Russian developer paid 48 million dollars for a house in Miami
Miami Waterfront Ventures, the structure of Russian oligarch Oleg Baibakov, acquired an 11-storeyed house in Brickell, on the site of which it is planned to build a high-rise building on 48 floors.
The Brickell business district is considered the most fashionable in Miami. Portal airbnb calls it the “ambitious cousin” of Downtown Miami and the “Manhattan of the South,” with soaring business centers and luxury condominiums.
In the near future, the condominium acquired by Baibakov at 175 SE 25th Road, located on a common area of one acre (approximately 0,4 hectares), will be demolished.
The cost of real estate overlooking Biscayne Bay was estimated at an average of 800 thousand dollars per apartment. In total, in a house built in 1971, there are 60 apartments.
Miami Waterfront Ventures is a division of the OKO Group Oleg Baibakov, which already has experience with world-class architectural bureaus.
The developer’s track record includes two other sites in Miami, one of which covers an acre (more than a hectare) area of 2,8 of the coastal zone known as 700 Edgewater. At the moment the object is under reconstruction.
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