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.