The Miami Herald's Bayfront Building Sold
The newspaper's bayfront Miami building and 14 surrounding acres were sold
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.
Copyright Associated Press