Future development. This being a lot purchased by China City Construction. Same group that wants to build Miamis tallest. Something will rise here. Most likely not tall as it is Miami Beach, but it could be reasonable to say something in the 200-300 foot range may rise. 300 being the aggressive number, but nonetheless, something will come out of this site. I doubt anything the size of 500 Alton which was rejected by the commission for height.
Given that the surrounding lots are 22-23 floors, I’d put my money one something being 240-50 ft or so.
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Chinese developer buys one-acre Miami Beach lot for $38.5 million
Chinese developer paid $38.5 million for a .98-acre Miami Beach lot in a deal that closed Thursday.
It’s not the company’s first entry into the Miami market. Last year, China City Construction paid $74.7 million for a 2.4-acre site in Brickell.
Developer Don Peebles, who sold the waterfront site at 6747 Collins Ave. in North Beach, had planned to build a boutique luxury condo called Bath Club Estates. But he pulled out of the project in August, saying it was too small of a site to develop. He paid just $4.6 million for the property in 2010.
Prominent Miami real estate brokers have traveled to China in recent months to attract buyers from a previously untapped source. Economic and political turmoil in Latin America has led to a slowdown in Miami’s downtown condo market.
“This beachfront site is ideally situated in one of the nation’s most sought-after real estate markets, a top-performing hotel market and a place where residential sales top $2,000 per square foot,” CBRE senior vice president Robert Taylor, who represented the seller, said in a statement. “Barriers to entry here are extremely high and land suitable for development isn’t often available; as a result, the site is among the rarest-of-the-rare — an opportunity for a visionary developer to create a prestigious luxury condominium or hotel right on one of the world’s most famous beachfronts.”
Current Site: Google Maps
Note: Site of the former bath club which is not happening.