Reports indicate that Genting Malaysia Berhad has declined Smart City Miami’s request to modify and extend the April agreement for the $1.225 billion sale of a 15.5-acre Downtown Miami waterfront site on Biscayne Bay. The property, located at 1431 North Bayshore Drive, is said to be the largest piece of undeveloped waterfront land in this area and was acquired by Genting in 2011 for $263 million.
Smart City, a partnership led by Terra Group, had 60 days to conduct due diligence followed by another 60 days allotted for closing the transaction; however it appears that casino operator Genting is now entertaining offers from other buyers without any intention of reducing their initial asking price of $1.2Billion USD . Avison Young’s capital markets team (Michael Fay, John Crotty , David Duckworth & Brian de la Fé) are representing them in this sale process .
