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.