A development group led by Russian billionaire Vladislav Doronin will break ground on the Missoni Baia condo tower in Miami’s Edgewater neighborhood on Oct. 12.
The groundbreaking ceremony will take place at 5 p.m. at 777 N.E. 26th Terrace.
Developed by Doronin’s OKO Group and Cain International, Missoni Baia will be the first residential building branded by luxury Italian fashion house Missoni. It was designed by Hani Rashid and Lise Anne Couture of Asymptote Architecture and New York designer Paris Forino, with landscaping by Enzo Enea.
See renderings of the Missoni Baia and its amenities in the slideshow.
“Missoni Baia is leading the way in Edgewater; setting a new standard for a sophisticated living with amenities worthy of a luxury resort, ” Doronin said. “OKO Group is investing over $700 million into the Edgewater neighborhood, further bolstering this emerging, vibrant community. The Missoni Baia residences bring to the market an opportunity to invest in a unique lifestyle with a broad range of unparalleled amenities and panoramic waterfront views.”
The 57-story tower will have 249 units ranging from 766 to 3,788 square feet. Prices start at $500,000.
Missoni Baia should be completed near the end of 2020.
OKO Group, which is in negotiations with general contractors, declined to say how many units in the project were presold.
Craig Studnicky, principal of residential brokerage ISG World, said his research found that Missoni Baia has less than 20 units presold. Most developers don’t break ground until they have at least 60 percent presales, he noted. The Aston Martin condo in Miami is also set to break ground later this month at far short of 60 percent presales, he said.
“These might turn out to be good bets, as both projects will take three years to complete construction and delivery in late 2020 with very little new inventory for buyers to choose from then,” Studnicky said. “At the moment, both the Missoni and Aston Martin developers are taking a step that most of their competitions will not; however, time might prove these gambles as wise.”
Doronin said he’s happy with the progress of sales.
“We are fortunate to have strong financial partners with OKO Group and Cain International, which allows us to fund construction with equity,” Doronin said. “We expect to obtain a construction loan shortly.”
He said that many buyers have come from Brazil, Argentina, Colombia, Turkey, Russia and the U.K. The northeastern U.S. is also a focus of its sale efforts.
“Collaborating with a brand like Missoni helps us to tell the story of the building in a way that can be easily understood globally because people are already familiar with this historic Italian fashion house,” Doronin said. “This story resonates with our core markets, particularly in South and Central America, where the brand has a loyal following.”
Amenities at Missoni Baia include a sun deck with cabanas, spa, fitness center, tennis court and five pools, including an infinity-edge pool facing the bay and an Olympic-size lap pool. It will also include a walkway along Biscayne Bay.
This is the first of four projects that OKO Group is planning in Miami. It owns additional sites in Edgewater and Brickell.