***UPDATED: July 30, 2016*** New renderings and amenities for Missoni Baia, the first residential project from the Italian fashion house, were released earlier this week. The designers signature zig-zag and colorful palettes will be used throughout the building’s public spaces and amenities, according to a recent article from The Real Deal. The design team for the OKO Group project also includes Asymptote Architecture, Revuelta Architecture, and Swiss landscape architect Enzo Enea. Residences in the 57-story tower located at 700 Northeast 26th Terrace will range in size from two to four bedrooms, each with a private terrace that overlooks Biscayne Bay. Amenities will include an Olympic-sized lap pool, hot and cold plunge pools, a flow-through deck with cabanas, a children’s pool and tennis courts. A bayfront terrace will also feature an infinity-edge pool, saunas, spa treatment rooms, and a gym. Check out the new renderings here.
Miami’s high-end condo market is set to welcome three new properties, courtesy of Russian real estate mogul, Vladislav Doronin. The billionaire’s Miami-based development company, OKO Group, will focus first on a 57-story luxury tower in the trendy Edgewater neighborhood. The $350 million Missoni Baia will attempt to showcase Miami’s highlights with views of both Biscayne Bay and the city.
“Miami has become a 24-hour city and has become internationally significant,” Doronin recently said in an article from the Miami Herald. “Miami’s airport is ranked second for international passengers in the United States. I also like the good weather and the happy lifestyle in Miami.”
Missoni Baia is Doronin’s first solo project in Miami, but he’s had plenty of experience in South Florida previously. He teamed up with Ugo Colombo on the Brickell Flatiron condo project and another in Brickell. He also has owned vacation homes in the area for nearly 10 years, including the Star Island home previously owned by Shaquille O’Neal. He formed OKO Group last year, and in addition to his three Miami properties, the developer is working on a New York landmark, the Crown Building.
But with a slowing global economy and a strong U.S. dollar, many local luxury condo projects are scaling back for fear of a slowing market. In fact, sales of luxury condos in miami fell nearly 14% in the first quarter while days on the market doubled. But Doronin doesn’t seem concerned.
“In the last three or four years when the market was great, everybody could build everything and everything could be sold. Right now, if you make a different product, it can still sell well,” claimed Doronin. “We have done our research, and we believe the time is right to bring a high-quality, sophisticated product to Miami. We are bringing a new product to the market that does not exist.”
Missoni Baia is the first residential collaboration for the famous Italian fashion house, and plans call for the use of Missoni’s trademark color palette and Missoni Home collection in public spaces. The tower will feature a boutique ambiance with three “villas in the sky” per floor, each with private elevators and spacious balconies. Building amenities will include an Olympic-sized lap pool, hot and cold plunge pools, a children’s pool and an infinity pool, tennis courts, spa and gym. Developers hope to break ground next year, with a tentative completion date in 2019. The 146 condos will range in size from 2,500 to 3,700-square-feet, with two to four bedrooms. Starting prices will be around $2.25 million.
Other OKO Group projects in Miami include a bayfront 48-story luxury residential tower at 175 SE 25th Rd and another tower at 830 Brickell Ave., across from Brickell City Centre. Doronin is also planning to expand the global Aman hotel brand and has been scouting for the perfect Miami Beach location.