Russian Billionaire Buys Edgewater Property
by Sep Niakan | March 13, 2014
Oleg Baybakov, Russian mining director and developer, has purchased Edgewater property recently.
A company called 700 Edgewater Development bought the property for $21.5 million. It includes a 37,462 square-foot property with a 58-unit apartment building right in the middle of Miami. State corporate records recognize Baybakov as the president and director of 700 Edgewater. The purchase was finalized February 18, and recorded February 21.
The previous owner, HypCor700, purchased the property for $9.9 million back in August 2012. The company proposed a 39-story condo tower at the site. The estate is located at 700 Northeast 26th Terrace.
Edgewater is sectioned from Northeast 17th Street to 37th Street. 10 condo towers have been proposed for the Edgewater area, including Related Group’s Paraiso Bay, Eastview Development’s Biscayne Beach, and Melo Group’s Bay House. We are curious what will happen next in the upbeat Edgewater community.
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