Investment Group Led by David Martin Set To Acquire Former-Miami Herald Development Site For $1.225 Billion

SmartCity Miami LLC, an investment group led by Miami-based Terra and it’s CEO David Martin is set to acquire the former-Miami Herald headquarters development site for a record $1.225 billion from Genting Group. The investment group has finalized terms for the acquisition of the 15.5-acre site which features 800’ of direct frontage on Biscayne Bay, the closing is set to take place later this year. The site which sits on the nexus of Downtown Miami and Edgewater is regarded as one of the largest and most valuable development sites in the United States.

“This is a prized piece of real estate in the heart of one of the world’s most dynamic and fastest-growing cities, and we are honored to have been selected as the property’s next owner. At Terra, we have a long history of enhancing communities and transforming neighborhoods through careful planning, beautiful design, and a focus on connectivity and resiliency. Our development on Biscayne Bay will continue this tradition.” Said David Martin, CEO of Terra Group.

Genting Group announced in March that it had received five bids over $1 billion following a marketing period led by Avison Young’s Florida Capital Markets Group. The largest bid values the property at just under $1.5 billion for the rare Omni District waterfront site. The land is a ±15.5-acre development opportunity which was marketed as BayCity Miami and is currently host annually to ArtMiami and CONTEXT Art Miami during Miami Art Week as ArtMiami’s Art Wynwood show in February. The property was previously occupied by the Miami Herald headquarters which was demolished in 2014.

Located at 1431 N Bayshore Drive in Miami the property features 800 linear feet of direct Biscayne Bay frontage and highly aggressive zoning in one of Miami’s most dynamic and connected neighborhoods, it is considered the most desirable development site offering in the city’s history and one of the largest waterfront land assemblages currently available in the U.S. The property has the potential to build a landmark mixed-use office, retail, residential, hospitality, and entertainment destination.

“The scale and location of this site offers the opportunity to do something spectacular, something that all Miamians can the pride in, and we will deliver nothing short of that. For now, our team is focused on understanding the full potential of the property and the surrounding area. Our vision will evolve as we learn more. Over time, we will arrive at a plan that elevates Downtown Miami, improves access to the waterfront and is welcomed by our community.” Said David Martin, CEO of Terra Group.

Genting Group appointed Avison Young’s Florida Capital Markets Group led by Avison Young Principals Michael T. Fay, John K. Crotty, CCIM; David Duckworth, and Vice President Brian C. de la Fé to spearhead the marketing and sale of property. Genting Group, one of the largest resort and entertainment and gaming corporations in the world which operates Resorts World, will remain invested in the Omni area, maintaining ownership of parcels spanning 10 acres west of Biscayne Boulevard.

Spanning several lots, including the former Miami Herald headquarters site, the property is in the Metromover subzone of Miami-Dade’s mixed-use zoning of RTZ (Rapid Transit Zone). With South Florida’s most generous zoning designation, the site has unlimited buildable square footage, no setbacks, a height limited only by the FAA regulations (649 feet) and a potential density of over 8,000 units. The RTZ zoning provides developers an enormous, highly flexible building envelope and the opportunity to develop a singular waterfront development of incredible scale.

Terra is a Miami-based real estate development and investment company that creates communities, enhances neighborhoods and connects people. Led by David Martin, Terra was founded in 2001 and is involved in all facets of residential and commercial development, including realty, mortgage, marketing and construction. Terra owns and operates a carefully curated portfolio of real estate developments valued at more than $8 billion that elevate quality of life; maximize the way in which people work, live and entertain; and innovate the urban and suburban landscape with an eye toward resiliency and sustainability. Since its launch, Terra has developed more than 5 million square feet of residential, commercial, and mixed-use projects across South Florida. Current projects include the nearby Major Food Group-programmed ultra-luxury tower The Villa, Mr. C Residences Coconut Grove and Five Park in South Beach.

Over the past 2.5 years, Miami has become a Tier-1 American city, on par with New York City and Los Angeles. According to proptech platform AVANT by Avison Young, Orbital Insight, Miami is outperforming most top U.S. metropolitan cities, including New York, as far as daily visitors to the city’s downtown urban core. Additionally, high-income earners and some of the most successful financial services, technology and cryptocurrency firms continue to relocate to Miami from other major metros. Rents across commercial real estate asset classes in Miami are at all-time highs, and development sales continue to break records.

Genting Group Draws 5 Bids Over $1 Billion For The Former-Miami Herald Waterfront Development Site

Genting Group has received five bids over $1 billion following a marketing period led by Avison Young’s Florida Capital Markets Group for the former Miami Herald site in Downtown Miami, one of the largest and most valuable development sites in the United States. The largest bid values the property at just under $1.5 billion for the rare Omni District waterfront site. The land is a ±15.5-acre development opportunity which was dubbed BayCity Miami and is currently host annually to ArtMiami and CONTEXT Art Miami during Miami Art Week as ArtMiami’s Art Wynwood show in February. The property was previously occupied by the Miami Herald headquarters which was demolished in 2014.

Located at 1431 N Bayshore Drive in Miami the property features 800 linear feet of direct Biscayne Bay frontage and highly aggressive zoning in one of Miami’s most dynamic and connected neighborhoods, it is considered the most desirable development site offering in the city’s history and one of the largest waterfront land assemblages currently available in the U.S. The property has the potential to build a landmark mixed-use office, retail, residential, hospitality, and entertainment destination.

Genting Group appointed Avison Young’s Florida Capital Markets Group led by Avison Young Principals Michael T. Fay, John K. Crotty, CCIM; David Duckworth, and Vice President Brian C. de la Fé to spearhead the marketing and sale of property. Genting Group, one of the largest resort and entertainment and gaming corporations in the world which operates Resorts World, will remain invested in the Omni area, maintaining ownership of parcels spanning 10 acres west of Biscayne Boulevard.

Spanning several lots, including the former Miami Herald headquarters site, the property is in the Metromover subzone of Miami-Dade’s mixed-use zoning of RTZ (Rapid Transit Zone). With South Florida’s most generous zoning designation, the site has unlimited buildable square footage, no setbacks, a height limited only by the FAA regulations (649 feet) and a potential density of over 8,000 units. The RTZ zoning provides developers an enormous, highly flexible building envelope and the opportunity to develop a singular waterfront development of incredible scale.

Over the past 2.5 years, Miami has become a Tier-1 American city, on par with New York City and Los Angeles. According to proptech platform AVANT by Avison Young, Orbital Insight, Miami is outperforming most top U.S. metropolitan cities, including New York, as far as daily visitors to the city’s downtown urban core. Additionally, high-income earners and some of the most successful financial services, technology and cryptocurrency firms continue to relocate to Miami from other major metros. Rents across commercial real estate asset classes in Miami are at all-time highs, and development sales continue to break records.

The Continuum Company Acquires North Bay Village Development Site For $35 Million

New York based development firm The Continuum Company has closed on the purchase of 1755 Kennedy Causeway, a 1.34-acre site in Miami’s exclusive North Bay Village. Samuel Heskiel, CEO and Co-Founder at Beachfront Realty was the land broker for this deal, which was purchased by the firm for $35,000,000.

This land purchase marks the latest in Miami for New York developer Ian Bruce Eichner, who is well known for developing the Continuum South Beach in Miami’s South of 5th neighborhood, as well as launching their latest project La Baia. The site plan approval allows the firm to build a 31-story, 201-unit luxury condominium with a 13,415 square foot waterfront restaurant with over 45,000 square feet of resort-style amenities.

“With astonishing views, access to the beach and mainland, and a private island community, this was an obvious choice for our second-ever Continuum-branded project,” said Alexandra Eichner, President of Continuum Florida.

The firm plans to come to market with their second ever Continuum-branded project in South Florida Q4 of 2023.

“We envision North Bay Village the same way we once envisioned South of Fifth – with enormous potential for growth,” said Ian Bruce Eichner, Chairman and CEO of Continuum Company. “We believe the neighborhood is primed to undergo a radical transformation and we are excited to lead the way. We are bullish on North Bay Village and excited to continue to be a developer that ushers in a new era for the community.”

Set for a dramatic transformation, North Bay Village serves as a small enclave encompassed by two small islands between Miami Beach and the mainland of Biscayne Bay. With the neighborhood itself separated from the bustle of the nearby metro of Miami, the city's numerous attractions are still within a short drive including premiere shopping and the beach, showcasing the best of both worlds.

North Bay Village went almost a decade without any new developments, featuring more single-family homes than high-rises to keep a quaint community feel. According to Miami-Dade records, by 2025 five new condo developments are expected to be delivered. Pacific & Orient Properties recently broke ground on 7918 West Drive, a waterfront luxury condo development, and Shoma Group is developing Shoma Bay with a Publix and Shoma Bazaar food hall.

The Continuum Company experienced great success with La Baia South, which launched sales in October and sold out in under six months. Well known for producing visionary real estate developments, Bruce has an array of projects headlining his portfolio, including Madison Square Park Tower, City Spire, One Broadway Place, The Manhattan Club, The Royale and Montague Street in Brooklyn Heights, the Continuum South Beach and the Cosmopolitan Resort & Casino on the Las Vegas strip.

Rilea Group Acquires Final Parcels To Complete Assemblage for Mohawk Wynwood

Rilea Group has closed on an expansion of its assemblage for its rental project Mohawk at Wynwood for $5.7 million, represented by Alfredo Riascos of Gridline Properties. The seller was represented by Alfonso Jaramillo of Fortune. The purchase brings Mohawk’s site to 78K square feet, which sits adjacent to its short-term luxury rental property, The Rider Wynwood. Rilea Group is now transforming 2.5 acres, nearly an entire block, at NW 29th St. and the Florida East Coast Railway line. Rilea Group is a multi-faceted real estate development and management company that has developed over 9,500,000 square feet in South Florida.

The expanded footprint will add 34 new units, including 20 New York style, two-story lofts at Mohawk, underscoring the company’s confidence in the market’s growth at the border of Midtown and Wynwood neighborhoods and demand for unique rental real estate.

Over the past 10 years, Wynwood has experienced significant growth, as have its property values. It continues to emerge as one of South Florida’s hottest, upcoming areas for new residential and office developments.

“Wynwood is on a meteoric rise and we’re thrilled to be a part of fomenting its growth,” said Diego Ojeda, president of Rilea Group. “We have put together a standalone team that through our unparalleled architecture and interior design, we will bring a unique concept which will be like nothing seen before in the neighborhood. Mohawk at Wynwood’s punk rock theme and our neighboring project, The Rider’s ‘easy-rider’ persona, will be sure to attract a great crowd to the market.”

Realty Mogul, an innovative crowdfunding platform for commercial real estate investment, is the largest fundraising partner for Mohawk at Wynwood. It is expected to launch a fresh raise of additional capital in the coming weeks for the project’s continued expansion and future construction, slated for later this year.

Mohawk at Wynwood will feature 260 residential units and 31K square feet of ground floor retail, 335 covered parking spaces with 25 percent dedicated to electric vehicles, 1,500 square feet of private offices for residents in a 12-story building covering a total of 78K square feet of land. Mohawk’s amenities will include a dazzling rooftop pool, game room, state-of-the art gym, outdoor and indoor yoga studios, owner’s lounge and bar, outdoor and indoor kid’s room, a large private park, dog park, two pickleball courts, and more.

The Rider at Wynwood will have 131 apartment-hotel luxury units for short-term rentals, 6,500 square feet of ground floor retail, a rooftop pool for residents and a speakeasy-concept rooftop bar in a 12-story building. The buildings’ architecture will feature Chicago-brick facades coupled with aged metal accents throughout.

Rilea Group’s acquisition of the initial assemblage began in June 2021 when Alfredo Riascos of Gridline Properties represented buyer Rilea Group / Alan & Diego Ojeda and seller David Lombardi in Rilea Group’s $22 million acquisition of the adjacent 65,700-square-foot site at 56 NE 29th St., Miami, FL 33137, also part of the Mohawk at Wynwood assemblage. In addition, in October 2021, Gridline Properties represented the Rilea Group / Alan & Diego Ojeda in its purchase of the adjacent 31,358-square-foot property at 100 NE 29th St., Miami, FL 33137 for $12.25 million, slated for The Rider at Wynwood site. The seller was Jeffrey Miller.

Mega Mixed-Use Development Wynwood Plaza Locks Down $215 Million Construction Loan

L&L Holding Company, Oak Row Equities and Shorenstein have locked down $215 million in construction financing for Wynwood Plaza, a mega mixed-use development on a 2.85-acre site in Miami’s Wynwood Arts District. Managing Director Scott Wadler and Vice President Michael Basinski of Berkadia South Florida secured the financing on behalf of the developers, a joint venture between L&L Holding Company, a vertically integrated real estate company based in New York, N.Y., Oak Row Equities (formerly Carpe Real Estate Partners), a real estate private equity and development company based in New York, N.Y., and Shorenstein, a real estate investment company based in San Francisco, Calif.

Bank OZK provided the three-year, floating-rate loan with two one-year extension options.

The developers acquired the site, a 15-parcel assemblage, in late 2021 for $53 million, after filing plans for a development that would deliver one million square feet of office, retail, residential and outdoor entertainment space. The project, which Gensler is designing, is slated to complete in 2024.

“Wynwood has emerged as one of Miami’s busiest submarkets, with tech, financial and creative firms flocking to the area and driving demand for office, retail and residential space to all-time highs,” said Wadler. “Wynwood Plaza is poised to be a monumental project anchoring this dynamic community, and we were fortunate to find a lender who recognized the Sponsor’s unique vision and capabilities to execute it.”

Located at 95 Northwest 29th Street, Wynwood Plaza will consist of approximately 509 luxury rental apartments, 275,000 square feet of Class A office space, 25,000 square feet of ground-floor retail space, a 20,000-square-foot open-air retail plaza, and a parking garage.

Sabal Development Acquires Miami Beach Spec Home Site Overlooking La Gorce Country Club Golf Course

The Miami-based Sabal Development has closed on a 12,000+ SF development site which overlooks the La Gorce Country Club golf course for $4.2 million. The property is located at 5440 La Gorce Drive in Miami Beach and will be developed into a Choeff Levy Fischman-designed tropical modern spec home. Florida Realty of Miami, Corp. represented the buyer, Pascal Nicolai, founder and CEO of Sabal Development and Sabal Luxury Builder. Jean Echemendia of Douglas Elliman represented the seller, Justin Yoshimura.

“We are very excited about this purchase and the incredible custom home that will be developed on the double lot,” said Nicolai. “The property has gorgeous, wide golf course views that will complement the luxury living experience that we are bringing to life.”

Sabal Development plans to build an over 6,000-square-foot single-family home with 5 bedrooms and 5 bathrooms on the double lot, which is located on the private La Gorce Golf Course. The spacious home will include three parking garages, an elevator, pool and hot tub, outside barbeque area, media lounge and a pond. The property will feature architecture by famed architect Ralph Choeff of Choeff Levy Fischman. Sabal Luxury Builder is expected to break ground on the home in April 2023, with an estimated completion in December 2024.

Genting Group Seeking Over $1 Billion For One Of The Largest And Most Valuable Waterfront Development Sites In The U.S.

Genting Group is seeking over $1 billion for its Omni District waterfront land, a ±15.5-acre development opportunity dubbed BayCity Miami at 1431 N Bayshore Drive in Miami. With 800 linear feet of direct Biscayne Bay frontage and highly aggressive zoning in one of Miami’s most dynamic and connected neighborhoods, it is considered the most desirable development site offering in the city’s history and one of the largest waterfront land assemblages currently available in the U.S. Genting Group has tapped Avison Young’s Florida Capital Markets Group to exclusively market the property.

“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.”

Spanning several lots, including the former Miami Herald headquarters site, the property is in the Metromover subzone of Miami-Dade’s mixed-use zoning of RTZ (Rapid Transit Zone). With South Florida’s most generous zoning designation, the site has unlimited buildable square footage, no setbacks, a height limited only by the FAA regulations (649 feet) and a potential density of over 8,000 units. The RTZ zoning provides developers an enormous, highly flexible building envelope and the opportunity to develop a singular waterfront development of incredible scale.

Along with Fay, Avison Young Principals John K. Crotty, CCIM; David Duckworth, and Vice President Brian C. de la Fé will spearhead the marketing and sale of property. Genting Group, one of the largest resort and entertainment and gaming corporations in the world, will remain invested in the Omni area, maintaining ownership of parcels spanning 10 acres west of Biscayne Boulevard.

“South Florida’s popularity only continues to grow, and we are incredibly optimistic about our opportunity to bring a unique development to the area,” said Robert DeSalvio, President, Genting Americas East. “With our focus now locked in on 10 acres of prime real estate, we look forward to accelerating the process of outlining a project, putting shovels in the ground and getting a project built that all South Floridians can be proud of.”

Over the past 2.5 years, Miami has become a Tier-1 American city, on par with New York City and Los Angeles. According to proptech platform AVANT by Avison Young, Orbital Insight, Miami is outperforming most top U.S. metropolitan cities, including New York, as far as daily visitors to the city’s downtown urban core. Additionally, high-income earners and some of the most successful financial services, technology and cryptocurrency firms continue to relocate to Miami from other major metros. Rents across commercial real estate asset classes in Miami are at all-time highs, and development sales continue to break records.

Former CEO of SoftBank Marcelo Claure Lists Vacant North Bay Road Lot For $39.9 Million Complete With Permitted Plans By Iconic Architect Kobi Karp

The former CEO of SoftBank, Marcelo Claure, has listed one of the largest and most spectacular waterfront vacant lots to recently enter the Miami Beach prime property market for $39.9 million. The property is listed with Berkshire Hathaway HomeServices EWM Realty Senior Vice President and top-producer Nelson Gonzalez and comes complete with fully permitted plans by renowned architect Kobi Karp.

Presented for $39.9 million, the listing, 5212 North Bay Road, is an expansive, 27,334-square-foot vacant lot – equating to $1,459 per square foot. The property offers 150 feet on Biscayne Bay, providing stunning, unobstructed panoramas of the Miami skyline, sunset, and Biscayne Bay. The vacant property’s availability is unique for the area, which currently has few, if any, empty lots for sale, and none comparable to this property’s size and scope.

The property comes with permitted plans by internationally revered architect Kobi Karp, whose vision calls for a nine-bedroom, 14-bath (eight full-bath and six half-bath) mansion with 14,000 square feet of lavish interiors, an abundance of amenities, and extraordinary exterior spaces, including a rooftop that has been positioned to capture the sheer magnitude and entirety of the views. A new seawall and dock are also currently under construction.

“This is a landmark opportunity for a savvy buyer who’s looking to build their waterfront dream home,” said Gonzalez. “For someone seeking a large piece of land with the best price and location, this listing cannot be overlooked. And because of Kobi’s permitted designs, a buyer can put a shovel in the ground on the day they close.”

Featuring a central and tranquil location, the property is additionally located within minutes of the La Gorce Country Club and golf course, beaches, the Sunset Harbour and Bal Harbour neighborhoods, downtown Miami, and the Brickell financial district.

Images via Berkshire Hathaway HomeServices EWM Realty

Development Site In Miami's Little River Neighborhood Trades For $13.3 Million

Little River has been a hotspot for investment and yet another significant transaction has as an undisclosed buyer acquired a development site for $13.3 million. The sale included 2.2 acres on NE 2nd Ave in the northern section of Little River, located at 8038 NE 2nd Ave. Gridline Properties’ Broker and Principal Alfredo Riascos represented the seller, Thomas Conway of Conway Commercial Real Estate. Tony Arellano of DWNTWN Realty represented the buyer. The buyer nor its plans were disclosed citing confidentiality.

“Developers are recognizing the growth and the emergence of strong fundamentals, finding opportunities to appeal to the creatives and curators in Miami that are in search of the unique neighborhoods and experiences that Little River offers,” said Riascos.

Creative neighborhoods like Little River have been the focus of a lot of attention and recent capital inflows. DWNTWN Realty Advisors and Gridline Properties worked together seamlessly on a complex transaction that will have a positive impact on Miami and the Little River neighborhood. Population and job growth are fueling the demand for housing and neighborhoods as the City of Miami continues to grow. Despite the economic headwinds, Miami seems to be positioning itself as a safe haven for capital investments and quality of life upgrades for employers and individuals.

Conway recently sold the neighboring Ebb & Flow retail strip center comprised of two buildings on two lots for $18.15 million in July 2022. Riascos represented Conway in the Ebb & Flow transaction as well. The all-cash deal marked one of the largest single transactions in Little River for value-add creative retail.

“In recent months, the Northeast Second Avenue corridor of Little River has received remarkable attention from investors and developers seeking to capitalize on the emerging retail and development taking place between 79th and 84th Street," said Riascos. “This property may be one of the last remaining sites that offers institutional size and scale for future development along NE 2nd avenue. We are excited to be part of the tremendous growth and continued success of Little River.”

A hub for re-adapted industrial buildings, Little River has attracted an array of creative and design-oriented businesses that have identified the surrounding neighborhood as one of Miami’s most up-and-coming districts. It is home to a wide variety of businesses, tenants, and owners that have transformed one of Miami's oldest industrial areas into a neighborhood that promotes creativity, design, and innovation.

Renderings of Related Companies Frank Gehry-Designed Redevelopment Of The Deauville Miami Beach

Related Companies, led by the billionaire owner of the Miami Dolphins Stephen Ross, has revealed the first renderings of the Frank Gehry-designed two tower project proposed to replace the Deauville Beach Resort in Miami Beach at 6701 Collins Avenue. The two towers would feature 125 residential units and 175 hotel units with the tallest tower rising 373’. Initial plans point towards an Equinox-branded project. Related Companies owns both fitness and lifestyle brand Equinox and developed the Equinox Hotel in New York City’s Hudson Yards. On November 8 a voter referendum will decide if the developers can proceed with an increased density on the site. The proposed project has already successfully received a zoning amendment in before the Miami Beach Commission voted in favor of placing the referendum on the November 8 ballot.

The existing historic Deauville Beach Resort was designed by Melvin Grossman and was where the Beatles had their second performance in the United States on February 6, 1964. The 540-room hotel was built in 1957 but ownership in recent years has left the structure fall into a decrepit, uninhabitable state and has been declared an unsafe structure.