Market Conditions in Miami>Question Details

Jackchan9696, Home Buyer in Miami, FL

Can you please provide me some colour regarding the current market value for the land that was acquired by Genting (from Malaysia) in 2011?

Asked by Jackchan9696, Miami, FL Mon Sep 16, 2013

The piece of land was previously the Headquarters of Miami Herald.

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The current market value on that land is very hard to determined and the Buyer and Seller "theory of value" is most accurate in this case. How much is the Seller willing to sell and how much is the Buyer willing to pay?
0 votes Thank Flag Link Tue Sep 17, 2013
Do you by any chance own any land in downtown area? I was recently working with the client who owns a house in the area. House value was barely 80k and he sold it for 400k for land value only....
0 votes Thank Flag Link Tue Sep 17, 2013

Genting paid $236 million for the former Herald site, which includes almost 14 bayfront acres.

Genting revealed plans for a mixed-use complex with a five-star hotel, luxury condos, waterfront restaurants, retail space and an 800-foot long promenade along Biscayne Bay. Those plans were significantly scaled back from an initial $3.8 billion project, proposed in 2011, that was to include a casino.
0 votes Thank Flag Link Tue Sep 17, 2013
Malaysia-based Genting Group will occupy 30,000 square feet of the Omni Offices building adjacent to the former Miami Herald headquarters where it is planning a mega-development.
Genting bought the building in 2011 while the gaming company’s plans for a casino were in limbo pending state legislation.
After proponents’ legislation was voted down, the company decided to set up its Miami operations in Omni and recruit tenants for the remaining 185,000 square feet of office space, according to a company spokesman.
The building, at 1501 Biscayne Boulevard, was partially converted from a shopping mall by the previous owner into office space in a $43 million renovation, as The Real
The idea never took off, the spokesman said.
Simultaneous efforts are underway by the Omni District Redevelopment Agency to bolster Miami’s arts and entertainment district — the site of the city’s performing arts center and opera house — by offering $10 million to film industry specialists to build a state-of-the-art TV and film studio.
- Miami World Centre
0 votes Thank Flag Link Tue Sep 17, 2013
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