An affiliate of Swire Properties sold a property in the Brickell neighborhood of Miami for $7.5 million to a developer working on plans for a condo and hotel tower.
Swire Properties sold 0.34 acres at 150 and 158 S.W. 7th St. to Habitat Group. The property currently has a 4,560-square-foot industrial building constructed in 1979 and a house. Swire purchased the industrial building for $2.35 million in 2015 and the home for $2.5 million in February.
The South Florida Business Journal reports that Habitat Group is considering two options. One zoning option would have 30 condos and 78 condo/hotel units in 24 stories, and the other would have 54 condos and 64 condo/hotel units in 40 stories. The developer promotes a co-ownership model where each condo is sold to up to eight investors.
Swire owns Brickell City Centre and is working to build the Residences at the Mandarin Oriental, Miami.
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