Brickell’s CCCC Towers site is set to be sold following a ruling from a Hong Kong judge.
China City Construction Corp. purchased the property in 2014 for $74.74 million, with plans to build Miami’s tallest tower.
Asia Allied Infrastructure bought a 45% stake in the project for $40 million from China City in 2015, valuing the property at $88.88 million.
China City is insolvent and failed to develop the project in a timely manner, according to a lawsuit filed by Asia Allied in Hong Kong.
In a ruling issued in October, a Hong Kong judge ordered the property sold (the ruling is embedded below).
In 2007, Cabi Developers began excavating the site to build the Capital at Brickell twin tower project, which included two levels of underground parking. Fill was removed for the underground parking before the project was cancelled, leaving an empty pit in the heart of Brickell for almost a dozen years now.