Slowdown? What slowdown? Russian billionaire Vlad Doronin is launching a new project in Brickell.
Doronin’s OKO Group and investment firm Cain International released plans for Una, a 47-story, 135-unit luxury waterfront condo building for the site at 175 Southeast 25th Road. Fortune Development Sales, which is handling OKO’s Missoni Baia tower in Edgewater, was hired as the exclusive sales and marketing firm, according to a release. Units will range from 1,100 square feet to 4,786 square feet and start at $900,000.
In October, the developer broke ground on Missoni Baia, a 249-unit luxury condo building, despite the market-wide slowdown in luxury condo sales. A recent report found that Miami-Dade has four years of existing luxury inventory – excluding the preconstruction market. Nearly 2,800 units are on the market asking at least $1 million, according to Condo Vultures Realty.
Una will be designed by Adrian Smith + Gordon Gill Architecture and will include two penthouses with their own pools. OKO paid $48 million for the nearly one-acre parcel, the site of the former 11-story, 25 Bay Tower Condo building, in 2015.
A year later, OKO partnered with Cain International to buy a 2-acre parcel at 720 Northeast 27th Street, also in Edgewater, for $54 million.– Amanda Rabines