Genting Sells Miami Land for Planned Live Local Act Tower
June 6, 2025
Genting Americas, a division of Malaysia’s Genting Group, has sold a portion of its downtown Miami land to a development team planning a Live Local Act residential tower. The 0.8-acre, six-lot assemblage, located at 1515 and 1525 Northeast Miami Place, 75 Northeast 15th Street, and 1502, 1512, and 1516 Northeast First Avenue, was acquired for $20.9 million by SF QOZ Fund I, a Miami-based Opportunity Zone fund led by attorneys David Cohen and Liam Krahe.
The fund is partnering with McCaffery Interests of Chicago and Grandview Development Co. of Pittsburgh. Rok Lending provided the land loan, arranged by Brandon Perdeck of Aries Capital. The developers plan to construct a mixed-use apartment tower that will feature luxury rentals, workforce housing, and ground-floor retail. Construction is expected to commence in approximately one year.
The site is zoned T6-24-A-O and located within the Omni District overlay, allowing for up to 500 units per acre. With Live Local Act incentives, which require 40% of residential units to be designated for workforce housing, the project is expected to exceed current density limits.
Situated in Miami’s Arts & Entertainment District near the Adrienne Arsht Center and the under-construction 1-395 Signature Bridge, the site benefits from its transit-oriented designation, potentially saving the developers $20 million to $30 million in parking costs. Krahe noted that traditional parking requirements have blocked other projects: “Parking kills deals in Miami.”
This marks the first ground-up development for Cohen and Krahe, who are actively pursuing other projects in the A&E District. Investors in their fund may opt into Opportunity Zone benefits, though participation is not mandatory. The Opportunity Zones program, part of the 2017 Tax Cuts and Jobs Act, offers capital gains tax deferrals for investments in designated areas. Its main tax incentives are set to expire in 2026 but are widely expected to be renewed.
Genting, which has long sought to open a casino in Miami, originally listed the site for sale in 2022. The company aims to offload over half of its local holdings, including the former 14.6-acre Miami Herald headquarters site, which was purchased for $236 million in 2011. A previous $1.2 billion deal with Terra’s David Martin fell through in 2023.
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