Tibor Hollo signed an agreement with the county last month stating that ‘time is of the essence’ to begin work on his Villa Magna project at 1201 Brickell Bay Drive.
Hollo’s newest plans for Villa Magna include 1,208 apartment units, 20,050 square feet of retail space, and 14,450 square feet of restaurant space. The land is currently used as parking for the 1101 Brickell office building, after Hollo demolished a parking garage there to build Panorama Tower.
Construction on water and sewer facilities for the project must begin within 365 days from the date of the agreement, July 1. A full complement of workmen and equipment must be engaged in construction at the site. Should work fail to begin, a deal to provide water and sewer to the site will be deemed null and void.
Tibor Hollo is partnering with former L.A. Dodgers owner Frank McCourt and New York’s Corigin Real Estate Group to build the 787-unit Villa Magna, according to an announcement.
Terms were not disclosed.
A court recently cleared Hollo of liability related to a deposit on the site placed by Spanish developer Grupo Prasa. The property is currently serving as parking for Hollo’s 1101 Brickell, where Panorama Tower is under construction.
MG Properties, the real estate arm of McCourt Global, announced today that it has entered into a partnership with Florida East Coast Realty, a leading South Florida-based real estate development firm, and Corigin Real Estate Group, a division of Corigin, a New York-based real estate development and investment firm, to develop 1201 Brickell Bay Drive, a 1.8 million square foot, luxury residential development project on Biscayne Bay in Miami’s financial district.
The last remaining development site on Miami’s Brickell Corridor, 1201 Brickell Bay Drive sits atop 2.5 acres of prime waterfront property and is designed for two main towers in excess of 60 stories, each delivering panoramic views stretching from Key Biscayne to South Beach. When completed, 1201 Brickell Bay Drive will offer unparalleled amenities that will redefine luxury oceanfront living while providing Miami with a global icon.
“MG Properties is very pleased to join Florida East Coast Realty and Corigin Real Estate Group as partners in this highly anticipated project,” said Drew McCourt, president of MG Properties. “Building landmark structures in global gateway cities is a key focus area for MG Properties and 1201 Brickell Bay Drive, with its enviable waterside location and other attributes, is a great strategic fit for us.”
“We are very pleased to expand and welcome MG Properties to our partnership as we take the necessary steps in moving forward on what will undoubtedly be an iconic development,” said Edward Baquero, president of Corigin Real Estate Group.
The FAA has approved a plan to build Miami’s tallest tower at 1201 Brickell Bay Drive.
FAA officials have been studying the plan to build a supertall tower since January. Yesterday, after an eight month review process, the proposed height was approved.
With the new approval, the developers of the project can build up to 1,044 feet above ground, or 1,049 feet above sea level.
Tibor Hollo is partnering with New York’s Corigin Real Estate Group and former L.A. Dodgers owner Frank McCourt’s MG Properties to develope the project.
Preliminary plans for an 80 and 81-story project called The Towers by Foster and Partners have been obtained by TNM.
At ground level, the architect has designed a retail arcade between the two towers, which will allow pedestrians to pass through glass-enclosed retail and restaurants towards the baywalk. In total, there is 17,920 square feet of retail, restaurant and cafe space.
The architect is proposing three basement levels of underground parking, going as deep as 17 feet below sea level. A podium on levels 2 through 11 (above the retail space) also appears to have parking lined with residential, for a total of 771 spaces.
All of the floors above level 14 are either residences or amenities. The towers will be intermittently attached with a “residential bridge” every 5-7 levels. The proposal includes 660 units, half the 1,250 units allowed by zoning.
There are six levels of amenity spaces, perhaps the most of any condo project in Miami. Levels 12, 13, 48, 49, 72 and 73 are devoted to amenities.
The south tower will be slightly taller at 81 stories (1,049 feet above sea level,) with the north tower at 80 stories.
The developers of The Towers by Foster and Partners in Brickell are moving forward with the project and submitted their plans to the city for approval last week.
The proposal includes:
Two supertall towers, at heights of 81 stories and 79 stories
660 residential units (Option A) or 550 residential units/220 hotel rooms (Option B)
1,162 parking spaces (some buried underground), 172-189 bicycle racks
34,731 square feet retail/gallery/restaurant/cafe
La Puerta Del Sol, a public plaza on the ground floor
Revised plans to modify the 2004 Villa Magna MUSP were filed on November 28, meaning approval could come as early as December 28, if Miami’s Planning Department gives the green light.
The development team includes:
Developers: Corigin Real Estate Group, Florida East Coast Realty, and McCourt Global Properties
Design Architect: Foster & Partners
Architect of record: ODP Architects
Landscape Architect: H.L. Martin
Structural engineer: DeSimone
The news was confirmed by Bloomberg. Citadel has bought this site, very likely meaning this will be their new world headquarters. They may even move their employees to Miami before the new building is built, as Citadel also purchased an entire Brickell office building.
I doubt that this tower will ever rise, as it’s currently envisioned. It likely will be a condo/hotel with a smaller office component. Miami is nice, but it’s not a financial center. Also, it’s nice to visit, but NY is a WAY BETTER city to live in. Further, since NY is the global financial capital, I guarantee that virtually all Citadel employees will want to be in NY.
Here’s a quote:
“Griffin told Bloomberg that its planned tower could rise [more than 1,000 feet on par with a number of other skyscrapers in the Miami pipeline. He also said it could be built in five or six years, though it will likely take longer.”
