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.
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.