Developer Trying To Buy Out Entire Brickell Condo Building

A developer is offering to buy out all of the owners in a Brickell condo building.

The 17-story Brickell Harbour condominium is the target. There are 185 units in the building, ranging in size from 612 to 1,641 square feet. Recent sales have been in the $300 psf range.

The property is 1.69 acres directly on Biscayne Bay, and includes a marina. The existing building would likely be demolished and replaced with a much bigger tower if the deal goes through.

Owners in the building were recently hit with a special assessment that will last seven years, according to Sarah Elles Boggs, who obtained the offer letter.

Boggs speculates that the buyer could be Russian billionaire Vladislav Doronin’s OKO Group. The same attorneys represented Doronin in the buyout of another condo building at 175 S.E. 25th Road.

 

 

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Rigo
4 years ago

These condo owners should get a big windfall here…echo brickell site sold for something like 140k per unit, which would mean this site, which is arguable better, should sell for over $100 million

Rigo
4 years ago

Assuming a $100k per buildable unit price is reasonable for raw land in this location, we are talking a land value of $80 million for the site (based on density of 500 units per acre). So an average per unit price of $435k, some more, some less, allocated by % in the association docs. My take is that at these prices, the windfall for owners is not huge enough to force a change in the way they live, and certainly to afford living elsewhere. Obviously this can be skewed higher if the buyer is more aggressive in his valuations, in which case there would likely be more willing to sell.

I’m always fascinated at how these deals with so many moving parts get done. Any word if it is actually happening.

William
4 years ago

I believe this is the building that had a demolish or repair order years back for a structural issue. Everyone was forced out and repairs were done. This building is a good candidate for demolition. The only complicating factor is the wet slips. It’s one of the few brickell ave locations that has a submerged land lease or agreement in place for boats. Which can complicate it or can make it that much sweeter of a deal?

Anonymous
4 years ago

Hey, if I lived there and the money was right I would take it and run.

Anonymous
4 years ago

What genius realtor puts an assemblage/acquisition on notice to the media and includes her name in the article…

Anonymous
4 years ago

Time to sell and retire in Costa Rica.

Anonymous
4 years ago

Good. Knock down all the small and old buildings and build tall, beautiful buildings!

Anonymous
4 years ago

How does this work? Just one person needs to say no and it doesn’t happen?

Rod
4 years ago

I could be wrong, but I think that the Florida law says once the investors own 80% of the condo units, they can force the remaining owners to sell. It probably just comes down to who has the best lawyers.

Mike04
4 years ago
Anonymous
4 years ago

Not true. If the developer gets 80% control of the building then they can buy the remaining units for market value.

Anonymous
4 years ago

i live at the venetia…fantastic location…majority of bldg is tenant and LOTS of folks want to sell…tell developer to consider this property…direct bayfront and marina across from genting property…..just sayin….

Marc305
4 years ago

The first condo I ever bought was at the Venetia, sold it in 2005. I agree with you completely.

305M
4 years ago

Damn.. Wish they were buying out my building