Ugo Colombo, partner buy Bay Harbor Islands development site

P3 Investments sells after historic designation overturned

TRD MIAMI /
Nov.November 22, 2017 11:50 AM

1135 103rd Street and Ugo Colombo (Credit: Colliers International Group and CMC Group)

Developers Ugo Colombo and Valerio Morabito just bought the Bay Harbor Continental site for $20.5 million.

Property records show the partnership paid P3 Investments about $400 per square foot for the 1.2-acre development site at 1135 103rd Street in Bay Harbor Islands. It was previously approved for a seven-story, 29-unit boutique condo project designed by Italian design firm Pininfarina.

Colliers International South Florida’s Larry Stockton and his team represented both the buyer and seller.

Colombo was out of the country and unavailable to comment on plans for the site, according to a spokesperson.

P3, led by Carlos Malagoni, paid $16.5 million in April 2016 for the site, records show. It has 300 feet of bay frontage, according to a release.

P3 spent several years overcoming hurdles to prepare the site for development. The Bay Harbor Continental, a 35-unit co-op built in 1938 and designed by architect Charles McKirahan, was granted historic designation status early 2015 by the Miami-Dade Historic Preservation Board.

But county commissioners overturned the ruling later that year, which allowed for the sale of the co-op by its owners. At the time, 86 percent of the Continental’s residents wanted to sell their units because they couldn’t afford the necessary renovations, and 13 of the owners opposed the deal on the grounds that they would have nowhere else to go. Then, in August 2016, P3 sued residents, claiming they were illegally occupying the property.

Developer Ugo Colombo is also building Brickell Flatiron, which is scheduled to be delivered in June 2019. He and Morabito, a film producer, have worked together on several projects, including the 10-story condo Beach House 8 in Miami Beach.


Related Articles

arrow_forward_ios
Brickell Flatiron

Venezuelan who purchased Brickell Flatiron condo pleads guilty to money laundering

Venezuelan who purchased Brickell Flatiron condo pleads guilty to money laundering
Prive at Island Estates and BH3’s Charlie Phelan, Greg Freedman and Daniel Lebensohn and Gary Cohen

Privé at Island Estates developer sues Suffolk Construction over defects

Privé at Island Estates developer sues Suffolk Construction over defects
Vladislav Doronin (Credit: Gesi Schilling via Wikipedia)

Billionaire developer Doronin buys Fort Lauderdale assemblage for $63M

Billionaire developer Doronin buys Fort Lauderdale assemblage for $63M
Seth Wise, Co-CEO of The Altman Companies, Altís Ludlam Trail

Altman scores $55M construction loan for Ludlam Trail project

Altman scores $55M construction loan for Ludlam Trail project
Joseph Swedroe (Corcoran, iStock)

Corcoran agent in Miami loses job over “racist and fear-based” marketing

Corcoran agent in Miami loses job over “racist and fear-based” marketing
Pierre Brondeau and Palazzo Del Sol

Pesticide exec pays $14M for Palazzo Del Sol condo

Pesticide exec pays $14M for Palazzo Del Sol condo
Howard Lorber and 1525 North View Drive

Howard Lorber buys waterfront Sunset Islands home for $12M

Howard Lorber buys waterfront Sunset Islands home for $12M
2201 Sunset Drive and David Grutman (Credit: Douglas Elliman)

Hospitality mogul David Grutman lists Sunset Islands home

Hospitality mogul David Grutman lists Sunset Islands home
arrow_forward_ios

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

Loading...