Russian mining magnate Oleg Baybakov plans to build a residential tower on the Edgewater property that he started clearing for construction recently.
Baybakov's recent participation in real estate has led him to file plans for a 646-foot tall tower with the Federal Aviation Administration (FAA) in early September. Plans put the tower at 649 feet above sea level, the maximum height allowed for buildings in the area.
Demolition began on the 2.5-acre property, marking the start of construction. The 2.5 acres cost Baybakov $40 million. 700 Edgewater LLC, Baybakov’s legal entity, recently donated funds to Teresa Sarnoff, a runner for the Miami commission seat.
Source: thenextmiami.com
Photo credit: thenextmiami.com