A 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.
$38.5 millionSales price for a one-acre Miami Beach lot
Sign Up and Save
Get six months of free digital access to the Miami Herald
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.”
China City recently sold a 45 percent stake in its Brickell property to a Hong Kong developer, the blog The Next Miami reported earlier this week. It has said it plans a mixed-use project on the site but may wait until the next real estate cycle to begin building.