Another supertall may eventually rise in lower Manhattan courtesy of China Oceanwide Holdings and the City Planning Commission, which just OK-ed the transfer of thousands of square feet of air rights to 80 South St from an adjacent lot.

The transfer could mean the construction of a 1M SF mixed-used tower with slightly over 512k SF designated for luxury residential space, according to Curbed.

While no formal plans have been filed, planning documents indicate that China Oceanwide, which acquired the lots for an undisclosed amount from the Howard Hughes Corporation in August, is also considering the additional development of possible hotel, office and/or retail space.

It won't be the first time such an ambitious development has been on table at 80 South St, which, despite a close proximity to the South Street Seaport, falls outside of the area's Seaport Historic District. The land was once also nearly the site of a possible residential skyscraper designed by Santiago Calatrava, until the meltdown of 2008 put the kibosh on those plans. [Curbed]