Ugo Colombo and Vladislav Doronin have decided to flip land in Brickell where they were considering building a condo tower.
The property is next to Related Group’s SLS Lux project and across from Brickell City Centre. Colombo’s CMC Group had placed signs on the property advertising a 70-story ‘ultra luxury’ tower, in what some observers had said was an attempt to hurt sales at SLS Lux.
Marketing material for 830 Brickell, as the property is being called by brokers, shows that CMC had hired Catalonian architect Ricardo Bofill Leví to design the condo tower. Those plans have not been approved by the city.
Colombo and Doronin paid a total of $28.5 million for the .8-acre property. The purchase included the former Beacon at Brickell property out of bankruptcy in 2013 for $21.5 million, along with the neighboring Chicken Kitchen property for $7 million.
If sold, the pair will likely turn a nice profit. Although, the assemblage of parcels does not have a list price, the listing broker, CBRE’s Vice Chairman of Investment Sales Robert Given, told The Real Deal that he believes the land to be valued between $55 million to $65 million per acre.
Source: The Next Miami
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