Miami condo developer Ugo Colombo and partners are planning a new condo project on an oceanfront site in Miami Beach, the latest of the old-guard developers to test the strength of the resurgent market for new-build, luxury condos.
The project, called Beach House 8 and planned for the 3600 block of Collins Avenue, will be among 20 other towers proposed for Miami Beach, according to a CondoVultures.com report.
Together, the projects would add more than 1,000 units to the string of barrier and man-made islands that is one of South Florida’s most densely populated cities.
Colombo, whose team lost an acrimonious contest for a billion-dollar redevelopment of the Miami Beach Convention Center earlier this year, is listed as a member of the team developing Beach House 8, according to Condo Vultures, citing marketing literature for the project.
Foreign buyers who pay in cash have fueled a revival of building. Nearly nine out of 10 buyers of the 6,500 South Beach residences sold since 2003 were foreign, the report said.
The generally low-profile Colombo was in the news when music producer Pharrell Williams sued for leaks in his $14 million penthouse at the developer’s Bristol Towers condo in Miami, as The Real Deal reported. [Condo Vultures] — Emily Schmall