OKO Group Buys Jesuit Property In Edgewater For $54M

Russian Developer Vladislav Doronin’s OKO Group has purchased a waterfront development site in Edgewater for $54 million.

Cain Hoy, an investment firm based in London and New York, is a partner on the deal.

“We look forward to seeing the impact this project will have on transforming this uniquely positioned site in the up-and-coming Edgewater neighborhood,” Steven Bassin, Greenberg Traurig Shareholder, Real Estate Practice, said. “With 475 feet of frontage on Biscayne Bay, this site is a real gem located in great proximity to the booming Design District and Wynwood neighborhoods.”

OKO GROUP PURCHASES PRIME WATERFRONT PROPERTY IN MIAMI’S EDGEWATER NEIGHBORHOOD

Transaction marks second major acquisition in the neighborhood for developer Vladislav Doronin’s OKO Group, following Missoni Baia

MIAMI, Florida | November 23, 2016 – OKO Group, the Miami-based development company founded by international real estate developer Vladislav Doronin, along with its partner, London- and New York-based private investment firm Cain Hoy, announced today that the partnership has closed on the purchase of 720 N.E. 27 th Street in Edgewater. The two- acre property boasts 475 feet of frontage along Biscayne Bay on a rare corner lot surrounded by water on two sides, providing a prime development opportunity for the two firms in one of South Florida’s most exciting up-and-coming neighborhoods. The property was purchased for $54 million from the Jesuit Fathers of the Province of the Antilles, Inc.

The site is well situated to take advantage of increasing development activity and demand in the waterfront residential enclave of Edgewater, which is located between the financial hub of Downtown Miami and the culture-rich Design District and Wynwood neighborhoods. Edgewater’s appeal has been bolstered by luxury residential developments in the immediate neighborhood, including Doronin’s OKO Group, which is currently developing the 649-foot- tall Missoni Baia waterfront luxury condominium tower at 777 N.E. 26 th Terrace. The Missoni Baia development stands directly across from the 720 N.E. 27 th Street parcel.

Missoni Baia, the first ever residential collaboration from the storied Italian fashion brand Missoni, is an unprecedented development for Edgewater, bringing together a world-class design team that includes renowned architect Hani Rashid of Asymptote Architecture, interior designer Paris Forino and members of the Missoni family. The sculptural tower’s 146 expansive residences are complemented by an impressive array of lifestyle amenities and services curated by Missoni.

Plans for the 720 N.E. 27 th Street property will be announced at a later date. Other projects in OKO Group’s Miami development pipeline include a 48-story residential tower at 175 S.E. 25 th Road to be designed by Adrian Smith + Gordon Gill Architecture, and a retail and residential tower at 830 Brickell Avenue. Doronin, Chairman and CEO of OKO Group, is one of the most prolific luxury real estate developers throughout the world, and he is also the Chairman of Aman, one of the world’s leading luxury hotel brands.

 

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Anonymous
4 years ago

these photos are years old….missing lots of current buildings…whatever the views bayhouse enjoyed are on borrowed time.

Anonymous
4 years ago

I hope they don’t destroy that spanish style plaza, it’s very pretty and as the neighborhood urbanizes could server as a communal center.

Anonymous
4 years ago

Would be nice, but doubtful.

On a similar note, I’m not the biggest preservationist or anything, but I’m surprised this isn’t designated historic.

Anonymous
4 years ago

Actually, the more I think about it, the more I think something like the plaza might be possible. Besides connecting the community and getting the developer accolades in that regard, it would also connect the two towers well and provide a nice setback. And I believe this tower is going to be positioned a bit northeast to take advantage of the corner lot. We’ll see.

Anonymous
4 years ago

Ummm – Supply and Demand.

Anonymous
4 years ago

Unbelievable land prices.

Anonymous
4 years ago

Any chance he combines this with the unsold Missoni?

Anonymous
4 years ago

whenever and whatever they will build , is going to be a positive addition tho the area 🙂

Anonymous
4 years ago

A win-win-win for everyone involved.

Anonymous
4 years ago

Blocking all of Melos Bay House and Crimsons views…SELLL SELL SELLLLLLL…good opportunities

Anonymous
4 years ago

Sell? Good opportunities? Business that slow for you?

Forget water views; everyone selling is underwater…

Anonymous
4 years ago

They will be worth a lot less with views blocked by OKOs tower…no views.

Anonymous
4 years ago

In the short term, but it seems like a lot of the activity–or lack thereof–already factored in the fear of something building in front. Closed resales in the last two months have averaged $370/foot, and it’s hard to believe prices will stay that low when the market rebounds and Edgewater builds up, with or without something in front.

Anonymous
4 years ago

Less than the current $370/foot after the market rebounds and Edgewater builds out? With or without views, the prices (hopefully) can’t be far from the floor.