Swire Properties has hired a broker to sell the One Brickell City Centre site, according to Bloomberg.
Swire president Henry Bott told the news agency that preleasing had not materialized for the massive office tower in the way that had been hoped.
One Brickell City Centre had been planed to rise 68 stories, or 977 feet, putting it just below supertall height.
Demolition of a smaller office building on the site has been completed, while a demolition permit for another building has been applied for.
Swire will instead proceed with building two Mandarin oriental towers nearby on Brickell Key, including one rising 850 feet.
There are already $800m in contracts at the Mandarin project, the report said. Swire will use funds from a potential One BCC sale to fund the Mandarin development.