Less than a year after a Chinese developer made its debut in the U.S. in 2014 by paying nearly $75 million for land on Brickell Avenue in Miami, the company returned to Greenberg Traurig real estate partner Gavin Loughlin for advice on a second next real estate investment.
This time China City Construction wanted to buy oceanfront property in Miami Beach to build its first residential project in the U.S.—a high-rise tower designed by Arquitectonica.
Loughlin, a shareholder at Greenberg Traurig in Miami, said that since there are few choices for developers wanting land on Miami Beach, the client set its sights on North Beach, where a site measuring just under an acre was for sale off Collins Avenue. The seller was developer Don Peebles. Peebles had bought the property in 2010 for $4.6 million with a plan to develop a condo project but then decided the property was too small for what he wanted, so he opted to sell it instead.