Miami Real Estate Sale: Downtown Waterfront Site Sold for $1.2 Billion

The largest undeveloped waterfront parcel in downtown Miami, once pitched as a site for possible casino, was sold to a local real estate owner for roughly $1.2 billion.

Genting Bhd, a Malaysian gambling giant, sold the 15.5-acre (6.3-hectare) site to a group led by Miami-based developer David Martin, according to a statement. Martin’s firm, Terra, has more than 5 million square feet (465,000 square meters) of residential and commercial real estate valued at more than $8 billion.