[chris08876]

Ugo Colombo Still Plans To Break Ground On Brickell Flatiron This Year

CMC Group is moving forward ‘at full course’ with Brickell Flatiron, and CMC’s Ugo Colombo might still develop the 830 Brickell project if he finds a partner, a source with the developer told TNM.

Between 200 and 250 units at Brickell Flatiron have now been reserved, or almost 40% of the 549 units available for sale. Contracts continue to come in, at a rate which the source insisted was comparable to other competing projects.

The building is also within striking distance of the 50% reserved mark needed to break ground. Colombo is said to be in talks with multiple banks for financing.

Although groundbreaking has been delayed from earlier forecasts, the CMC source attributes this to Colombo’s meticulous attention to detail. The developer is now targeting an October groundbreaking.

The project is now being bid on by subcontractors, with Tutor Perrini managing the process. Tutor Perrini is also the general contractor of Tibor Hollo’s $255 million Panorama Tower, under construction nearby.

830 Brickell, which was recently listed for sale, has a separate ownership structure from Flatiron.

Colombo successfully completed the Santa Maria condo tower during a weak market in the 90s and the Epic condo project during the 2008 crash. He is said to be looking for other opportunities in Miami, including a possible oceanfront project. CMC will also launch sales soon on The Collection Residences in Coral Gables, together with a partner.

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http://www.thenextmiami.com/index.ph...ter-this-year/