The OKO Group, led by Russian-born billionaire developer Vladislav Doronin, has acquired a 2 acre development site along Biscayne Bay in Miami’s fast-growing neighborhood of Edgewater. Having paid $54 million for the land, the site has been pre-approved for a 57-story building with up to 146 units. OKO Group said its London- and New York-based private investment firm Cay Hoin was a partner in the deal which was brokered by Holliday, Fenoglio, Fowler, Fairchild Partners, Global Investments Realty, and Shelton & Stewart Realtors. The purchase was completed with a $31.5 million loan supplied by Security Benefit Life Insurance Co. The site is expected to take advantage of increasing development activity and demand in the waterfront residential enclave of Edgewater, which is located between the financial hub of downtown Miami, the Design District and Wynwood neighborhoods.
