The wonderful location site was acquired for almost $75 million with potential of building 3.2 million mixed use project with towers would have a mix of condos, retail, hotel rooms and office space.The project was called 1420 South Miami Avenue, replacing the former Capital at Brickell proposal for the same site. It was suppose to cost $875 million to build and offer EB5 investment visas.
Arquitectonica was designing the towers . Two towers would have risen 75 and 73 stories. One tower would have risen 948 feet, with the second at 919 feet.
The project would have included:
?1,264? residential units
99,234 square feet of retail
242 hotel keys
Multiple levels of retail, hotel ballrooom, restaurant, and amenity spaces
1,683 parking spaces, including some underground
Most recently it was said the site got sold.China City, which owns a 55% stake, is said to have orchestrated the sale.
China City is insolvent and failed to develop the project in a timely manner, according to a lawsuit filed by Asia Allied in Hong Kong.
In a ruling issued in October, 2019 a Hong Kong judge ordered the property sold (the ruling is embedded below).
Asia Allied, which owns a 45% stake, was granted an emergency injunction after learning of a transfer of ownership to a company called Rega Center LLC. Asia Allied says the transfer is fraudulent.
Finally it appears that the property is now being filled, 13 plus years after! After the Unsafe Structure Panel gave 180 days to the owners to complete the fill!
A court battle is continuing between two Chinese companies over control of the property.
And here are the final news
It is now controlled by entities tied to Rega Group, a California developer.
A lawsuit filed by Champ Prestige International against both companies, Rega Center Miami Holdings LLC and Rega Center LLC, was dismissed on April 3, 2020 according to the South Florida Business Journal. A lis pendens that was blocking the property from being sold was dissolved by Judge Michael Hanzman.
The Rega LLCs were added to the lawsuit at a later date. The companies are tied to Sen Wang, head of the Covina, California-based real estate firm Rega Group. CCCC International sold 55 percent of the interest in a new company to Rega Center LLC, which Champ Prestige had alleged was a “fraudulent transfer.”
Now that all is cleared, whats next? Cant wait for the new renderings and permitting process!!
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