The sale was contingent upon the original owner, the Howard Hughes Corporation, transferring over 300,000 square feet of air rights after initially getting over 100,000 square feet of air rights for the site.
With that the development potential for the site now stands at 817, 784 square feet. Plans acquired by TRD for the site reveal that a proposed building at 80 South Street could rise to 1,436 feet and have 113 floors. Of that, just over half will be residential and the rest will be for office, retail or a hotel.
China Oceanwide paid $390 million to acquire the site in August last year.