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Old Posted Sep 23, 2015, 6:57 PM
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chris08876 chris08876 is offline
NYC/NJ/Miami-Dade
 
Join Date: Jul 2013
Location: Riverview Estates Fairway (PA)
Posts: 45,694
MIAMI | Missoni Baia | 646 FT | 197 M | 57 FLOORS

Baybakov Submits Plans To Build A 646-Foot Tower On Edgewater Land That He Is Clearing



Quote:
Oleg Baybakov is planning to build a residential tower on the Edgewater property that he began clearing last week.

Baybakov filed plans with the FAA earlier this month to build a 646-foot tower on the property. The tower would top off at 649-feet above sea level, the maximum permitted in the area.

To build the tower, Baybakov began demolishing buildings on the 2.5-acre property last week. Baybakov assembled the land for nearly $40 million.

Baybakov’s 700 Edgewater LLC, which is the developing entity, also recently donated funds to Teresa Sarnoff, who is running for a Miami commission seat.

TNM will post renderings and plans for the new tower shortly.
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NXT
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Russian billionaire grabs Edgewater site

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Russian mining oligarch and developer Oleg Baybakov is jumping on the Edgewater bandwagon, The Real Deal has learned. A company called 700 Edgewater Development paid $21.5 million for a 37,462-square-foot property in the burgeoning Miami neighborhood, according to Miami-Dade County records. A 58-unit apartment building is currently located on the 700 Northeast 26th Terrace site. State corporate records identify Baybakov as the president and director of 700 Edgewater. The transaction closed on Feb. 18 and was recorded by Miami-Dade County on Friday. Seller HypCor700 of Miami enjoyed a nice return on its 18-month investment. It paid $9.9 million for the property in August 2012. The company had proposed a 39-story condo tower to be called Mbay at the site. The purchase price matches what another Baybakov company paid last year for a prime condo site in Brickell. Watson Investigations picked up the 33,927-square-foot site through the bankruptcy cases of Miami developer Renzo Renzi. The Edgewater neighborhood stretches from Northeast 17th to 37th streets. There are at least 10 condo towers currently proposed for the area, including Related’s Paraiso Bay, Melo Group’s Bay House and Eastview Development’s Biscayne Beach.
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http://therealdeal.com/miami/blog/20....nPekuOjn.dpuf
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