A U.S. subsidiary of Beijing-based China Oceanwide Holdings has made a deal with Howard Hughes Corp. to purchase the development site at 80 South Street, in the Financial District, for $390 million, according to Crain’s. Along with the five-story building at 80 South Street, the assemblage includes the 10-story building at 163 Front Street. The site boasts 820,000 square feet of development rights, with residential space allowed to span 440,000 square feet while the remainder designated for some form of commercial space.
The development goes back to before the recession, when Santiago Calatrava designed a soaring tower for the site, although the proposal never left paper. Then, beginning in 2012, Morali Architects led the inception of a 1,018-foot-tall mixed-use tower, before Howard Hughes got involved in the project. Hughes then acquired the site for $100 million early this year. City Planning has approved Morali Architects’ proposal, although it’s not known if their design will be retained.