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.
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