Russia’s OKO Group Bullish On Waterfront, Paid Double Market Value To Buy Out Brickell Condo Owners

Russian oligarch Oleg Baybakov offered owners in a Brickell condo tower double their property value, an offer which was quickly accepted, the DBR reported.

Baybakov’s Miami Waterfront Ventures LLC plans to demolish the 11-story 25 Bay Tower and build a luxury 48-story condo tower at 175 SE 25th Road.

The developer handed unit owners sealed envelopes offering them an average of $800,000 apiece – double the market value of $400,000. In total, the developer paid $48 million.

A total of 61 units are in the building, owned by 56 owners. 48 owners signed almost immediately, with the remainder a few months later. Residents have nine months to move out.

One holdout remains, but condo documents included an option to buy out any owner who doesn’t agree to a termination, which Miami Waterfront Ventures will exercise. The holdout will have 30 days to accept it, and if he fails to do so an arbitrator will determine a fair market value after which a sale can be forced.

Parent company OKO Group also owns the 2.8-acre 700 Edgewater site, where another condo tower is planned. In Brickell, the company is said to own the 830 Brickell site at 842 SE First Ave.

 

Previously: Russian Developer Buys Brickell Property For $48 Million, Plans 48-Story Tower

 

 

 

 

 

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Anonymous
5 years ago

Baybakov didn’t pay the double price. He simply established the new market price for waterfront land in Miami. The previous one was too low.

Anonymous
5 years ago

They are referring to the fact that he paid double the market value on the residential units… His price per pound on the land was market, or better.

Anonymous
5 years ago

If the property next door 2451 Brickell Ave gets sold the views of this property 175 SE 25th Road may be compromised by a new building built on 2451. Some of the views of 2451 May be compromised by the building of a 48 floor building on SE 25th Road. Soon Miami will be like Manhattan where you can look out your window and see into the apartments of the buildings next to yours. They call it progress.

Anonymous
5 years ago

Now if another developer could do the same at the Four Ambassadors that would be great! That location deserves a much better structure than those 4 hideous buildings.

Anonymous
5 years ago

“4 hideous buildings?”

I suggest you look up the history of the Four Ambassadors and find out what they jumpstarted to what you now see in Brickell.

Marc305
5 years ago

The Four Ambassadors might have been cutting edge back in the 60’s but the reality is that they have become eyesores and their infrastructure is deteriorating. We have rented many units there and the complaints never end. Beginning with the noisy plumbing, the paper thin walls, and the constant problems with elevators. I would not call them hideous, but they are getting old and the fact that they do not have balconies makes them difficult to rent and sell. I am sure eventually they will go the way “Bay Tower” went, it’s just progress.

Anonymous
5 years ago

The problems you mentioned plaguing the Four Ambassadors isn’t the criticisms that the first commenter launched, if he had, I would’ve taken them into consideration, but his attacks appears to be only about vanity.

Anonymous
5 years ago

Four Ambassadors too complicated with too many owners including commercial space and boat slips. The property is too large to develope in an area which is over built already with horrendous traffic. A few other smaller properties but still large on Brickell have a better chance of buyout. The properties near the property at SE 25th Road where traffic is still bearable and room for more high density building.

Anonoymous
5 years ago

Brickell Tiwn House 2451 Brickell Ave is a great site and will one day be bought out. Directly on the bay with one of the few largest pieces of property. Looks like some Condo’s are being bought up with various corporate names. This property at least 8 acres +- is completely underutilized with only 360 units. With the new Brickell Citi Center bringing in thousands of workers and customers in 2016 prices should continue to increase. Brickell Town House and other properties bargain price days are coming to a close.

Anonymous
5 years ago

Listen up West Brickell. Waterfront is where the real value is.

Yet Another Anonymous
5 years ago

West Brickell is where the real people are.

Anonymous
4 years ago

Rumor has it that 150 SE 25 Road Condominium offered 30 million for parking lot. One of the largest parking lots at 2451 Brickell Ave may be a target soon. It is on Brickell Avenue and could accommodate several buildings. At present it has the oldest Condominium built on Brickell. Several developers could cut up the property for development.

Anonymous
4 years ago

As a former owner at 175 Se 25th Rd. who sold to the Russian buyers, I can tell you 150 Se 25th Rd. does not fit into the plans of the buyers. The property is located across the street, separated by a park. The parking lot is located behind the building, much too far from 175 Se 25th Rd. Most importantly, 90% of the owners would need to agree to sell and give up their parking which is very hard to obtain. Furthermore, $30 million divided by 170 owners does not amount to enough money. The small number of owners at 175 Se 25th Rd. made the sale attractive and feasible.

Anonymous
4 years ago

Can you imagine Trump for President and a Trump Tower in Brickell. Let’s go I am ready to sell and soooooooo many others are ready also!!!

Anonymous
5 years ago

The property next to 175 SE 25th Road known as Brickell Townhouse 2451 Brickell Ave. is under utilized and a rough diamond ready for a major project in my opinion. It would have to be a developer on the scale of Trump Corp. Maybe one day we will have a Trump Tower on Brickell Ave.

Anonymous
5 years ago

As long as he does not become president, I am all for it.

Anonymous
4 years ago

Can you imagine the guy has the nomination. Trump Tower on Brickell ???

Anonymous
4 years ago

Now a developer wants to buy part of the Brickell Bay Club parking lot to build a luxury Condominium on Brickell Avenue. I guess progress can’t be stopped.