September 12, 2013
Miami condo developer Ugo Colombo and partners are planning a new condo project on an oceanfront site in Miami Beach, the latest of the old-guard developers to test the strength of the resurgent market for new-build, luxury condos.
The project, called Beach House 8 and planned for the 3600 block of Collins Avenue.
Miami condo developer Ugo Colombo and partners are planning a new condo project on an oceanfront site in Miami Beach, the latest of the old-guard developers to test the strength of the resurgent market for new-build, luxury condos.
The project, called Beach House 8 and planned for the 3600 block of Collins Avenue.
Columbo and Valerio Morabito are replacing the Ocean Grande beachfront hotel with the eight unit, eleven story (plus underground parking) mega-luxurious condo tower by fading-star architecture firm Arquitectonica.
Beach House 8 will be among 20 other towers proposed for Miami Beach, according to a CondoVultures.com report.
Together, the projects would add more than 1,000 units to the string of barrier and man-made islands that is one of South Florida’s most densely populated cities.
Colombo, whose team lost an acrimonious contest for a billion-dollar redevelopment of the Miami Beach Convention Center earlier this year, is listed as a member of the team developing Beach House 8, according to Condo Vultures, citing marketing literature for the project.
Foreign buyers who pay in cash have fueled a revival of building. Nearly nine out of 10 buyers of the 6,500 South Beach residences sold since 2003 were foreign, the report said.
Source: The Real Deal
