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.

China City Construction Co. acquired the site at 6747 Collins Ave. in Miami Beach.

China City Construction Co. acquired the site at 6747 Collins Ave. in Miami Beach.

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.

Dr. Shan-Jie Li, chief executive officer of American Da Tang Group

Dr. Shan-Jie Li, chief executive officer of American Da Tang Group

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.


Source: DBR

An Asia Task Force organized by the Greater Miami Chamber of Commerce wants to organize Miami trips for Chinese journalists, investors and developers to help market the city to businesses and entrepreneurs from the Far East, The Real Deal has learned.

Greater Miami Chamber of Commerce’s Asia Task Force

Greater Miami Chamber of Commerce’s Asia Task Force

At its first brainstorming session Friday morning, the eight-member task force laid out its objectives. Task force chairman Seth Gordon, a Miami publicist who represents Shanjie Li, the Chinese businessman whose company purchased a 2.39-acre site on Brickell Avenue for $74.7 million last year, said he wanted the Chamber to sponsor a delegation of reporters from China, who would then write articles about Miami’s business offerings. Gordon told other members he recently hosted a small contingent of eight Chinese journalists with assistance from Turnberry Associates founder Don Soffer and Carnival Cruise Lines.

“Don is very interested in working with the Chinese,” Gordon said. “He contributed a full week of rooms at the Fontainebleau Miami Beach hotel and we flew them in with eight round trip business class tickets provided by Carnival.”

While the reporters were in Miami, Shareef Malnik, owner of the Forge, had them over for dinner at the storied restaurant’s wine room, Gordon said. In addition, developers Armando Codina and David Martin briefed the reporters on their respective projects.

“If we do it as a chamber project, we can do something more serious,” Gordon said.

Peng Lu, Florida International University’s associate provost of international programs, said the college would like to coordinate events and activities, including meetings with top business leaders in Miami, for a delegation of 22 Chinese business people visiting the city in mid-September.

“Two of them are billionaires,” Lu said. “One is a frozen food king in China who wants to buy fish products from Latin America. They are all extremely interested in seeing what business opportunities are here.”

In exchange, Lu said FIU can assist the chamber in organizing a business delegation trip to important cities in China. Andy Perez, CEO of South Miami-based EB5 Visa Funds, also suggested the chamber consider sponsoring classes on how to conduct business with the Chinese.

“One of the most important things you can do is educate the chamber’s membership,” Perez said. “It’s very important, down to how you hand over your business card.”

The task force is scheduled to meet again at the end of September.


Souce: The Real Deal