The waterfront property that was the longtime home of the Miami Herald has been sold to a developer for a whopping $1.225 billion.
The 15.5-acre site on Biscayne Bay in downtown Miami is being purchased by SmartCity Miami LLC, an investment group led by by Miami-based Terra and its CEO, David Martin, according to a news release from the seller, Genting Group.
Watch NBC6 free wherever you are
>
WATCH HERE"Very proud of longtime Miamian David Martin for successfully purchasing what I consider to be the most valuable piece of property in America," Miami Mayor Francis Suarez tweeted Thursday. "As a product of this community, David has shown the ability to properly steward a property as precious as the former Miami Herald site! I can’t wait to see what he has in store for our city. I know it will be resilient, iconic, and transformational."
Get local news you need to know to start your day with NBC 6's News Headlines newsletter.
>
SIGN UP
The site is billed as the largest undeveloped waterfront property in Miami's urban core.
"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," Martin said in a statement. "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."
The closing is set to take place later this year, the release said.
Local
Martin didn't reveal what the new plan was for the property.
"The scale and location of 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," his statement read. "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."
The Malaysia-based Genting Group bought the Herald's downtown property from the newspaper's parent company, McClatchy Co., in 2011 for $236 million.
The company demolished the 750,000-square-foot Herald building and had planned to build a luxury hotel and casino in its place, but that plan never came to fruition.
The Herald had occupied the building since 1963. The newspaper's main operation moved to Doral in 2013, at a building that once housed the U.S. Southern Command.
