Russian Developer To Rent Units Where 48-Story Brickell Condo Tower Planned
Vladislav Doronin has completed the buyout of 61 owners at the 25 Bay condo which he plans to demolish and replace with a 48-story tower.
Instead of demolishing the building immediately however, he intends to rent out at least 40 of the units, a representative has confirmed.
Doronin’s OKO had applied in April to demolish the building, but never pulled the permit. A representative of OKO says that there is no delay in the timeline of the project, and pre-development work will continue.
Next door, OKO has been trying to buy out owners in a condo building known as Brickell 25 at 145 Southeast 25th Road (Miami-Dade commissioner Xavier Suarez owns a unit there), but the deal is rumored to be in trouble. OKO was said to have intended to combine the site with their 25 Bay condo property to gain the necessary footprint and entitlements for a new, taller tower.
A lawsuit was filed in June by one of the Brickell 25 owners to try to stop the sale. It was voluntarily dismissed by the plaintiff last month.
Although the developer completed the buyout of the 25 Bay condo building for $48 million, that deal also faced opposition. Records show that a lawsuit over the sale was filed against the building association last year and remains pending (OKO is not being sued). The lawsuit claims that the condo association secretly negotiated with OKO to buy out owners, without the condo board shopping for fair market value.
The final condo owner moved out of 25 Bay Tower on July 20.