The Real Deal Miami

Ugo Colombo buys Brickell Flatiron Park for $21M

The seller, Mallory Kauderer, planned to develop northern half
October 02, 2013 10:00AM


Ugo Colombo and Brickell Flatiron Park at 1100 Southeast First Avenue (Credit: Crespogram Report)

Condo developer Ugo Colombo now owns Miami’s Brickell Flatiron Park, paying $21 million to fellow developer Mallory Kauderer.

Colombo’s CMC Group financed the buy with a $12.6 million mortgage from Suntrust Bank; the sale might be just for the northern half of the property, at 1100 Southeast First Avenue, that the city had said can be developed. When the Raymond Jungles-designed park opened a year ago, Kauderer struck a deal with Miami officials to make the temporary park  permanent in exchange for extra land that would give him ownership of the entire block. Kauderer’s goal was to develop the northern part of the park.

Before the downturn, architect Enrique Norten began the design on a 70-story tower; the project was eventually scrapped. [ExMiami]Mark Maurer