Tibor Hollo signed an agreement with the county last month stating that ‘time is of the essence’ to begin work on his Villa Magna project at 1201 Brickell Bay Drive.
Hollo’s newest plans for Villa Magna include 1,208 apartment units, 20,050 square feet of retail space, and 14,450 square feet of restaurant space. The land is currently used as parking for the 1101 Brickell office building, after Hollo demolished a parking garage there to build Panorama Tower.
Construction on water and sewer facilities for the project must begin within 365 days from the date of the agreement, July 1. A full complement of workmen and equipment must be engaged in construction at the site. Should work fail to begin, a deal to provide water and sewer to the site will be deemed null and void.