New York developer Harry Macklowe has sold a 1.6-acre multifamily development site next to Dadeland Mall in Miami-Dade County for $20 million to Jorge Pérez’s Related Group, property records show. The price is about 37 percent below the $31.9 million Macklowe paid in April 2022, translating into an estimated $11 million loss on the land deal. Macklowe had secured approvals to build The Line, a 770-unit project comprising two 25-story towers with ground-floor retail, but rising interest rates and tightening capital markets stalled progress. Fortress Investment Group, which financed the 2022 acquisition with a $39 million loan, moved to foreclose last year; the debt was repaid as part of the latest transaction. Despite the setback, Macklowe remains active in South Florida. He and Related have jointly filed plans for two 43-story residential towers in North Bay Village, indicating the veteran developer is retaining a footprint in the region even after exiting the Dadeland site.