Oleg Baybakov is planning to build a residential tower on the Edgewater property that he began clearing last week.
Baybakov filed plans with the FAA earlier this month to build a 646-foot tower on the property. The tower would top off at 649-feet above sea level, the maximum permitted in the area.
To build the tower, Baybakov began demolishing buildings on the 2.5-acre property last week. Baybakov assembled the land for nearly $40 million.
Baybakov’s 700 Edgewater LLC, which is the developing entity, also recently donated funds to Teresa Sarnoff, who is running for a Miami commission seat.
TNM will post renderings and plans for the new tower shortly.