Chinese buyers purchase former Cabi Developers Brickell site for $74 million

posted on Friday, January 2nd, 2015 by Marketing Director

Bejing’s China City Construction and New York-based American Da Tang Group bought $74.74 million development site in Brickell previously owned by Cabi Developers. Dr. Shanjie Li, chief executive of American Da Tang Group stated the $74 million number was a very good price and was paid for in cash. It is fully permitted, and can house over 540 condo units and 365 hotel rooms with enough space for a restaurant and retail. The recession caused the developer to go into $30 million of debt in 2012, therefore Cabi will still see a profit after the sale.

Click here for full DBR article.