The 3rd largest casino company (Genting Malaysia Berhad) in Asia just purchased 13.9 acres of waterfront land owned by the Miami Herald, for $236 million. The property stretches from Biscayne Boulevard to Biscayne Bay. This landmark deal will reshape the surrounding downtown area, bringing more life and vitality to an already booming portion of the city.

In a public statement, the Herald publisher noted that while their operations have thrived in this area for a number of years, the space was no longer conducive to ongoing operations. The $236 million land/property deal was also in part prompted by The Herald’s need to bolster funds, specifically to address funding needs of the organization’s pension plan, to repay some company debts and to address taxes. The newspaper’s executives have provided additional assurances that this sale will in no way interrupt their normal course of business.

The Genting group estimates the total construction project cost to be between $2-5 billion, which will not only boost the local economy, but will result in the creation of numerous jobs. The current plans for the property include a hotel, retail shopping, high rise Miami residences and a convention center.

“This deal has generated a great deal of excitement within the Miami real estate community, as it is at or near to the highest price paid per acre in Dade history,� said Lana Bell of Sunny Realty. “A deal of this magnitude will create tremendous opportunity for not only local residents and businesses, but for the surrounding property market.�

Many local Miami real estate experts

feel that this deal serves as an endorsement for Miami. Asian developers chose the area not only due to the opportunity and price point, but the potential to draw international and domestic tourists, a strong revenue source for any project of this type.
“Successful real estate transactions such as this merely validate the strength of the South Florida real estate market. While this deal is certainly the largest to come our way in some time, it is surely a sign of what is to follow. South Florida is hungry for Miami luxury residential developments, both for current area renters as well as international visitors,� said Lana Bell, of Sunny Realty.

While the deal has been closed, construction isn’t expected to commence for 2 years, which corresponds to the allotted time frame provided to The Herald for relocation. The newspaper is currently searching for property within the area, although they may divide the printing and publication portions of their organization should the right space not be found to accommodate both.

From every angle, this landmark deal serves as a positive sign for Miami’s real estate market.

As far as places to live goes, Miami real estate

is probably at the top of the list for millions of people in America. This city has all the cosmopolitan feel of New York without that city’s cold winters. Miami can offer night life, cultural opportunities, and the general feel of a big city. It also offers easy access to beautiful beaches and a warm ocean. This is just one of the reasons to choose an Epic downtown Miami condo.

Miami Condos are absolutely the best of the best

Situated in the heart of the downtown area, they have gorgeous views of the ocean or the city. This condo complex is actually both a hotel and a condominium complex. For both visitors and owners, there are tons of amenities, including swimming pools, a beautiful lobby, and exercise centers. Those who actually buy condos here, though, get even more amenities, including a private entrance and pool and faster passenger elevators.

This super secure condo facility also features an on-site spa. Residents and guests alike can enjoy regular dinners and lunches at the hotel and condominium’s on-site restaurants, too.

For all these reasons, Epic is a great place to by a condo. Plus, with the prices of current real estate in and around Miami at a very low point, your condo’s value would have nowhere to go but up. Even if you need a fantastic place to live while you’re in Miami, you can use your living space as an investment. Don’t need to move there just yet? You can still make an investment of a beautiful condo that you use just part of the year. Retire there later on, or simply sell it for a tidy profit when the market rebounds, which is starting to happen even now.