awwwmazing design for the world to see..

Daniel Frolich
1 month ago

It looks like Metromover will go through the building?

Magazine
1 month ago

Knowing David’s past (proposed) projects and passions, it would guess this development will include the most luxurious marina development in the western hemisphere.

adamold
1 month ago

Is Terra partnering with sidewalk labs or one of these other ”smart city” organizations on this?

Anonymous
1 month ago

How about another beaut from Arquitectonica.