Great news for those who were waiting for a new luxury tower with unobstructed water views in Brickell… A condominium building of 11 floors will be demolished to make way for a 48-story residential tower.
Miami Waterfront Ventures LLC, a division of OKO Group, paid just under $48 million for the land where Bay Tower condo stands. The price is equivalent to approximately $800,000 for each of the 60 units that are part of the complex built in 1971.
The land is about an acre and stands 150 feet above Biscayne Bay, which makes the future luxury development the only waterfront new construction in Brickell after Echo Brickell with enviable location due to its proximity with i95 and Key Biscayne.
The Russian developer owns two more properties in Miami, according to the statement. One of them is a 2.8 acres land facing Biscayne Bay at 26th Street known as 700 Edgewater, which demolition took place on Saturday October 24th. Businessman Oleg Baybakov manages the properties in mention.
Currently the only undeveloped land in the desirable area of Brickell sits right next to the prestigious Jade Brickell, where construction of “Villa Magna” (another luxury development), is supposed to take place sometime in the near future.
From: Staff, NWT. “Russian Brickell Property Developer Buys For $48 Million, Plans 48-Story Tower.” The Next Miami. 21 Oct. 2015. Web. 23 Oct. 2015.