Herald Building Sold For $263 Million

MIAMI (CBSMiami.com) – The iconic Miami Herald building and the 14 acres of land it sits on has been sold by the Herald's parent company, McClatchy, to a resort and casino developer.

The sale will bring the CBS4 news partner $263 million. The building's new owners will be Malaysia-based Genting Malayisa Berhad.

The Herald and El Nuevo Herald will continue operating from the downtown building just off Biscayne Boulevard for the next two years rent free.

McClatchy CEO Gary Pruitt said the bayfront location was no longer the best fit for the company's two newspapers.

McClatchy will use the money to bolster the company's pension plan by giving it $163 million of the deal; and paying down $65 million in debt.

The new owners plan to develop a hotel, entertainment, and residential facilities on the land that sits on Biscayne Bay and surrounds the Adrienne Arsht Performing Arts Center.