Villa Magna Project Still a Possibility
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.
Hi Lucas
i have not received any news recently regarding this project. I had been under the impression that the construction would begin in August. Now, when I walk by the area, the advertisements have been removed and the sales center appears to have been closed. can you shed any light on this?
thanks
Matt – I read a story in a Miami Today News article that said that the developer was trying to get the city to approve a mixed-use development with most of the units being hotel units. I haven’t heard anything new since that time. Maybe the city rejected his plan.
How about Pierre Heafey coming to the “rescue” again?
Here are the facts: Tibor Hollo handed title to The Grand condo (then called The Venetia) over to the banks in lieu of foreclosure. The banks then sold the complex to Pierre Heafey (pheafey@groupeheafey.com) Google him and his buddy, Gino Falsetto (gino@ariesdevelopmentgroup.com) and you will find the facts and stumble over lots of surprises. Don’t be shocked. Another on/off /on buddy is Peter Carrier (venetian111@aim.com). The trio is soon embarking on expanding their condo vulture adventure.
Ask the condo unit owners what they think of Pierre Heafey’s control of The Grand condo association. Also ask the condo-hotel unit owners at the Bentley Hotel and Hilton Bentley Beach in South Beach what they think of condo vultures. Heafey just got hold of $15,000,000 from Citigroup. That kind of money will buy a few distraught condos. Here’s a strange twist: All Heafey family members (Pierre, daughter Nathalie and wife Julie) that used to be shown in the Secretary of State records for Heafey’s company, PH Hotel, Inc., are gone. Now only one name is shown – Dennis Bedard. Very interesting!
i hope they do something there it looks like a big gap in the middle of two beautiful buildings.
but i’ll go with the original purpose “residential”, or class A offices and hotels.
and if they can make it taller.. 🙂