Tibor Hollo Partners With Former Dodgers Owner Frank McCourt To Develop Villa Magna

Tibor Hollo is partnering with former L.A. Dodgers owner Frank McCourt and New York’s Corigin Real Estate Group to build the 787-unit Villa Magna, according to an announcement.

Terms were not disclosed.

A court recently cleared Hollo of liability related to a deposit on the site placed by Spanish developer Grupo Prasa. The property is currently serving as parking for Hollo’s 1101 Brickell, where Panorama Tower is under construction.

 

(images below are ‘early renderings’ – according to a press release)

 

 

NEW YORK, Nov. 24, 2014 / — MG Properties, the real estate arm of McCourt Global, announced today that it has entered into a partnership with Florida East Coast Realty, a leading South Florida-based real estate development firm, and Corigin Real Estate Group, a division of Corigin, a New York-based real estate development and investment firm, to develop 1201 Brickell Bay Drive, a 1.8 million square foot, luxury residential development project on Biscayne Bay in Miami’s financial district.

The last remaining development site on Miami’s Brickell Corridor, 1201 Brickell Bay Drive sits atop 2.5 acres of prime waterfront property and is designed for two main towers in excess of 60 stories, each delivering panoramic views stretching from Key Biscayne to South Beach. When completed, 1201 Brickell Bay Drive will offer unparalleled amenities that will redefine luxury oceanfront living while providing Miami with a global icon.

“MG Properties is very pleased to join Florida East Coast Realty and Corigin Real Estate Group as partners in this highly anticipated project,” said Drew McCourt, president of MG Properties. “Building landmark structures in global gateway cities is a key focus area for MG Properties and 1201 Brickell Bay Drive, with its enviable waterside location and other attributes, is a great strategic fit for us.”

“We are very pleased to expand and welcome MG Properties to our partnership as we take the necessary steps in moving forward on what will undoubtedly be an iconic development,” said Edward Baquero, president of Corigin Real Estate Group.

Corigin Real Estate Group has deep expertise in real estate ownership, development and operations. The group owns and manages 5 million square feet of real estate, primarily in New York City, and has significant experience in ground-up development, adaptive re-use, and redevelopment within the commercial, residential, student housing, mixed-use and retail sectors. Corigin Real Estate Group has previously partnered with Florida East Coast Realty on several other major developments, including ELEMENT, a luxury high-rise on Manhattan’s Upper West Side; a Robert A.M. Stern signature design at 20 East End Avenue, totaling 43 family size luxury residences on Manhattan’s Upper East Side; and luxury residences and a 18 hole championship golf course, designed by Rees Jones with a new 65,000 square foot club facility at Brynwood Golf & Country Club in Westchester, New York.

“We are honored to partner with such an esteemed organization as MG Properties, and such a collaboration only serves to further establish 1201 Brickell Bay Drive as the premier development site in Miami, and the address for unparalleled luxury,” said Jerry Hollo, EVP of Florida East Coast Reality.

Founded 60 years ago by Tibor Hollo, Florida East Coast Realty has built more than 60 million square feet of construction, ranging from landmark residential and commercial high-rises to high-end retail centers, across South East Florida and beyond. During that time, the company forged new ground by developing what is today Miami’s Arts and Entertainment District and several of its landmark properties, including the Venetia (now known as the Grand). In the city’s Brickell district, the company has owned and developed numerous projects, most notably the Rivergate Plaza Complex, which includes the first high rise office building on Brickell Avenue and two U.S. treasury buildings, Vizcaya Towers and Vizcaya North, the Club at Brickell Bay, and Colonnade Plaza. Florida East Coast Realty is currently developing Panorama, the tallest building in Miami, and the largest residential building south of New York. Following Panorama, Florida East Coast Realty will be developing One Bayfront Plaza, a 4 million square foot mixed-use project, and the new benchmark for Miami.

 

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MiamiArchi
6 years ago

So I’m confused.. are they using the same design as before or are they using a new design? The explanation along with getting the address wrong suggests something very different.
I hope they at least do a partial redesign if just for their sake as this building certainly doesn’t look up to par with today’s brickell standards. Especially if they are going for extreme luxury units. And considering the waterfront property they certainly should.

Jacob
6 years ago

But..but…the developers say it will be a “global icon”! If the developer says so, it must be true.

Edin Coralic
6 years ago

These are old designs.

Ed
6 years ago

These renderings are hideous!!!

marc
6 years ago

The nerve to call this an iconic development. As is, it is not.

XVS
6 years ago

Typical ugly Hollo construction. Whoever designed this nonsense, must have been in architectural coma for the last 15 years, blissfully unaware of whatever progress was made since the early 1990s. Obviously, Hollo is more preoccupied with staying within the budget and playing it safe, rather than building something beautiful.

Marc305
6 years ago

When most people who reach his age are waiting for all to end, Tibor is still doing his thing at 87! Love him or hate he is still a player.

XVS
6 years ago

If he is a “player”(although eclipsed by younger and better developers long ago), he should know when to fold it…after he builds what’s on these pictures, “love him” will not be an option anymore.

Obviously
6 years ago

Hmmm…Ok, we can nix this spot as being the one that Next Miami recently reported sold for $125mil. I’ll change my guess now to the empty spot near the metromover in Brickell across the river and next to the bridge going into Brickell from downtown.

ZachJ305
6 years ago

I believe you’re referring to the Epic 2 site? If so, its the empty space on the river across from Met 1 where the epic sales center/possibly illegal yacht facility is currently located. Sold by Ugo Colombo to a group from Argentina for $125M

Obviously
6 years ago

No Zach. On Nov 5, Next Miami reported that a “Mystery Waterfront Waterfront Brickell Property” was in contract for $100m. I and Marc305 were wrong when we both guessed that it had to be the Villa Magna site. The site I’m now guessing it may be is the vacant land that sits right on the river across from downtown in Brickell and next to a MetroMover station. I’ve always wished that the tallest building in Miami would sit on that site because it would frame Miami’s skyline beautifully.

My bad though on quoting the wrong amout(125m) which probably threw you off.

Brickellite
6 years ago

That MUSP was approved in 2005-6.. they didn’t change a thing.. Likely will face lift the interiors for the renderings and then value engineer it to 3 distinct shades of aqua grey..

Kesley
6 years ago

WHAT A BOREFEST!
These buildings are a liability and will cause car accidents from all the nearby drivers who fall asleep on the wheel with how horrifically bland, generic, and boring these buildings are.

marc
6 years ago

Either you’ve already used this material before or someone else has. Anyways, I agree the design sucks.

Grato
6 years ago

Did I read the article right? Iconic building?
There goes another banal, square building in Miami
with 0 design perspective or architectural landmark
of any kind. Can anyone please send these architects
on a whirlwind tour of a high-school field trip
to the Middle East or Asia so they can see what edgy
architecture looks like?

XVS
6 years ago

No need to fly anywhere. They can go as far as Sunny Isles. The difference in new projects is breathtaking.