A subsidiary of OKO Group, led by Russian-born billionaire developer Vladislav Doronin, paid $54 million for a 2-acre site along Biscayne Bay in Miami’s fast-growing Edgewater.
Doronin launched sales in March for the Missoni Baia condo tower on the south side of the recently acquired site. It appears he wants to follow that up with another major project right next door.
The zoning for the recently-acquired site is similar to that of the site for Missoni Baia, which will have 146 units in 57 stories.
Although condo sales in Miami have declined by double-digits this year and some developers have canceled or delayed projects, Doronin appears to be moving full-speed ahead in Edgewater.
OKO Group said its London- and New York-based private investment firm Cay Hoin was a partner in the deal. Plans for the site will be announced at a later date, the company said.
"The site is well situated to take advantage of increasing development activity and demand in the waterfront residential enclave of Edgewater, which is located between the financial hub of Downtown Miami and the culture-rich Design District and Wynwood neighborhoods," OKO Group said.
Doronin's companies have built 71 projects around the world. He has another condo slated for Brickell. He usually builds for the luxury market and seeks well-known architects and brands for his buildings.
Steven Carlyle Cronig, a partner in the Coral Gables office law firm Hinshaw & Culbertson, represented OKO Group in the acquisition of 614, 717 and 720 N.E. 27th Street and 601, 615, 631, 645 and 701 N.E. 26th Terrace. Attorney Steven Bassin of Greenberg Traurig advised the buyer of organizational and tax matters.
Akerman attorney Alberto Delgado represented seller ACU Holdings, a religious organization affiliated with Agrupacion Catolica Universitaria. The site is used for student housing for the Catholic university.
The real estate brokers for the deal were Holliday, Fenoglio, Fowler, Fairchild Partners, Global Investments Realty, and Shelton & Stewart Realtors. Security Benefit Life Insurance Co. provided the financing and was represented by New York attorney David Nulsen.
Cronig said the negotiation and closing of the deal took over two years.
“Although the transaction was complex, all of the parties worked well together to reach final agreement on documentation and the closing occurred on the closing date originally agreed,” said Cronig, who worked with fellow Hinshow attorneys Ofonedu-Ime Goodwyn and Maria Calderon on the deal.
Bassin added: “We look forward to seeing the impact this project will have on transforming this uniquely positioned site in the up-and-coming Edgewater neighborhood. With 475 feet of frontage on Biscayne Bay, this site is a real gem located in great proximity to the booming Design District and Wynwood neighborhoods."
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