The Real Deal Miami

Ugo Colombo’s firm buys Chelsea site in downtown Miami

CMC Group pays $10 million for Biscayne Boulevard property

May 01, 2014 11:15AM
By Eric Kalis

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Ugo Colombo

Ugo Colombo

Ugo Colombo’s CMC Group paid $10 million for a downtown Miami property that was previously slated for a 52-story mixed-use project, The Real Deal has learned.

SC Investment Holdings, which shares a mailing address with CMC, acquired the 1550 Biscayne Boulevard property on Monday, according to Miami-Dade County records. A 37,000-square-foot office building was constructed on the parcel in 1956. No financing was recorded.

The seller is New York-based 1550 The Chelsea. Developer Mallory Kauderer was involved in the company’s proposed Chelsea project. In June 2013, Kauderer requested changes to a Major Use Special Permit to allow 15 floors of parking spaces, 10 floors for offices and 23 floors of condominiums.

Colombo unveiled the details of his planned 60-story Brickell Flatiron tower last week. Kauderer sold CMC the Flatiron site for $21 million in September 2013.

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