Tibor Hollo’s Villa Magna Condos Make a Comeback
Jan 23, 2013 January 23, 2013
The Villa Magna dream began in 2006 and appropriate approvals had been sought for the construction of two condo towers to be placed on a 2.5 acre Brickell parcel; however, plans were scrapped once Miami’s real estate market showed a downward trend. Come October, 2012 and this waterfront parcel of land found itself on the real estate market for sale by its joint owners New York based Corigin Real Estate Group and Tibor Hollo's Florida East Coast Realty. However, two months down the line Tibor Hollo decided to take the property off the market and stand by his original plan of developing it as a residential complex with a few additions, much to our delight.
Villa Magna has finally made a comeback and that too with a bang. After waiting till the end of November for satisfactory bids to turn up and be left disappointed, Tibor Hollo decided to develop the 2.5 acre property himself, which can be viewed as a mighty bold step considering Florida East Coast Realty already has the 1101 Brickell and OBP projects underway, taking the investment tally beyond $2 billion. With an approximate wait of 18 more months for approvals of the revised project, Villa Magna will finally begin taking shape.
Here’s what Tibor Hollo’s Villa Magna will come to offer:
- Perched atop 2.5 acres of premier Brickell landscape, at 1201 Brickell Bay Drive, will be the Villa Magna with its two residential towers and one hotel.
- The design has been envisioned to have both residential towers facing the open waters with the hotel complex comfortably nestled within.
- Instead of the original 787 condo units, Villa Magna will now feature 400 residential units with an additional 180 to 200 hotel suites.
More details will be unveiled once the revised plans have been approved. For now, Villa Magna makes for an exciting waterfront condo-hotel development that has all eyes set on it.
For more details on existing and upcoming condos in Brickell, click here!