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.