The Real Deal Miami

Collection Residences site listed for sale as litigation between Ugo Colombo and Masoud Shojaee drags on

JV with plans to develop 2.8-acre site into luxury condos fell apart in 2015
February 21, 2018 06:00PM

Ugo Colombo, 250 Bird Road and Masoud Shojaee

More than two years after a partnership to develop the Collection Residences fell apart, the Coral Gables development site at the heart of it all is hitting the market.

A county judge ordered the 2.8-acre property be listed for sale as litigation between developers Ugo Colombo and Masoud Shojaee rolls on. Avison Young’s Michael Fay, John Crotty, David Duckworth and Colin Trabold were hired to list the assemblage at 250 Bird Road, 245 Altara Avenue, 4112 Aurora Street, and 4101 and 4111 Salzedo Street, according to the South Florida Business Journal.

The developers originally planned to build the 128-unit Collection Residences, a luxury condo project with ground floor retail. Shojaee filed a lawsuit against Colombo in January 2016, alleging breach of contract, and sued him again a month later for breach of contract tied to the purchase of a Ferrari.

The joint venture paid $27 million for the development site in 2013. It’s zoned for nearly 431,000 square feet of mixed-use development with up to 12 stories with development bonuses. Bids are due in about a week. [SFBJ] – Katherine Kallergis