OKO Group and Cain International Complete $74 Million in Condo Sales Since the Start of the New Year at Miami’s Missoni Baia and Una Residences

Miami’s newest luxury condominium towers are tapping into a surge of domestic buyers fueled by the city’s desirable quality of life, lower business and living expenses, and Florida’s tax-friendly policies. At Missoni Baia and Una Residences, two new luxury towers under development by OKO Group and Cain International in Miami, approximately $74 million in sales have been completed in the last 60 days. The vast majority of units sold have been purchased by domestic buyers, reflecting the influx of new residents pouring into South Florida from cold weather and tax-burdened states.

This recent surge in sales from domestic buyers is the latest example of how business and wealth migration is fueling the South Florida condo market. The pandemic, coupled with people and companies looking to relocate from major U.S. cities – specifically in the Northeast and Midwest regions – to tax-friendly states with reduced business and living expenses, is enticing out-of-state residents to make the move to South Florida, with this trend expected to continue throughout 2021.

According to a recent report by brokerage ISG World, domestic buyers have taken over as the leading source of new condo purchases in Miami and Fort Lauderdale during the pandemic, with only 3.9 percent of recently completed units remaining unsold in December 2020. The latest statistics support that fierce competition and ballooning prices for single-family homes in South Florida are driving buyers toward condominiums instead.

“We’ve just had our best month of sales, and we’re seeing demand for condos intensify as the inventory of single-family homes continues to dwindle and Miami’s newest residents put emphasis on low maintenance, high-touch service and amenities that only a condo can offer,” said Vanessa Grout, CEO of OKO Real Estate, the sales and marketing arm of OKO Group. “Now that remote work has become so prolific and many people can work from wherever they choose, we’re seeing buyers from cities like New York, Chicago and San Francisco making the move to South Florida. They’re attracted by our lifestyle, our diverse culture and business community, and an overall quality of life.”

Now under construction, Missoni Baia and Una Residences are being developed by a partnership between OKO Group, one of South Florida’s most active and successful luxury development firms helmed by international real estate mogul Vladislav Doronin, and Cain International, a privately held investment firm with over $6.3 billion in real estate equity, debt and leisure business investments led by Jonathan Goldstein.

“This accelerated sales momentum reaffirms our strong belief in Miami's innovation, culture and lifestyle and its future as a global gateway city. We are extremely pleased with the progress across our Miami portfolio and look forward to delivering two world-class developments to the city’s residential market and welcoming their residents in the near future.” said Jonathan Goldstein, CEO of Cain International.

Designed by Hani Rashid of Asymptote Architecture, Missoni Baia is a 57-story luxury residential tower now rising on Biscayne Bay in Miami’s Edgewater neighborhood. As the Missoni brand’s first-ever residential project, the Italian fashion house is incorporating its trademark colorful design palette and Missoni Home furniture collection into the tower’s vibrant interiors, including all public spaces and amenity areas. The waterfront tower’s 249 residences range from one- to five-bedroom layouts measuring between 776 and 3,788 square feet in size. Units are priced from approximately $950,000 to upwards of $9 million. Construction of the 649-foot-tall tower is well underway and is expected to be completed in late 2021.

The 47-story Una Residences tower, designed by internationally renowned Adrian Smith + Gordon Gill Architecture (AS+GG), is situated on Miami’s waterfront in the city’s picturesque and private South Brickell neighborhood. Private elevators open up into the glass tower’s 135 spacious residences, which range from two- to five-bedrooms and measure between 1,100 to 4,786 square feet in size – with all units boasting unobstructed views of the Atlantic Ocean, Biscayne Bay and the Miami city skyline. Units are priced from $2.2 million to $7.4 million, with two ultra-exclusive penthouses with private pools priced up to $21.6 million. Construction of the 579-foot-tall tower is underway, with completion expected in 2023.

Additionally, OKO Group and Cain International are developing 830 Brickell, a class A-plus office tower also designed by Adrian Smith + Gordon Gill Architecture, currently under construction in the heart of Brickell’s Financial District. OKO Group’s plans to bring an Aman Hotel & Residences to Miami Beach were also recently approved by the City of Miami Beach. Construction of the ultra-luxury development is expected to start this year.

Cain International was recently appointed to lead the strategic reposition of the famed Delano hotel in Miami’s South Beach, adding to the firms growing hospitality footprint across global gateway cities. Cain’s additional US hospitality investment assets include the Waldorf Astoria Beverly Hills, the Beverly Hilton Hotel, and the Raffles Hotel and Residences Boston Back Bay. The firm has also partnered with OKO Group on the financing of the Aman Hotel & Residences in New York City’s historic Crown Building.

For more information about Una Residences or Missoni Baia, private showings or purchasing/ leasing information please fill out the form below:

OKO Group's Vladislav Doronin Buys Fort Lauderdale Assemblage for $63 Million

A land trust controlled by OKO Group’s Vladislav Doronin, a billionaire real estate developer from Russia who is now has headquarters in New York and Miami, has acquired a 6.7 acre assemblage in Fort Lauderdale for $63 million. The acquisition was financed with a $33 million loan from Michael Dell’s MSD Partners. The assemblage is located just south of the New River and Las Olas Boulevard and includes 3 full blocks, 27 parcels, one of which includes the site of Dev Motwani’s 629 Residences, a 34-story, 251-unit apartment building at 629 SE 5th Ave. OKO Group is reportedly planning a pedestrian-oriented mixed-use development.

OKO Group has been on the move in South Florida. The news of the assemblage acquisition comes just one week after OKO Group announced that Vanessa Grout was appointed CEO of the newly formed OKO Real Estate which would oversee the OKO Group’s sales and marketing. OKO Group also recently broke ground on Una Residences in Brickell and announced the Aman Hotel & Residence in Miami Beach’s Faena District. Construction continues on the 830 Brickell office tower and Missoni Baia luxury condo building in Edgewater.

Vanessa Grout Named CEO of OKO Group’s New Venture

Vanessa Grout has been named the CEO of OKO Real Estate, a new venture to expand the sales and marketing capabilities of Vladislav Doronin’s OKO Group. OKO Group currently has four projects under construction in Miami, including Una Residences and Missoni Baia, and another project under construction in Manhattan. Vanessa Grout has worked in the real estate sector for 16 years, most recently as President of Ugo Colombo’s CMC Real Estate, where she ran sales and marketing for Brickell Flatiron. With the launch of this new brokerage firm, OKO Group will continue to grow throughout South Florida, New York and in other major U.S. cities. 

“We are pleased to welcome Vanessa Grout to OKO Group and to expand our business. I have known Vanessa for many years, she has been a friend and a valued supporter,” said Vladislav Doronin, Chairman and CEO of OKO Group. “We are optimistic on the growth of the real estate sector in Miami which is why we have decided to bring Vanessa on board and to expand our offering. Buyers are choosing Miami to invest in their future; Miami is a good real estate investment as well as an investment in the quality of their future life.” 

Renowned for working with internationally acclaimed architects including Pritzker Prize–winning architect Zaha Hadid, real estate magnate Vladislav Doronin has developed 71 buildings and 75 million SF of world-class residential and commercial property internationally. 

“I am thrilled to be joining this expert team and to work alongside Vladislav Doronin to help expand OKO Group’s existing offering with the creation of OKO Real Estate,” said Vanessa Grout, CEO of OKO Real Estate. “This move follows the completion and successfully selling out Brickell Flatiron in Downtown Miami, the most recent project I oversaw.”

In Miami’s Edgewater neighborhood, construction on Missoni Baia surpassed the tenth floor and saw the recent sale of one of its two penthouses for $10 million. Una Residences recently broke ground and saw the commencement of construction on the luxury residential building’s foundation on Miami’s waterfront. OKO Group continued vertical construction on 830 Brickell, a 57-story highly-amenitized office skyscraper designed by one of the world’s leading architecture firms, Adrian Smith + Gordon Gill Architecture (AS+GG) in the heart of Miami’s financial district. OKO Group has closed on the development loan for Aman Miami which will bring an Aman hotel and Aman-branded residences to Miami Beach’s Faena District, on the site of the former Versailles Hotel at 3425 Collins Ave. Construction is also underway in New York where OKO Group is transforming The Crown Building, located at 5th Avenue and 57th Street, into Aman New York.

CMC Group Closes On More Than $31 Million in Penthouse Sales In Last 90 Days At Brickell Flatiron

CMC Group’s newly completed Brickell Flatiron condominium in Downtown Miami’s Brickell Financial District has successfully closed on four upper penthouse residences totaling $31.6 million in finalized sales over the last 90 days. The 64-story tower, built by CMC Group founder and veteran Miami developer Ugo Colombo, was delivered in November 2019, and over 90% of its contracts have already been closed. Approximately 98% of the building’s 527 units are sold to buyers from around the world, with more than half of its residents hailing from within the domestic United States. The 736’ skyscraper, located at 1000 Brickell Plaza, currently stands as the tallest condominium in Miami.

Brickell Flatiron’s upper penthouse collection, located on floors 62 through 64 of the tower, includes expansive single-story, two-story duplex and three-story triplex residences measuring from 3,600 SF and up to 7,900 SF in size. The sales include a 7,856 SF 6 bedroom, 3-story triplex penthouse with a private pool for $13.2 million; a 5,453 SF 4 bedroom, 3-story triplex penthouse also with a private pool for $11.2 million; a 2,726 SF 4 bedroom penthouse for $2.32 million and a 3,626 SF 4 bedroom, 2-story duplex penthouse for $4.9 million. One developer-owned duplex penthouse unit remains available for purchase, which is now on the market for $9 million.

“Now more than ever, buyers have grown accustomed to and appreciate the level of detail we have always strived to deliver at CMC Group,” said developer Ugo Colombo, founder of CMC Group. “Brickell Flatiron’s last available penthouse embodies true Italian design. Every element used – from the finishes and fixtures, to the furniture pieces and colors – was designed with the highest quality materials and the utmost attention to detail to achieve a unique, one-of-a-kind product that will stand the test of time.” 

“In the last few weeks, we have closed the balance of our sold penthouses,” said Vanessa Grout, president of CMC Real Estate. “The demand to purchase our last remaining developer-owned residence is coming from individuals both international and domestic.”

Rising 62 stories above Miami’s preeminent Brickell neighborhood, Brickell Flatiron’s last remaining duplex penthouse spans 4,633 SF of interior space with terraces extending from all rooms. The grand two-story residence features 4 bedrooms, 5.5 bathrooms and a vast 20’ double height living area enveloped by expansive north and east cityscape and water views. The fully finished “townhome in the sky” has been meticulously designed by Barcelona-born architect Alexis Cogul Lleonart of Miami-based Doo Architecture and enriched with beautifully curated accessories by Nest Casa. Alexis Cogul Lleonart’s design model for Brickell Flatiron’s last remaining upper penthouse expands upon CMC Group and Ugo Colombo’s ethos to create livable spaces with functional yet refined interiors that feel like home.

“A well-designed space must provoke, enhance and encourage a reaction,” said Alexis Cogul Lleonart, founder and principal of Doo Architecture. “If this happens, our work is completed.”

Brickell Flatiron’s architectural design is the brainchild of architect Luis Revuelta, who is behind many of Miami’s iconic high-rises including CMC Group’s Bristol Tower, Santa Maria and EPIC Residences & Hotel. On the inside, master Italian design architect Massimo Iosa Ghini uses inspiration from Revuelta’s curved façade to outline the tower’s sleek common areas and public amenity spaces, creating a seamless transition from exterior to interior.

The development’s privately owned permanent art collection includes a series of exclusively produced large-scale paintings and sculptures by New York artist Julian Schnabel, as well as signature pieces by Italian artist Carlos Battaglia and Italian photographer Marco Glaviano, which are displayed in the building’s grand lobby and public amenity spaces.

Amenities include a 64th-floor rooftop level with a Sky Spa, Sky Pool and Sky Gym, providing 360-degree panoramic views of the bay and downtown Miami’s glimmering cityscape. Residents may access a host of therapeutic services and other offerings including private steam, sauna and locker facilities, a 6,300 square foot state-of-the-art fitness center with Pilates, spin and aerobics studios, and a juice bar. Additional features include a resort-style lap pool and separate children’s pool on the 18th floor, private movie theater with stadium seating, billiards room and lounge, clubroom, full-time concierge and 24-hour valet parking, on-site vehicle washing and detailing, and electric car-charging stations.

Ugo Colombo Completes Miami’s Tallest Condo Tower As CMC Group’s Brickell Flatiron Receives TCO

Brickell Flatiron, CMC Group’s new 64-story luxury condominium tower in Downtown Miami’s Brickell Financial District, has received its Temporary Certificate of Occupancy (TCO) from the City of Miami. The milestone opens the door for closings to get underway as buyers take ownership of their residences, begin interior build-outs, and prepare to move-in this fall. With its distinct flatiron shape and curvilinear façade designed by architect Luis Revuelta, the 736-foot-high, 64-story, Brickell Flatiron tower becomes the tallest condominium south of New York City. Approximately 95% of the development’s 527 units have already been sold, with remaining residences priced from $790,000 to $3 million, and one upper duplex penthouse for $8 million.

Brickell Flatiron has attracted a diverse mix of residents since launching in 2015, including a significant percentage of domestic buyers. While the tower has enjoyed steady sales activity among buyers from Mexico, Argentina, Italy, Venezuela and Colombia, U.S. buyers have accounted for more than half of all unit sales to date. Approximately 70% of the building’s buyers came from U.S. markets, evidence that Americans are increasingly drawn to Downtown Miami’s urban lifestyle, which comes at a fraction of the price of luxury living in other gateway cities.

“When we started developing in Miami in the early 1990s, our firm viewed Brickell and Downtown as a ‘blank canvas’ that would one day come to life as a vibrant residential and commercial district where streets were alive 24 hours a day,” said developer Ugo Colombo, Founder of CMC Group. “Brickell Flatiron stands out for its unique luxury lifestyle woven into the urban landscape and is a reflection of Miami’s coming of age as a cosmopolitan city with a thriving downtown at its heart.”

Italian design architect Massimo Iosa Ghini used inspiration from Brickell Flatiron’s curved façade to outline the building’s sleek amenity spaces, creating a seamless transition from exterior to interior. The tower’s 64th-floor rooftop amenities encompass a Sky Spa, Sky Pool and Sky Gym with 360-degree panoramic views of the bay and downtown Miami’s glimmering cityscape. Residents have access to a host of therapeutic services and other offerings including private steam, sauna and locker facilities, a 6,300 SF state-of-the-art fitness center with Pilates, yoga and aerobics studios, and a juice bar. Additional features include a resort-style lap pool and separate children’s pool on the 18th floor, private movie theater with stadium seating, billiards and cigar room, wine cellar, 24-hour concierge and valet parking, on-site vehicle washing and detailing, and electric car-charging stations.

In 2016, CMC Group completed the $22.5 million sale of Brickell Flatiron’s 24,800 square foot ground-floor retail/restaurant space. The buyer, Elysee Investments, is a firm led by Avi Dishi of New York and Haim Yehezkel of Miami, which owns and manages a portfolio of commercial properties in New York and South Florida. Exciting tenants have already signed on to lease the space, including a popular London-based Japanese entertainment restaurant concept.

Delivery of Brickell Flatiron coincides with a rapid population boom in Miami’s urban core. Downtown Miami’s residential population has more than doubled since 2000 and grown by 40% since 2010, according to a recent demographics study by the Miami Downtown Development Authority. Today, more than 92,000 people live in the area and that number is expected to eclipse 100,000 by 2021. This growth has been driven by the rise of vertical residential towers and the activation of a thriving streetscape that ranks among the world’s most dynamic urban centers.

Photos via Golden Dusk Photography

Brickell Flatiron Now 87% Sold, Reduces Deposit Requirements To 30%

Sales at Ugo Colombo’s CMC Group’s Brickell Flatiron have reached 87% of its 527 units and the developer has lowered deposits to 30% as it aims to capitalize on recent local and domestic buyer interest and leverage Fannie Mae loans to attract end-users. There have been $290 million in total sales to date as the tower is on track to be completed this summer 2019. U.S. buyer activity at Brickell Flatiron was reportedly up 114% from 2017 to 2018, with domestic buyers spending $50 million at the building last year alone, which accounts for more than half of all sales. This marks a shift from 2-3 years ago, when the market was dominated by Latin American buyers. The shift has been fueled by US buyers have more purchasing power due to tax cuts and a strong dollar; financing is more readily available as buildings near completion; and tax savings are driving buyers to value markets like Florida.

“The enhanced purchasing power that comes with a strong U.S. dollar, the tax advantages of Florida residency, and Downtown Miami’s growing appeal as an urban, cosmopolitan district are all contributing to an influx of domestic buyer activity at Brickell Flatiron,” says Vanessa Grout, president of CMC Real Estate.

“With the tower’s completion now months away, we’re looking to markets like New York, Chicago, Boston and Los Angeles for our final sales push, making the case that Miami offers tax savings, comparative value for high-end residential product, and an unbeatable quality of life,” Grout added. “Since we have reached sales targets in line with construction milestones and our loan is closed and covered, we are in the position to relax deposit requirements. That decision – coupled with the building’s Fannie Mae approval – will offer buyers even more reason to put down roots at Brickell Flatiron.”

Upon its completion, Brickell Flatiron will be the tallest condominium south of New York City. With its distinct flatiron shape and curvilinear façade, the Luis Revuelta-designed building topped-off construction at 736’-tall in December 2018 and is on track to deliver in summer 2019. Units range from 1 to 5 bedrooms starting at $500,000 and ranging up to $15.5 million for penthouses. All units will be adorned with the finest finishes, including Italian-made custom cabinets, stainless steel appliances, Italian marble floors, high ceilings with recessed lighting, custom Italian doors, energy-efficient windows, and glass balcony railings. Brickell Flatiron's amenities include an 18th floor amenity deck with a resort style pool, 24-hour concierge, billiard and cigar room, wine cellar, valet, electric car charging stations and a 64th-floor rooftop that will feature a Sky Spa, Sky Pool and Sky Gym along with stunning 360 views of Biscayne Bay, Brickell, Downtown Miami, Coral Gables, etc.

For more information about Brickell Flatiron, private showings or purchasing/ leasing information please fill out the form below: