Two companies from China are battling over control of the Capital at Brickell site in a Hong Kong Court, newly filed records show.
The site was excavated over a decade ago by a previous developer who planned a twin-tower project, before construction was halted. The land is now a fenced off hole in the ground, in the heart of Brickell.
Beijing-based China City Construction purchased the property and later sold a stake to Hong Kong’s Asia Allied Infrastructure Holdings (formerly Chun Wo Development Holdings), but that partnership soured after China City ran into financial problems.
The two companies own the site through a series of holding companies in the British Virgin Islands and Delaware. Asia Allied owns 45%, with China City the remaining 55%.
Asia Allied sued China City earlier this year after no progress was made in the Brickell development. A court in Hong Kong is now deciding the fate of the property.
According to a filing last month, Asia Allied was able to obtain a court order barring any sale or transfer by China City of its 55% stake.
Before China City’s financial problems, the developers had been planning twin towers with 3.2 million square feet, at a total development value of $875 million. A partner in the project had said the towers would be Miami’s tallest at 1,069 feet.