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Tibor Hollo Partners With Former Dodgers Owner Frank McCourt To Develop Villa Magna

Tibor Hollo is partnering with former L.A. Dodgers owner Frank McCourt and New York’s Corigin Real Estate Group to build the 787-unit Villa Magna, according to an announcement.

Terms were not disclosed.

A court recently cleared Hollo of liability related to a deposit on the site placed by Spanish developer Grupo Prasa. The property is currently serving as parking for Hollo’s 1101 Brickell, where Panorama Tower is under construction.

Press Statement:

NEW YORK, Nov. 24, 2014 / — MG Properties, the real estate arm of McCourt Global, announced today that it has entered into a partnership with Florida East Coast Realty, a leading South Florida-based real estate development firm, and Corigin Real Estate Group, a division of Corigin, a New York-based real estate development and investment firm, to develop 1201 Brickell Bay Drive, a 1.8 million square foot, luxury residential development project on Biscayne Bay in Miami’s financial district.

The last remaining development site on Miami’s Brickell Corridor, 1201 Brickell Bay Drive sits atop 2.5 acres of prime waterfront property and is designed for two main towers in excess of 60 stories, each delivering panoramic views stretching from Key Biscayne to South Beach. When completed, 1201 Brickell Bay Drive will offer unparalleled amenities that will redefine luxury oceanfront living while providing Miami with a global icon.

“MG Properties is very pleased to join Florida East Coast Realty and Corigin Real Estate Group as partners in this highly anticipated project,” said Drew McCourt, president of MG Properties. “Building landmark structures in global gateway cities is a key focus area for MG Properties and 1201 Brickell Bay Drive, with its enviable waterside location and other attributes, is a great strategic fit for us.”

“We are very pleased to expand and welcome MG Properties to our partnership as we take the necessary steps in moving forward on what will undoubtedly be an iconic development,” said Edward Baquero, president of Corigin Real Estate Group.

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http://www.thenextmiami.com/index.ph...n-villa-magna/