Miami Beach Condo Buildings Being Targeted For Buyout (And Likely Demolition)

Is this the start of a new trend in Miami Beach?

At least three older condo buildings have been the subject of buyout offers from developers who want to demolish them and build more expensive projects. They include:

  • Marlborough House, 110 units on a 43,000-square-foot oceanfront lot at 5775 Collins Avenue. Buyer is said to be Fortune International, with closing price about $40m ($364k per unit). Condo termination paperwork already filed.
  • The Amethyst, 122 units at 5313 Collins Avenue. Buyer is said to be Vladislav Doronin.
  • La Costa, 124 units at 5333 Collins Avenue (next to The Amethyst). Buyer is said to be Vladislav Doronin.

All three buildings were constructed in the early 1960s.

 

amethyst and la costa: