Earlier this year, Genting Malaysia, a Southeast Asia casino operator, cut a deal to sell a 15.5-acre property for $1.2 billion. This would have been the most expensive Florida land sale on record, however, the sale fell apart in June when the buyer, a group led by Miami developer Terra, was unable to agree on terms and timing with Genting, which has owned the property for more than a decade, according to The Wall Street Journal.

Neisen Kasdin, a Land Use partner and Miami office co-managing partner, spoke to The Wall Street Journal about the state of the South Florida commercial real estate market and what lead to the collapsed deal.

The Wall Street Journal wrote: "Other prospective buyers who considered the Genting site said that $1.2 billion was too high a price tag for them given today’s borrowing costs and the slowing condo market. 'The number didn’t make sense, that’s all this is really a reflection of,' said Neisen Kasdin, an attorney at Akerman based in Miami who specializes in the development of complex, large-scale multi-use projects."