A Chinese investment group paid $38.5 million for less than 1 acre at 6747 Collins Ave. in Miami Beach.
China City Construction Company Da Tang Development and Management LLC struck the eight-figure deal with the Peebles Corp. for a 0.98-acre oceanfront site approved for high-density multifamily development.
The buyer, part of China City Construction Holding Group, has New York-based operations as well as offices in Miami, Los Angeles, San Francisco and San Diego. It operates six regional service centers in China, targeting high-profile investors looking to acquire U.S. properties.
Its new purchase sits between 67th and 69th Streets with the Deauville Beach Resort to the south and Sterling condominiums to the north.
Approved plans allow a 19-story development with 60 residential units and a 150-room condo hotel with gross building square footage of up to 93,600 square feet. The company appears to be wasting little time moving forward with plans for the site.
Information on its website shows CEO Shanjie Li and general manager Haibo Pan traveled to Miami and Atlantic City between March 31 and April 6 to scout development prospects. While in Miami, they met with real estate developers, architects and lawyers to create a land development plan, according to the site. Their meetings likely included CBRE Inc.‘s Miami-based hotel division since the real estate brokerage house announced Thursday it handled the massive sale.
CBRE executives Robert Taylor and Paul Weimer of the hotels division teamed with Gerard Yetming of the firm’s multifamily arm and Irving Padron of Engel & Volkers to represent Peebles Corp. They marketed the land as one of Miami Beach’s last vacant oceanfront properties.
“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 said.
Peebles chairman and CEO Donahue Peebles called the site a “prudent investment with immeasurable potential.”
“As the Peebles Corporation shifts focus to our large-scale projects in the Northeast, we will watch with great enthusiasm as China City Construction Co. brings this exciting development opportunity to life,” Peebles said.
American Da Tang Group and Borda Commercial Real Estate represented the buyers in the transaction.