Miami billionaire Sonny Kahn’s development company has paid $36 million to buy a vacant parcel in Boston’s Seaport District where a 377,239-square-foot residential building is preapproved.

Crescent Heights closed on the 30,347-square-foot property at the corner of Congress and B streets Thursday.

Boston-based Madison Properties acquired the so-called “sausage parcel,” named for its oblong shape, from Boston Edison Co. in 2006 for $5.65 million.

Over the past decade, Madison Properties’ Denis Dowdle floated a variety of options including a 502-room hotel and a 22-story apartment tower.

The Boston Redevelopment Authority approved a 377,239-square-foot residential building on the parcel in 2013, but Dowdle presented an amended plan to a neighborhood group last year calling for condos instead of apartments, citing a changing financing climate for multifamily development. No formal application was filed.

The apartment building is currently approved for the site, BRA spokesman Nicholas Martin said. The plans call for a 22-story building with a 388 units including studios, one- and two-bedroom units and extended-stay units. The project also would include 12,895 square feet of lobby, retail and “innovation” workspace.

Located alongside a Massachusetts Turnpike ramp, the parcel overlooks Seaport Square parcels M1 and M2, where a $750 million development including 750 residences and 125,000 square feet of retail space is expected to break ground this year.

Crescent Heights has a national portfolio of multifamily and commercial properties, including luxury condo towers under development in San Francisco, Los Angeles and Honolulu. Its commercial projects include a proposed 1,111-foot-tall office tower in downtown Seattle.

Crescent executives did not return phone calls seeking information about their plans for the Seaport parcel.