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Downtown Tract Goes for $41M

MIAMI-Hong Kong-based Swire Properties has purchased a six-acre tract of land west of Brickell Avenue for $41.3 million.

By | Updated on November 13, 2008

MIAMI-Hong Kong-based Swire Properties has purchased a six-acre tract of land west of Brickell Avenue for $41.3 million. Local brokers say the deal is significant because it is one of the last remaining large pieces of land in the Downtown area.

“While we may not be at the bottom of the market, we felt the discounted pricing made it a good opportunity,” Stephen Owens, Miami-based president of Swire Properties, told the Miami Herald. Experts agree that given the current economic situation, ground will not break on any major projects at the two vacant parcels, which are approved for three million square feet of development, for at least a few years.

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