The $1.2B deal to sell last big piece of undeveloped Miami waterfront called off

MIAMI — A group led by Miami developer David Martin has canceled its record-setting $1.2 billion purchase agreement for the former site of the Miami Herald’s headquarters, the largest piece of undeveloped downtown waterfront land, from Malaysian casino operator Genting. The announcement, made in a brief joint statement by Genting and Smart City Miami, the entity formed to develop the vacant 15.5-acre site, came as a deadline approached for closing of the sale. The deal was announced at the end of April. Smart City pulled out after Genting turned down amendments to the purchase terms and an ext...