Edgewater Tower: Missoni Baia Gets $243m Construction Loan
Missoni Baia, with Russian billionaire Vlad Doronin’s OKO Group and its partners, just obtained a $243.3 million construction loan granted by Security Benefit Life Insurance Corporation, according to multiple reports.
The 57-story, 249-unit luxury development in Edgewater is set to become the tallest in the area at 649 feet above sea level – equaling the height of the under-construction Elysee tower and exceeding the Paraiso towers.
Missoni Baia, with prices starting in the $500,000 range, is the Italian fashion brand’s first residential project. The project is part of a trend of developers binding luxury brands to developments, the case of Porsche Design Tower and Residences by Armani Casa in Sunny Isles Beach.
OKO Group, led by Vladislav Doronin, is the developer along with OB Group and Cain International. New York-based Asymptote Architecture is designing Missoni Baia.