Villa Magna Project Still a Possibility

June 21, 2007

Reports surfaced a few weeks ago that the Brickell luxury condominium project known as Villa Magna was canceled. Miami Today News reported earlier today that the project may move forward but with a significant change in the development plan. Villa Magna developer, Tibor Hollo, wants to replace 178,506 square feet of condominiums with hotel suites.

The 2.5 acre development site of the $200 million project known as Villa Magna is located at 1201 Brickell Bay Drive. It is the last bayfront parcel in Brickell. The previous plan called for 1,120 total condominium units.

The article mentions that local hospitality experts feel that competing with nearby luxury hotel brands such as the Mandarin Oriental and the Four Seasons Hotel would be a bad move by Mr. Hollo.

It will be interesting to see what becomes of this valuable parcel of land in the coming months. I will keep you posted as new information becomes available.