Billionaire developer Doronin buys Fort Lauderdale assemblage for $63M

Michael Dell’s MSD Partners provided a $33M loan

Miami /
Jun.June 10, 2020 11:30 AM
Vladislav Doronin (Credit: Gesi Schilling via Wikipedia)

Vladislav Doronin (Credit: Gesi Schilling via Wikipedia)

Billionaire developer Vladislav Doronin assembled and closed on three blocks of land in Fort Lauderdale for nearly $63 million, marking his first plan to develop in Broward County.

Doronin’s OKO Group, through a land trust, closed on 6.7 acres south of the New River and Las Olas Boulevard, an area that has attracted a group of developers, property records show. OKO’s seven deals cover 27 parcels, including developer Dev Motwani’s site of the planned 629 Residences, a 34-story, 251-unit apartment building at 629 Southeast Fifth Avenue.

Dev Motwani’s 629 Residences rendering (Credit: South Florida Business Journal)

Dev Motwani’s 629 Residences rendering (Credit: South Florida Business Journal)

OKO Group, based in New York and Miami, is planning a mixed-use project on the assemblage. In a statement, OKO said the area benefits from “an urban grid which lends itself to a pedestrian-oriented development,” as well as strong demographics.

OKO has four major projects in the works in the Miami area, including the Missoni Baia condo tower in Edgewater, Una Residences in Brickell, the WeWork-anchored 830 Brickell office tower, and the planned Aman hotel and condo in Miami Beach. Last week, Doronin announced he brought on Vanessa Grout to lead a newly formed real estate sales and marketing arm of the company.

The largest piece of OKO’s latest assemblage was the $33.16 million purchase of land at 633 South Federal Highway that stretches west to Southeast Fourth Avenue. Scherer Realty LLLP, led by lawyer William Scherer Jr., sold the properties. Another Scherer-led LLC sold a smaller piece for $3.8 million.

Dixie Land Holdings, led by Ceiba Groupe developer Adam Bedzow, sold land on Sixth Avenue and Fifth Terrace for $9.15 million. Motwani’s 616 SE Fourth Avenue LLC sold the site on Fifth Avenue. Members of the Buckley family sold some land for $4.2 million.

Billionaire Michael Dell’s MSD Partners, OKO’s lender for 830 Brickell, provided a $33 million loan for the purchase. (MSD purchased the Boca Raton Resort & Spa for nearly $900 million last year.)

Ackman-Ziff’s Marc Sznajderman, Romano Tio and Chris Gathman arranged the financing for OKO’s Fort Lauderdale purchase.


Related Articles

arrow_forward_ios
From left to right: 3333 South Port Royale Drive in Fort Lauderdale with Invesco CEO Martin Flanagan and Mill Creek CEO William MacDonald (Invesco, Mill Creek)

Mill Creek, Invesco sell Fort Lauderdale apartments for $180M

Mill Creek, Invesco sell Fort Lauderdale apartments for $180M
Matthew Karch and Auberge Beach Residences & Spa (Embracer Group, Google Maps)

Video game CEO spends $10M on Fort Lauderdale condo

Video game CEO spends $10M on Fort Lauderdale condo
Jonathan Fish and a rendering of the project

Fort Lauderdale mixed-use project eyes March groundbreaking

Fort Lauderdale mixed-use project eyes March groundbreaking
Michael and Andrea Kallberg & 400 Royal Plaza Drive, Fort Lauderdale (Credit: Google Maps)

Disaster response firm owners sell Las Olas Isles mansion at a slight loss

Disaster response firm owners sell Las Olas Isles mansion at a slight loss
Publix CEO Todd Jones and a rendering of the project

Publix in Fort Lauderdale Beach moves forward

Publix in Fort Lauderdale Beach moves forward
601-607 Northeast 29th Drive and 999 Northeast 23rd Drive (Google Maps)

Investors pay $13M for multifamily portfolio in Fort Lauderdale, Wilton Manors

Investors pay $13M for multifamily portfolio in Fort Lauderdale, Wilton Manors
Mike Napoli and 2501 Delmar Place (Getty, Coldwell Banker)

He’s out: Baseball’s Mike Napoli sells waterfront Fort Lauderdale mansion for $7M

He’s out: Baseball’s Mike Napoli sells waterfront Fort Lauderdale mansion for $7M
Len Blavatnik, Vlad Doronin and a rendering of the project (Credit: Mike Coppola/FilmMagic via Getty Images)

Miami Beach approves zoning change allowing for Aman tower

Miami Beach approves zoning change allowing for Aman tower
arrow_forward_ios

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

Loading...