The Miami Herald's Bayfront Building Sold

The newspaper's bayfront Miami building and 14 surrounding acres were sold

Friday, May 27, 2011  |  Updated 11:58 AM EDT
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The Miami Herald's Bayfront Building Sold

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The company that publishes The Miami Herald has sold the newspaper's bayfront Miami building and 14 surrounding acres to a resort and casino developer.
 
The McClatchy Company announced the $236 million deal Friday.
 
Malaysia-based Genting Malaysia Berhad will allow The Miami Herald and El Nuevo Herald to continue operating from the downtown building rent free for two years while McClatchy searches for a new location.
 
McClatchy CEO Gary Pruitt says a bayfront location was no longer the best fit for the two newspapers.
 
McClatchy plans to use $163 million from the sale to bolster the company's pension plan and $65 million to pay down debt.
 
Genting plans to develop hotel, entertainment and residential facilities on the land along Biscayne Bay and surrounding the Adrienne Arsht Performing Arts Center.
 

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