Genting, the Malaysian casino company that once planned to turn the former Miami Herald property into a gambling resort in the heart of Miami, is selling its prized 15.5-acre parcel.
The expected price tag tops $1 billion for the largely vacant swath of downtown land on Biscayne Bay, where residential and commercial high-rises could top 60 stories.
“It’s a transformational, iconic site,” said Michael Fay, managing director of the Miami office of the Avison Young commercial brokerage, which has the listing for the former Herald site off of Biscayne Boulevard between the Venetian and MacArthur Causeways. “We already have interest in excess of $1 billion.”
