Brickell parcel now slated for condos

Developer Florida East Coast Realty has scrapped plans for a luxury hotel on Brickell’s last bayfront parcel and will instead build high-end condos once the market improves. The luxury condos at the 2.5-acre Villa Magna site at 1201 Brickell Bay Drive will include two 60-story towers totaling 787 units, along with restaurants and retail on ground levels, developer Jerome Hollo said. Grupo Pedro Iglesias, a Spanish investment firm, pulled out of the project, which led to cancellation of the hotel plan, he said.