$236 million – The Price paid for the Miami Herald Land
Genting Malaysia Berhad, which is Asia’s third largest casino company, has finally acquired the Herald land from the McClatchy Co. at a staggering $236 million.
This 14 acre prime, waterfront property, located at north downtown Miami was owned by The Miami Herald. This landmark property deal came as a surprise to many and marks the entry of this Malaysian giant into Miami’s booming development zone. Executives at Genting reported that the company intends to pump in about $2 to $5 billion on this development project which will change the skyline of Miami along with creating employment for thousands.
Michael.Y.Cannon, a real estate analyst in Miami, stated that this property deal is the costliest since the Dade history. The sale price is not just for the land alone but also includes the Herald building built on this site. The building will of course have to be torn down to make way for new hotels, residences, shopping centers, a convention center and much more.
Miami is slowly making its change into a city-state and this prime property located between the MacArthur and Venetian causeways is the best area to start the development. Miami Herald has been given two years to shift its operations and publisher David Landsberg said that the company was on the lookout for another property in central Miami-Dade.
The sales proceeds are also going to be split up into three; $163 million will be put into the company’s pension plan, $65 million to pay off the debts and $2 million will go to the taxes. The McClatchy shares in the market also touched an all time high following the announcement of the deal.