Luxury homes builder Toll Brothers Inc. acquired a development site covering 19,200 square feet in Seattle's Belltown neighborhood for more than $24.8 million, the Puget Sound Business Journal reported, citing public records.

Chinese developer TeamRise sold the property, where it was planning a condo tower, the publication reported, citing the King County Assessor's website. The seller paid upwards of $20 million for the site in 2014.

In a statement to the Business Journal, a Toll spokesperson said the company is excited for its "first high-rise condominium in the heart of" Seattle and plans to provide updates in the coming months.