{"id":9131,"date":"2023-06-30T11:37:20","date_gmt":"2023-06-30T15:37:20","guid":{"rendered":"https:\/\/www.lee-associates.com\/southflorida\/?p=9131"},"modified":"2023-07-17T11:51:40","modified_gmt":"2023-07-17T15:51:40","slug":"what-terras-exit-from-record-1-2b-miami-land-deal-signals-for-the-market","status":"publish","type":"post","link":"https:\/\/www.lee-associates.com\/southflorida\/2023\/06\/30\/what-terras-exit-from-record-1-2b-miami-land-deal-signals-for-the-market\/","title":{"rendered":"What Terra\u2019s exit from record $1.2B Miami land deal signals for the market"},"content":{"rendered":"<div id=\"pl-9131\"  class=\"panel-layout\" ><div id=\"pg-9131-0\"  class=\"panel-grid panel-no-style\" ><div id=\"pgc-9131-0-0\"  class=\"panel-grid-cell\" ><div id=\"panel-9131-0-0-0\" class=\"so-panel widget widget_sow-image panel-first-child\" data-index=\"0\" ><div\n\t\t\t\n\t\t\tclass=\"so-widget-sow-image so-widget-sow-image-default-3a2476c0e107-9131\"\n\t\t\t\n\t\t>\n<div class=\"sow-image-container\">\n\t\t\t<a href=\"https:\/\/therealdeal.com\/miami\/2023\/06\/27\/what-terras-exit-from-record-1-2b-miami-land-deal-signals-for-the-market\/\"\n\t\t\ttarget=\"_blank\" rel=\"noopener noreferrer\" \t\t>\n\t\t\t<img \n\tsrc=\"https:\/\/www.lee-associates.com\/southflorida\/wp-content\/uploads\/sites\/62\/2023\/07\/PR-Banner-Media-Feature_2022-The-Real-Deal.png\" width=\"1250\" height=\"521\" srcset=\"https:\/\/www.lee-associates.com\/southflorida\/wp-content\/uploads\/sites\/62\/2023\/07\/PR-Banner-Media-Feature_2022-The-Real-Deal.png 1250w, https:\/\/www.lee-associates.com\/southflorida\/wp-content\/uploads\/sites\/62\/2023\/07\/PR-Banner-Media-Feature_2022-The-Real-Deal-512x213.png 512w, https:\/\/www.lee-associates.com\/southflorida\/wp-content\/uploads\/sites\/62\/2023\/07\/PR-Banner-Media-Feature_2022-The-Real-Deal-768x320.png 768w\" sizes=\"(max-width: 1250px) 100vw, 1250px\" title=\"The Real Deal Discusses Terra&#039;s Deal Exit with South Florida Region Brokers Including Lee &amp; Associates President, Matthew Rotolante\" alt=\"The Real Deal Discusses Terra&#039;s Deal Exit with South Florida Region Brokers Including Lee &amp; Associates President, Matthew Rotolante\" \t\tclass=\"so-widget-image\"\/>\n\t\t\t<\/a><\/div>\n\n<\/div><\/div><div id=\"panel-9131-0-0-1\" class=\"so-panel widget widget_sow-editor panel-last-child\" data-index=\"1\" ><div\n\t\t\t\n\t\t\tclass=\"so-widget-sow-editor so-widget-sow-editor-base\"\n\t\t\t\n\t\t>\n<div class=\"siteorigin-widget-tinymce textwidget\">\n\t<h1>What Terra\u2019s exit from record $1.2B Miami land deal signals for the market<\/h1>\n<h3 class=\"sub-headline\"><strong>Terra sought extension, amendments to purchase of Genting assemblage.<\/strong><\/h3>\n<div class=\"item__title item__title--smaller\"><em>By <a href=\"https:\/\/therealdeal.com\/author\/katherine-kallergis\/\">Katherine Kallergis<\/a><span class=\"hidden--xs hidden--sm\">\u00a0\u2013\u00a0<\/span> The Real Deal<\/em><\/div>\n<div class=\"item__title item__title--smaller\">June 28, 2023<\/div>\n<p>&nbsp;<\/p>\n<p>The shock is wearing off from developer David Martin\u2019s decision to pull the plug on a record $1.2 billion purchase of a waterfront assemblage in Miami.<\/p>\n<p>A reality check dusted with disappointment is setting in, brokers say.<\/p>\n<p>Smart City Miami, the Terra-led group that canceled its contract to acquire Genting Group\u2019s 15.5-acre partially bayfront property north of downtown Miami, had sought an extension and amendments to the terms of the sale,\u00a0<a href=\"https:\/\/therealdeal.com\/miami\/2023\/06\/21\/scoop-terras-1-2b-purchase-of-gentings-miami-assemblage-called-off\/\">which Genting denied<\/a>, the developer and Genting confirmed.<\/p>\n<p>\u201cTerra had asked for an extension, which is understandable in this market,\u201d said Devlin Marinoff, co-managing partner of Dwntwn Realty Advisors. \u201cThe fact that Genting did not give them an extension I think was a huge, huge error.\u201d<\/p>\n<p>Many brokers called it a temporary setback. Terra could still rebid on the site at 1431 North Bayshore Drive, while Genting is likely in talks with\u00a0<a href=\"https:\/\/therealdeal.com\/miami\/2023\/03\/28\/genting-scores-5-offers-each-over-1b-for-downtown-miami-dev-site\/\">four other groups<\/a>\u00a0that offered more than $1 billion for the property. The zoning allows for a mix of uses, which could include retail space and thousands of residential units. Condos would likely be built on the bayfront parcels, and rental apartments inland.<\/p>\n<p>But the market hasn\u2019t improved since Genting announced nearly two months ago that it was\u00a0<a href=\"https:\/\/therealdeal.com\/miami\/2023\/04\/27\/terra-led-group-is-buying-gentings-downtown-miami-site-for-1-2b\/\">in contract with Terra\u2019s Smart City.<\/a><\/p>\n<p>Lender Brett Forman, managing partner of Forman Capital, said the sale\u2019s falling apart is indicative that all real estate deals are harder to finance and ultimately close. Using a baseball game analogy, he said that the market is in the second inning of a downturn, even if Miami is somewhat insulated from some of the pain that other cities are experiencing.<\/p>\n<p>\u201cIn the last six months, a lot of things have changed and not for the better\u2026. The debt markets are very slow and challenging,\u201d he said. \u201cIt\u2019s still an outstanding piece of land, but things today are getting priced differently.\u201d<\/p>\n<p>...<\/p>\n<p>Terra has projects scattered across South Florida, in addition to a\u00a0<a href=\"https:\/\/therealdeal.com\/miami\/2023\/03\/20\/terra-offers-500m-for-aging-oceanfront-miami-beach-condo-building\/\">half-billion-dollar buyout<\/a>\u00a0of the Castle Beach condo complex it\u2019s pursuing in Miami Beach. It also recently closed on a site in Midtown Miami\u00a0<a href=\"https:\/\/therealdeal.com\/miami\/2023\/06\/26\/terra-lion-pay-40m-for-condo-tower-dev-site-in-midtown-miami\/\">with a partner for $40 million<\/a>.<\/p>\n<p>\u201c[Developers] are being a little more picky and choosy about what they are deciding to work on,\u201d said <a href=\"https:\/\/www.lee-associates.com\/southflorida\/our-team\/matthew-rotolante\/\"><strong>Matt Rotolante<\/strong><\/a>, president of Lee &amp; Associates in South Florida. \u201cAt the end of the day, I think [Terra] might have had a project they\u2019re more focused on on the beach.\u201d<\/p>\n<p>...<\/p>\n<p><a href=\"https:\/\/therealdeal.com\/miami\/2023\/06\/27\/what-terras-exit-from-record-1-2b-miami-land-deal-signals-for-the-market\/\">READ MORE...<\/a><\/p>\n<p>&nbsp;<\/p>\n<\/div>\n<\/div><\/div><\/div><\/div><div id=\"pg-9131-1\"  class=\"panel-grid panel-no-style\" ><div id=\"pgc-9131-1-0\"  class=\"panel-grid-cell\" ><div id=\"panel-9131-1-0-0\" class=\"so-panel widget widget_siteorigin-panels-builder panel-first-child\" data-index=\"2\" ><div id=\"pl-w64b5638cc69f6\"  class=\"panel-layout\" ><div id=\"pg-w64b5638cc69f6-0\"  class=\"panel-grid panel-has-style\" ><div class=\"panel-row-style panel-row-style-for-w64b5638cc69f6-0\" ><div id=\"pgc-w64b5638cc69f6-0-0\"  class=\"panel-grid-cell\" ><div id=\"panel-w64b5638cc69f6-0-0-0\" class=\"so-panel widget widget_sow-image panel-first-child\" data-index=\"0\" ><div\n\t\t\t\n\t\t\tclass=\"so-widget-sow-image so-widget-sow-image-default-c67d20f9f743\"\n\t\t\t\n\t\t>\n<div class=\"sow-image-container\">\n\t\t\t<a href=\"https:\/\/therealdeal.com\/miami\/2023\/06\/27\/what-terras-exit-from-record-1-2b-miami-land-deal-signals-for-the-market\/\"\n\t\t\ttarget=\"_blank\" rel=\"noopener noreferrer\" \t\t>\n\t\t\t<img \n\tsrc=\"https:\/\/www.lee-associates.com\/southflorida\/wp-content\/uploads\/sites\/62\/2021\/12\/The-Real-Deal-SFL.png\" width=\"256\" height=\"59\" sizes=\"(max-width: 256px) 100vw, 256px\" title=\"The Real Deal SFL\" alt=\"The Real Deal SFL\" \t\tclass=\"so-widget-image\"\/>\n\t\t\t<\/a><\/div>\n\n<\/div><\/div><div id=\"panel-w64b5638cc69f6-0-0-1\" class=\"so-panel widget widget_sow-button panel-last-child\" data-index=\"1\" ><div class=\"panel-widget-style panel-widget-style-for-w64b5638cc69f6-0-0-1\" ><div\n\t\t\t\n\t\t\tclass=\"so-widget-sow-button so-widget-sow-button-leeassoc-7cab42e143bd\"\n\t\t\t\n\t\t><div class=\"leeassoc-so-btn-base ow-button-base ow-button-align-justify\">\r\n\t<a href=\"https:\/\/therealdeal.com\/miami\/2023\/06\/27\/what-terras-exit-from-record-1-2b-miami-land-deal-signals-for-the-market\/\" class=\"sowb-button ow-icon-placement-left ow-button-hover\" target=\"_blank\" rel=\"noopener noreferrer\" \t\t>\r\n\t\t<span>\r\n\t\t\t<span class=\"sow-icon-fontawesome sow-far\" data-sow-icon=\"&#xf1ea;\"\n\t\tstyle=\"\" \n\t\taria-hidden=\"true\"><\/span>\r\n\t\t\tRead Full Article at The Read Deal\t\t<\/span>\r\n\t<\/a>\r\n<\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><div id=\"panel-9131-1-0-1\" class=\"so-panel widget widget_sow-editor panel-last-child\" data-index=\"3\" ><div\n\t\t\t\n\t\t\tclass=\"so-widget-sow-editor so-widget-sow-editor-base\"\n\t\t\t\n\t\t>\n<div class=\"siteorigin-widget-tinymce textwidget\">\n\t<h3><strong>About Lee &amp; Associates South Florida<\/strong><\/h3>\n<p>Lee &amp; Associates South Florida is a fully vertical commercial real estate brokerage firm focused on industrial, office, retail, multifamily, investment and land sectors. Our dedicated team of professionals is led by Matthew Rotolante, CCIM, SIOR a 4th generation South Florida native in a family that has owned and operated commercial property here since 1928. Lee &amp; Associates is the largest agent owned brokerage in the nation with Senior Agent\u2019s ability to earn profit share resulting in the highest splits while still receiving full resources, support and leads from our national network. Our collaborative and cheerful culture allows for open communications throughout the company, fostering the sharing of information and best practices to better enable client decision making.\u00a0 The Lee &amp; Associates\u2019 robust national network that sold and leased over $32 Billion in 2022 offers clients a cross-market platform of expertise and deal opportunities across all asset specialties and representation roles. For the latest news from Lee &amp; Associates South Florida, visit <a href=\"http:\/\/www.lee-associates.com\/\">leesouthflorida.com<\/a>\u00a0or follow us on\u00a0<a href=\"https:\/\/www.facebook.com\/leesouthflorida\">Facebook<\/a>,\u00a0<a href=\"https:\/\/www.linkedin.com\/company\/leesouthflorida\">LinkedIn<\/a>,\u00a0<a href=\"https:\/\/twitter.com\/leesouthflorida\">Twitter<\/a>\u00a0and\u00a0<a href=\"http:\/\/www.instagram.com\/leesouthflorida\">Instagram<\/a>, our company <a href=\"https:\/\/www.lee-associates.com\/southflorida\/news\/\">local news<\/a>.<\/p>\n<h3><strong>About Lee &amp; Associates<\/strong><\/h3>\n<p>Lee &amp; Associates is a commercial real estate brokerage sales, leasing and management firm. Established in 1979, Lee &amp; Associates has grown its service platform to include over 75 offices\u00a0in the United States and Canada. Lee &amp; Associates is the largest agent owned commercial real estate brokerage where agents get the greatest return for their efforts and hence are more committed and better enabled to provide superior results for their customers. \u00a0For the latest news from Lee &amp; Associates, visit\u00a0<a href=\"http:\/\/www.lee-associates.com\/\">lee-associates.com<\/a>\u00a0or follow us on\u00a0<a href=\"https:\/\/www.facebook.com\/LeeAssociatesCRE\">Facebook<\/a>,\u00a0<a href=\"https:\/\/www.linkedin.com\/company\/lee-and-associates\">LinkedIn<\/a>,\u00a0<a href=\"https:\/\/twitter.com\/LeeAssociatesRE\">Twitter<\/a>\u00a0and\u00a0<a href=\"http:\/\/www.linkbylee.com\/\">Link<\/a>, our company blog.<\/p>\n<\/div>\n<\/div><\/div><\/div><\/div><div id=\"pg-9131-2\"  class=\"panel-grid panel-has-style\" ><div class=\"panel-row-style panel-row-style-for-9131-2\" ><div id=\"pgc-9131-2-0\"  class=\"panel-grid-cell\" ><div id=\"panel-9131-2-0-0\" class=\"so-panel widget widget_sow-image panel-first-child panel-last-child\" data-index=\"4\" ><div\n\t\t\t\n\t\t\tclass=\"so-widget-sow-image so-widget-sow-image-default-8b5b6f678277-9131\"\n\t\t\t\n\t\t>\n<div class=\"sow-image-container\">\n\t\t\t<a href=\"https:\/\/www.lee-associates.com\/southflorida\/?page_id=7118\"\n\t\t\t\t\t>\n\t\t\t<img \n\tsrc=\"https:\/\/www.lee-associates.com\/southflorida\/wp-content\/uploads\/sites\/62\/2020\/01\/Blog-Footer_Services-and-Specialties-1-scaled.jpg\" width=\"2560\" height=\"384\" srcset=\"https:\/\/www.lee-associates.com\/southflorida\/wp-content\/uploads\/sites\/62\/2020\/01\/Blog-Footer_Services-and-Specialties-1-scaled.jpg 2560w, https:\/\/www.lee-associates.com\/southflorida\/wp-content\/uploads\/sites\/62\/2020\/01\/Blog-Footer_Services-and-Specialties-1-300x45.jpg 300w, https:\/\/www.lee-associates.com\/southflorida\/wp-content\/uploads\/sites\/62\/2020\/01\/Blog-Footer_Services-and-Specialties-1-1024x154.jpg 1024w, https:\/\/www.lee-associates.com\/southflorida\/wp-content\/uploads\/sites\/62\/2020\/01\/Blog-Footer_Services-and-Specialties-1-768x115.jpg 768w, https:\/\/www.lee-associates.com\/southflorida\/wp-content\/uploads\/sites\/62\/2020\/01\/Blog-Footer_Services-and-Specialties-1-1536x230.jpg 1536w, https:\/\/www.lee-associates.com\/southflorida\/wp-content\/uploads\/sites\/62\/2020\/01\/Blog-Footer_Services-and-Specialties-1-2048x307.jpg 2048w\" sizes=\"(max-width: 2560px) 100vw, 2560px\" title=\"Blog Footer_Services and Specialties\" alt=\"Lee &amp; Associates South Florida Commercial Real Estate\" \t\tclass=\"so-widget-image\"\/>\n\t\t\t<\/a><\/div>\n\n<\/div><\/div><\/div><\/div><\/div><\/div>","protected":false},"excerpt":{"rendered":"<p>What Terra\u2019s exit from record $1.2B Miami land deal signals for the market Terra sought extension, amendments to purchase of Genting assemblage. By Katherine Kallergis\u00a0\u2013\u00a0 The Real Deal June 28, 2023 &nbsp; The shock is wearing off from developer David Martin\u2019s decision to pull the plug on a record $1.2 billion purchase of a waterfront assemblage in Miami. A reality check dusted with disappointment is setting in, brokers say. Smart City Miami, the Terra-led group&#8230;<\/p>\n","protected":false},"author":76,"featured_media":9132,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1,1816,1818],"tags":[31],"class_list":["post-9131","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog","category-capital-markets","category-land-development","tag-matthew-rotolante"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.7 (Yoast SEO v28.7) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>What Terra\u2019s exit from record $1.2B Miami land deal signals for the market - Lee &amp; Associates South Florida<\/title>\n<meta name=\"description\" content=\"The Real Deal Discusses Terra&#039;s Deal Exit with South Florida Region Brokers Including Lee &amp; Associates President, Matthew Rotolante\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.lee-associates.com\/southflorida\/2023\/06\/30\/what-terras-exit-from-record-1-2b-miami-land-deal-signals-for-the-market\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"What Terra\u2019s exit from record $1.2B Miami land deal signals for the market\" \/>\n<meta property=\"og:description\" content=\"The Real Deal Discusses Terra&#039;s Deal Exit with South Florida Region Brokers Including Lee &amp; 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