[chris08876]

Ugo Colombo and Vlad Doronin swap ownership of Brickell land

Ugo Colombo and Vlad Doronin, once the planned co-developers of Brickell Flatiron and another nearby site in Miami, have ended their partnership on both projects by way of a land swap.

The two developers previously had joint ownership of the Brickell Flatiron condo project at 1001 South Miami Avenue and an assemblage of parcels at 830 Southeast 1st Avenue.

For reasons undisclosed, Colombo and Doronin have traded their ownership rights on both properties. Colombo’s CMC Group is now the outright owner of Brickell Flatiron, while Doronin holds the title for the assemblage at 830 Southeast 1st Avenue, according to Colombo’s spokesperson. The financial details of the deal were not disclosed.

“CMC Group and Capital Group had planned to co-develop the 830 Southeast 1st Avenue and Brickell Flatiron sites,” CMC spokesperson Tadd Schwartz told The Real Deal. “The two firms have since finalized an agreement under which Capital Group will control the 830 site, and CMC group will develop Brickell Flatiron independently.”

Since launching sales in April 2014, Flatiron has sold about 45 percent of its 548 units, according to fourth quarter data from the most recent ISG Miami Report. The project has yet to break ground but is expected to do so in March of this year.

In May 2015, Colombo and Doronin put the 0.8-acre assemblage of land at 830 Southeast 1st Avenue on the market with brokerage CBRE. The site sits directly next to Related Group’s upcoming SLS Lux project, and at the time was expected to fetch around $50 million, based on comparable land sales.

CMC Group acquired the land for an undisclosed amount in July 2013, according to Miami-Dade property records. The property had been purchased out of bankruptcy by Oleg Baibakov, a Russian oligarch. Previously, entities linked to developers Renzo Renzi and his brother Pasquale Renzi had planned the Beacon of Brickell Tower on the site.

===============================
http://therealdeal.com/miami/2016/02...brickell-land/