Ugo Colombo’s 830 Brickell is back on the market

Miami /
May.May 27, 2015 06:15 PM

In a sign of a possible market recalibration, a Brickell area property co-owned by developer Ugo Colombo is being listed for sale by CBRE, The Real Deal has learned.

The unpriced assemblage of parcels, at 830 Southeast First Avenue, will likely trade in the same range as similar properties in the area, CBRE’s Vice Chairman of Investment Sales Robert Given told TRD. That is likely between $55 million and $65 million per acre, he said, referencing the sale of 700 Brickell and the Capital Brickell site.

Colombo’s 0.8-acre property, across from the planned Brickell City Centre, includes development rights and plans, Given said. It is being marketed as 830 Brickell.

Colombo’s CMC Group acquired the land for an undisclosed amount in July 2013, according to Miami-Dade property records. The property had been purchased out of bankruptcy by Oleg Baibakov, a Russian oligarch. Previously, entities linked to developers Renzo Renzi and his brother Pasquale Renzi had planned the Beacon of Brickell Tower on the site.

Colombo and other CMC executives were not available for comment on Wednesday, according to their spokesperson.

CMC’s partner on the property for sale is Russian developer Vlad Doronin, who is also CMC’s partner on Brickell Flatiron, at 1001 South Miami Avenue. Sales for the 60-story, 552-unit condo tower launched in April 2014. A second Brickell Flatiron tower was originally planned for the site.

“The partnership just decided it was in the best interest of the partnership to sell the property,” CBRE’s Given said.

The Brickell area near Brickell City Centre is packed with proposed condo projects. In a 10-block stretch on South Miami Avenue, from Fourth Street to 14th Street, 17 towers with 5,500 units are planned, said Peter Zalewski, principal of Condo Vultures and a columnist for TRD.

Colombo’s attempt to sell the property, which is referred to as Brickell Flatiron II, is a sign the market is changing, Zalewski said.

“This is a gentleman who understands the cycles and how they work…. This is a clear and evident sign that the market is at a peak, possibly even past it, in Greater Downtown Miami,” Zalewski told TRD. “Ugo Colombo’s track record is too good to assume anything else.”

Over the past two decades, Colombo has developed such luxury South Florida projects as Bristol Tower, Santa Maria, Porto Vita, Grovenor House and the Epic Residences and Hotel. He sold the 1.25 acre Epic East site for $125 million last year.

“It is actually good news,” Zalewski said. “When a veteran developer like Ugo Colombo acknowledges that the market is changing, the rest will follow,” he said, adding that it can in effect prolong the cycle.

“We will see a recalibration,” he said. “This is a sign that the Miami market is maturing. It’s no longer an adolescent, it is starting to make some adult decisions.”


Related Articles

arrow_forward_ios
CMC Group’s Ugo Colombo, Valerio Morabito and the rendering of Onda Residences (CMC Group, Valerio Morabito)
Ugo Colombo’s CMC and Morabito land $65M construction loan for Bay Harbor condos
Ugo Colombo’s CMC and Morabito land $65M construction loan for Bay Harbor condos
CMC Group's Ugo Colombo and a rendering of Vita at Grove Isle (Photos via Vita at Grove Isle)
Lawsuit aims to stop controversial Grove Isle project now developed by Ugo Colombo
Lawsuit aims to stop controversial Grove Isle project now developed by Ugo Colombo
From left: Masoud Shojaee of Shoma Group and Ugo Colombo of CMC Group (Shoma Group, CMC Group, iStock/Illustration by Steven Dilakian for The Real Deal)
Verdict upended: Judge throws out Masoud Shojaee’s $10M court win against Ugo Colombo affiliate
Verdict upended: Judge throws out Masoud Shojaee’s $10M court win against Ugo Colombo affiliate
CMC Group’s Ugo Colombo and Shoma Group’s Masoud Shojaee (CMC Group, Shoma Group)
Masoud Shojaee’s Shoma wins $10M in yearslong suit against Ugo Colombo affiliate over failed condo project
Masoud Shojaee’s Shoma wins $10M in yearslong suit against Ugo Colombo affiliate over failed condo project
Lease roundup: Apparel company inks 142K sf lease in Miami Gardens & more
Lease roundup: Apparel company inks 142K sf lease in Miami Gardens & more
Lease roundup: Apparel company inks 142K sf lease in Miami Gardens & more
Clockwise: River Landing, Delray Commons and the PulteGroup office space
Lease roundup: Driveshack, GoPuff ink leases & more
Lease roundup: Driveshack, GoPuff ink leases & more
The Collection CEO Ken Gorin and developer Ugo Colombo. (Getty, Spring Engineering)
Ugo Colombo’s The Collection nabs $65M construction loan for second Coral Gables dealership
Ugo Colombo’s The Collection nabs $65M construction loan for second Coral Gables dealership
Ugo Colombo with renderings of the project. (Getty)
Ugo Colombo’s CMC Group sells Brickell Flatiron sales center to Argentine investors
Ugo Colombo’s CMC Group sells Brickell Flatiron sales center to Argentine investors
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...