An 11-story condo building in Brickell will be demolished to make way for a 48-story tower after being sold.
Miami Waterfront Ventures, LLC, a division of OKO Group, paid just under $48 million for the 25 Bay Tower condo building. That equated to an average price of about $800,000 for each unit in the 60-unit building, which was built in 1971.
The property is about an acre, and has 150 feet on Biscayne Bay. It is located at 175 S.E. 25th Road.
OKO Group has a history of working with world-class architects, and is planning a 48-story tower, according to CBRE, which brokered the deal.
The developer owns two other properties in Miami, the release said. One of their other properties is 2.8 acres of waterfront land between 26th Street and 26th Terrace known as 700 Edgewater, where demolition is currently underway. Russian oligarch Oleg Baybakov has been listed as a manager for those properties.
Update: The acquisition was partially funded with $29.5 million provided by BridgeInvest subsidiary BI II.