Posted Jul 5, 2017, 9:37 PM
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NYC/NJ/Miami-Dade
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Join Date: Jul 2013
Location: Riverview Estates Fairway (PA)
Posts: 45,768
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This project "may" change... 
Unfortunately, I have a feeling the parcel will be sold, and down sized if a new developer picks it up. I hope not... but it seems uncertain at this point given the latent nature of this project. 
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Where’s the Chinese money?
Quote:
When a Beijing-based partnership scooped up a Brickell Avenue development site for $74.5 million in 2014 and subsequently announced plans for a $1 billion mixed-use complex, it marked the first significant foray by Chinese investors into South Florida commercial real estate. The joint venture between China City Construction and American Da Tang Group appeared to signal that the region was primed for an influx of Chinese capital in the office, hotel and retail sectors.
But nearly three years later, capital from Asia’s largest economy remains largely elusive for South Florida projects despite the fact that Chinese nationals now represent the single largest group of foreign investors in U.S. commercial real estate.
For one, South Florida lacks signature commercial buildings that attract high-net-worth Chinese investors and companies, said Seth Gordon, a Miami publicist who represented the China City Construction partnership and is co-chair of the Greater Miami Chamber of Commerce’s Asia advisory committee.
When a Beijing-based partnership scooped up a Brickell Avenue development site for $74.5 million in 2014 and subsequently announced plans for a $1 billion mixed-use complex, it marked the first significant foray by Chinese investors into South Florida commercial real estate. The joint venture between China City Construction and American Da Tang Group appeared to signal that the region was primed for an influx of Chinese capital in the office, hotel and retail sectors.
But nearly three years later, capital from Asia’s largest economy remains largely elusive for South Florida projects despite the fact that Chinese nationals now represent the single largest group of foreign investors in U.S. commercial real estate.
For one, South Florida lacks signature commercial buildings that attract high-net-worth Chinese investors and companies, said Seth Gordon, a Miami publicist who represented the China City Construction partnership and is co-chair of the Greater Miami Chamber of Commerce’s Asia advisory committee.
[...]
Still, developers who have sought foreign investors by qualifying projects for EB-5 visa status claim the immigration program has been successful in attracting Chinese nationals who otherwise would never consider South Florida. Rodrigo Azpurua, CEO of commercial real estate firm Riviera Point Development Group, said he obtained financing from 18 Chinese investors in 2014 through the EB-5 program. They helped fund the second phase of construction for an office complex at 7971 Riviera Boulevard in Miramar, which Azpurua’s company completed in 2015.
“They are still investors in the project,” Azpurua said. “They will get the return on their capital in 2018, when the building is scheduled to be sold.”
Still, developers who have sought foreign investors by qualifying projects for EB-5 visa status claim the immigration program has been successful in attracting Chinese nationals who otherwise would never consider South Florida. Rodrigo Azpurua, CEO of commercial real estate firm Riviera Point Development Group, said he obtained financing from 18 Chinese investors in 2014 through the EB-5 program. They helped fund the second phase of construction for an office complex at 7971 Riviera Boulevard in Miramar, which Azpurua’s company completed in 2015. “They are still investors in the project,” Azpurua said. “They will get the return on their capital in 2018, when the building is scheduled to be sold.”
[...]
Meanwhile, the China City Construction Brickell project may not be moving forward. Last October, the company merged with a Hong Kong firm and was renamed Asia Allied Infrastructure Holdings. Shanjie Li, chief executive of American Da Tang Group, is no longer involved in plans for the site at 1430 South Miami Avenue, Gordon said. A spokesperson for Asia Allied did not respond to a phone call and email seeking comment ...
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https://therealdeal.com/miami/issues...chinese-money/
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