Villa Magna developer ditches parent

Villa Magna Residences

The developer of Villa Magna Residences in Miami has spun off from its Russian parent firm into a stand-alone private equity and real estate firm called Corigin.

Corigin is the spin-off of Coalco New York, the U.S. operation of international real estate company Coalco Development. The newly named firm will operate two divisions, Corigin Real Estate Group, which owns property in New York, New Jersey and Florida, and Corigin Private Equity Group, which holds stakes in various construction, transportation, beverage and other companies.

“We decided that with a simplified U.S.-based structure we could be a more self sufficient company,” said Ryan Freedman. “We’ve become good developers and we plan to continue to develop.”

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Freedman, who was chairman and CEO of Coalco New York, will retain the same title and duties in the new entity as will Ed Baquero, president of Coalco New York.

Villa Magna Residences will include two 60-story towers on downtown Miami’s last remaining waterfront property at 1400 Brickell Bay. At 2 million square feet, Villa Magna will have 787 residences, 1,535 parking spaces as well as retail space. The project had stalled in 2008 under previous investors and was reconfigured from an original plan to include a luxury hotel.

The company’s New York-area projects include Element, a 198-unit condominium at 555 West 59th Street. Freedman said the project is sold out and there are talks to lease out a retail space at across from the main entrance at the property.