Capital At Brickell Site Trades For $75 Million
Cabi Developers sold a long-stalled site in Miami’s wealthy Brickell area for $74.74 million.
The 2.78-acre site at 1420 S. Miami Ave. was previously envisioned as a two-tower project called Capital at Brickell. Headed by Mexican national Elias Cababie Daniel, Cabi Developers had its affiliate company file Chapter 11 reorganization in Bankruptcy Court in 2010. That case was closed in 2012.
Cabi affiliate 1430 SMA recently sold the property to CCCC International USA, a subsidiary of Beijing’s China City Construction and American Da Tang Group of New York, is the buyer.
The site has been approved for 1.3 million square feet of development and, potentially, up to 3.2 million square feet upon city approval.
CBRE began marketing the site in 2013.
Source: SFBJ
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