30 November 2016
MIAMI HERALD: WITH $54 MILLION LAND DEAL, RUSSIAN BILLIONAIRE MAKES ANOTHER BIG BET ON MIAMI

BY NICHOLAS NEHAMAS

Russian billionaire Vladislav Doronin has paid $54 million for a waterfront two-acre parcel of land in Edgewater that belongs to a Catholic monastic order.

The site extends half a block west from Biscayne Bay between Northeast 27th Street and Northeast 26th Terrace. It sits directly north of a planned 57-story condo tower called Missoni Baia being developed by Doronin’s OKO Group, which has invested heavily in Miami real estate over the last two years.

In 2014, he paid roughly $40 million for the larger Missoni parcel. The price jump for the new purchase is a testament to the scarcity of waterfront land in and around Miami’s urban core.

Doronin’s latest transaction is a sign that the man sometimes called Russia’s Donald Trump believes South Florida’s luxury condo market will rebound from its current slump. Sales for existing condos and new construction have slowed considerably because of a strong dollar and recessions in Latin America.

The deal closed Monday, after two years of negotiations, according to Steven Cronig of Hinshaw & Culbertson, which represented OKO.

It’s not clear how quickly Doronin, who owns Aman resorts, will move to develop his new property. He is also working on two projects in Brickell and is believed to be acquiring land in Miami Beach.

The sellers are the Jesuit Fathers of the Province of the Antilles, Miami-Dade County property records show. The order is the only Jesuit outpost in Miami, according to an article on the website of the Archdiocese of Miami. It has operated in Miami for more than 50 years.

Cronig said a dormitory and several small homes that serve as classrooms and libraries currently stand on the property, as well as green space. Most of the structures date to the 1930s. Zoning allows for the development of high-rise condos.

Read the full article here: http://www.miamiherald.com/news/business/real-estate-news/article116674483.html#storylink=cpy