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.