Ugo Colombo and Vlad Doronin swap ownership of Brickell land

Miami /
Feb.February 11, 2016 03:00 PM

Ugo Colombo and Vlad Doronin, once the planned co-developers of Brickell Flatiron and another nearby site in Miami, have ended their partnership on both projects by way of a land swap.

The two developers previously had joint ownership of the Brickell Flatiron condo project at 1001 South Miami Avenue and an assemblage of parcels at 830 Southeast 1st Avenue.

For reasons undisclosed, Colombo and Doronin have traded their ownership rights on both properties. Colombo’s CMC Group is now the outright owner of Brickell Flatiron, while Doronin holds the title for the assemblage at 830 Southeast 1st Avenue, according to Colombo’s spokesperson. The financial details of the deal were not disclosed.

“CMC Group and Capital Group had planned to co-develop the 830 Southeast 1st Avenue and Brickell Flatiron sites,” CMC spokesperson Tadd Schwartz told The Real Deal. “The two firms have since finalized an agreement under which Capital Group will control the 830 site, and CMC group will develop Brickell Flatiron independently.”

Since launching sales in April 2014, Flatiron has sold about 45 percent of its 548 units, according to fourth quarter data from the most recent ISG Miami Report. The project has yet to break ground but is expected to do so in March of this year.

In May 2015, Colombo and Doronin put the 0.8-acre assemblage of land at 830 Southeast 1st Avenue on the market with brokerage CBRE. The site sits directly next to Related Group’s upcoming SLS Lux project, and at the time was expected to fetch around $50 million, based on comparable land sales.

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.

CBRE on Thursday confirmed to TRD that it is no longer listing the property. A Doronin-controlled company that owns the 830 Southeast 1st Avenue site also just financed the property with a $36 million loan from the Security Benefit Corp. The billionaire Russian real estate developer heads Moscow-based Capital Group.

Colombo, a veteran real estate developer based in Miami, grabbed headlines in 2014 when he sold land next to downtown’s EPIC Hotel for a whopping $125 million. More recently, his partnerships have seemed to dissolve. Colombo and Masoud Shojaee’s Shoma Group had previously planned to jointly develop the Collection Residences, but ended their partnership in November. Last month, Shojaee sued Colombo in a dispute related to that partnership. Colombo has told TRD that he still plans to develop the Collection Residences  after he completes Brickell Flatiron.


Related Articles

arrow_forward_ios
Vlad Doronin, Len Blavatnik and a rendering of Aman Miami Beach (Getty)
Aman Miami Beach secures another approval tied to luxury hotel and condo project
Aman Miami Beach secures another approval tied to luxury hotel and condo project
Len Blavatnik, Vlad Doronin and renderings of the project. (Getty, Aman)
Aman Miami Beach developer secures approval from historic board
Aman Miami Beach developer secures approval from historic board
Founders Fund partners Peter Thiel and Keith Rabois (Getty/Illustration by Kevin Rebong for The Real Deal)
Silicon Valley’s Founders Fund inks Miami lease
Silicon Valley’s Founders Fund inks Miami lease
Renderings of the One Brickell project with Jorge Pérez  and Jon Paul Pérez (Photos via Wikipedia Commons, Related)
Related to partner with Baccarat on major Brickell high-rise development
Related to partner with Baccarat on major Brickell high-rise development
Yamal Yidios and an aerial view of the property (Ytech)
Ytech completes $12M deal for Brickell high-rise dev site
Ytech completes $12M deal for Brickell high-rise dev site
Continuum 2.0? Bruce Eichner teams with TSG to develop Brickell tower
Continuum 2.0? Bruce Eichner teams with TSG to develop Brickell tower
Continuum 2.0? Bruce Eichner teams with TSG to develop Brickell tower
Michael Stern and a rendering of the project (Getty, JDS Development/SHoP Archictects)
Michael Stern pays $24M for future site of 62-story Brickell tower
Michael Stern pays $24M for future site of 62-story Brickell tower
Major Food Group's Jeff Zalaznick and the Design District location (iStock)
New York restaurateur Major Food Group to open three concepts in Miami
New York restaurateur Major Food Group to open three concepts in Miami
arrow_forward_ios

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

Loading...