Capital At Brickell Site Sold To Chinese For $75M; Will Be Redesigned

The Capital at Brickell site has been sold for $74.74 million.

CCCC International USA LLC, a subsidiary of Beijing’s China City Construction and American Da Tang Group of New York, is the buyer.

The 2.78-acre site was approved for a Major Use Special Permit allowing a 1.3-million square foot, twin-tower project. Those plans will be scrapped and replaced, according to an interview of American Da Tang’s CEO in the DBR.

Excavation at the site had started, but was halted due to market conditions.

The seller is a subsidiary of Mexican conglomerate GICSA, controlled by the Cababie family. GICSA developed downtown Miami’s Vizcayne condos.

The new owner will be able to redesign the project under the Miami 21 zoning code with a maximum of 3.2 million square feet.

 

(photo:philip pessar/flickr)

 American Da Tang CEO Shanjie Li meets Ugo Colombo, Edgardo Defortuna, and Carlos Rosso:

20 Comments

  1. Anonymous

    December 29, 2014 at 9:46 pm

    Was he in The Hangover part IV?

  2. Peter

    December 29, 2014 at 10:32 pm

    They overpaid.

    • gregory

      December 29, 2014 at 11:52 pm

      That 1.25 Acre lot on the Miami River sold for 125 million dollars. Now that is over paying.

      • Peter

        December 30, 2014 at 10:06 am

        The Miami River is a vastly superior location.

        • Obviously

          December 30, 2014 at 11:56 am

          Seventy four million dollars for 2.38 acres of land in that location of Brickell when they can now build up to 3.2 million square feet on it is over paying?

          Where are you from Peter, Lakeland?

        • XVS

          December 30, 2014 at 3:15 pm

          Didn’t overpay at all. Chinese are the shrewdest global money men there are. After all is said and done, these guys will be laughing all the way to the nearest HSBC branch.

  3. Edin Coralic

    December 29, 2014 at 11:30 pm

    Big hole of dirt and rocks sold for 75 millions. .? Oh I almost forgot it’s the Brickell hole.

  4. Ed

    December 30, 2014 at 2:34 am

    I wish they’d keep the original design with the twin towers. Iconic architecture and definitely better than anything Related/Architectonica and Melo are doing nowadays.

  5. Yet Another Anonymous

    December 30, 2014 at 4:15 am

    Great to see Asian influence, a good sign of globalization. While the render of the original design influenced by the Chrysler Tower is spectacular, hopefully they will go bigger, hopefully even mixed-use, but still perhaps keeping finer architectural details (though that’s not common for China outside of centerpiece developments)

  6. Will I AM

    December 30, 2014 at 10:37 am

    The curtain steel wall (sheet pile) in that hole was never paid to the contractor or the material supplier. Hopefully they’ll pay them now that they finally sold.

    • ZachJ305

      December 30, 2014 at 11:40 am

      Really unlikely. It seems that would be something Cabi would have been responsible for. I’ve never heard of debts transferring with the sale of a site.

      • Professor Sommers

        December 30, 2014 at 3:13 pm

        The property was in bankruptcy, and likely the creditors will paid from the sale proceeds.

  7. kimjongil

    December 30, 2014 at 10:38 am

    Haaaaaans BRiiiix?!?

  8. Laz

    December 30, 2014 at 2:10 pm

    its a shame to see this redesigned into someting else, those towers were the nicest concepts in miami.

    • XVS

      December 30, 2014 at 3:35 pm

      I don’t know why Ugo Colombo is in the pics, but if he is a participant in the new venture, then there is a hope.

    • oby744

      December 30, 2014 at 7:52 pm

      I agree, loved the Capital at Brickell design, I hope they keep it or somehow create something similar and taller. It would really help shape Miami’s skyline into one of the best.

  9. Marc305

    December 30, 2014 at 5:38 pm

    Some of the comments are just asinine. The price of $74.74 is actually less than what was expected for the site. Especially since the lot was given a special permit when it was Capital at Brickell. CCCC International got a deal!

    There are a lot of wealthy people in China, having agents who speak Mandarin has helped my company a lot, every client we have ever helped from there has had a budget in the 7 digits. I am sure this project will market to very elite. I would not be surprised if the prices will be on par with Echo. And judging by the skylines of Hong Kong and Shanghai I do hope they use their own architects to create something Iconic.

    • anonymous

      December 30, 2014 at 8:58 pm

      Many of the iconic buildings in those skylines are designed by Western architects.

  10. Marc305

    December 30, 2014 at 10:47 pm

    I did not mean to imply that their architects were Asian. I just hope that who ever designs this project, no matter where they are from, does it equal to or better than what Capital was planning.

  11. J.

    January 2, 2015 at 1:32 am

    Yeah, but did you die???

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