As written by Julia Echikson from Commercial Observer

A joint venture, led by David Martin’s Terra, has announced plans to buy a waterfront site near Downtown Miami for $1.225 billion in what could become one of the country’s priciest land acquisitions.

The 15.5-acre parcel — at 1431 N Bayshore Drive between the MacArthur and Venetian causeways that lead to Miami Beach — offers 800 linear feet of direct frontage on Biscayne Bay,  just east of the Adrienne Arsht Center for the Performing Arts.

“The scale and location of this site offers the opportunity to do something spectacular, something that all Miamians can take pride in, and we will deliver nothing short of that,” Martin said in a statement. “For now, our team is focused on understanding the full potential of the property and the surrounding area. Our vision will evolve as we learn more.”

The deal is set to close later this year. The Miami-based developer declined to comment on the acquisition’s financing or name the joint venture’s other partners.

The parcel hit the market last year and received five bids over $1 billion, according to Avison Young’s Michael T. Fay, John K. Crotty, David Duckworth and Brian C. de la Fé, who are brokering the sale on behalf of owner Genting Group.

Genting, a casino operator from Malaysia, paid $235 million in 2011 for the land, which housed the headquarters of the Miami Herald newspaper. The company demolished the building in hopes of constructing a $3 billion casino complex, which ultimately never got underway.

The $1 billion offer comes as Terra is in the midst of another gargantuan Miami deal. Earlier this year, the developer offered $500 million to buy out an oceanfront condominium in Miami Beach. The negotiations with unit owners are still ongoing. If closed, the deal could become Miami’s most expensive condo buyout.

Terra is also developing a condo in Edgewater with hospitality powerhouse Major Food Group, the company behind celebrity hotspot Carbone.