Former Miami Herald Waterfront Site in Downtown Miami Receives 5 Bids over $1 Billion
Following a marketing campaign managed by Avison Young's Florida Capital Markets Group, Genting Group has received five offers above $1 billion for the former Miami Herald site in Downtown Miami, one of the biggest and most valuable development sites in Miami.
The property, which is located at 1431 N Bayshore Drive in Miami, has 800 linear feet of direct Biscayne Bay frontage and highly aggressive zoning in one of the city's most vibrant and connected neighborhoods. It is regarded as the most sought-after development site offering in the history of the city and one of the largest waterfront land assemblages currently available in the United States. A notable mixed-use commercial, retail, residential, hospitality, and entertainment destination could be developed on the location.
The rare riverfront location in the Omni District is valued at just about $1.5 billion. The 15.5-acre development site, known as BayCity Miami, now hosts ArtMiami's Art Wynwood show in February as well as CONTEXT Art Miami every year during Miami Art Week. The Miami Herald's main office had stood on the land and was destroyed in 2014.
The Resorts World operator Genting Group, which owns 10 acres of land west of Biscayne Boulevard, will continue to be involved in the Omni neighborhood. Genting Group is one of the biggest resort, entertainment, and gambling organizations in the world.
The property, which spans many lots and once housed the Miami Herald's headquarters, is zoned RTZ for mixed-use in Miami-Dade and is in the Metromover subzone (Rapid Transit Zone). The land has limitless buildable square footage, no setbacks, a height limited only by the FAA standards (649 feet), and a potential density of more than 8,000 units according to South Florida's most benevolent zoning designation. The RTZ zoning offers builders a sizable, incredibly flexible building envelope as well as the chance to create a unique waterfront development on the site.
