The 2.8-acre parcel, located at 700-799 Brickell Avenue, was once slated to become the One Brickell City Centre, a 1,000-foot-tall office tower. However, Swire scrapped those plans earlier this year, citing difficulties in the current office market.
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The price was not officially disclosed but people familiar with the deal stated it was more than $400 million and less than $500 million, with some sources saying the price was roughly $450 million.