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Chinese investors buy Miami site for $74.7 million
An affiliate of China Communications Construction Company U.S. International purchased a block-size site in the red-hot Brickell neighborhood for $74.7 million, in its first major bet on Miami.
Plans for what will be built on the 2.4-acre site at 1430 S. Miami Avenue aren’t yet complete, according to Dr. Shan-Jie Li, chief executive officer of American Da Tang Group Co. Ltd. in New York. American Da Tang, he said, is working closely with CCCC as the Chinese firm’s U.S. representative on the venture.
In an interview conducted through an interpreter, Li said the new owners are in the process of researching what type of development to pursue and could end up with a mixed-use project that includes condominiums, hotel and office elements. As their first project in Miami, Li added, he wants the development to be “a landmark.”
The buyer of the land is listed as a newly formed Delaware entity, CCCC International USA LLC.
The seller was Teca Group Investments GP LLC, which controlled 1430 SMA LLLP, the limited liability limited partnership that owned the land. Teca Group is managed by Elias Cababie Daniel, a Mexican.
The property is located between 14th Street and 14th Terrace and South Miami Avenue and Southwest First Avenue. The transaction closed on Dec. 26.
In the last development cycle, Cabi Developers had planned to build two towers on the site, but Li said the Chinese group doesn’t intend to pursue those plans and instead is starting with a clean sheet.