WRE News: Former Site of the Miami Herald Sold for $1.2 Billion

Miami, FL – April 28, 2023 – Developer David Martin of Terra has agreed to a staggering price of $1.2 billion dollars for what once was the Miami Herald site, and now is the largest piece of undeveloped waterfront in downtown Miami.

Sitting just north of the MacArthur Causeway and south of the Venetian, the 15.5-acre site was last sold for $236million in 2014 to casino operator Genting Group. When Genting was unable to loosen Florida’s gambling laws to build the casino envisioned, the site sat undeveloped until now. Martin and his team have 60 days to conduct due diligence research on the property, then another 60 days to close.