With the acquisition of the Miami Herald property by Genting Malaysia, a several year old land sale saga is over. It began with Pedro Martin’s plans for CitiSquare, and when that fell through, Mark Siffin emerged with his own controversial plan, and when that fell through, it resulted in a lawsuit. Just when it was beginning to look like the whole back and forth was never going to end, Sacramento-based McClatchy is touting a new (and final) deal with Genting.
Coincidently, Genting, isn’t the only Asia-based conglomerate betting big on Miami. Swire, purportedly moving forward with its plans for Brickell Citi Center, which I have reservations about, represents the other major private mixed-use project moving forward in Miami. Swire, mostly known for it’s activities on Brickell Key, has made forays into the mainland market before–most notably with Jade.
After a historic bust, it is doubtful that this news represents the advent of a recovery, much less a boom, but it is a reminder that Miami’s urban development remains premature and it potential for growth is BIG. These 14 acres of prime bay front property represent a potential spark of new development for Miami. Presumably, the lawsuit has been dropped, and hopefully, so will the jaws of passers-by when Genting changes the face of the City.
Post Script: God forbid Genting build anything as calamitous as this.