Russian billionaire Vladislav Doronin has paid $54 million for a waterfront two-acre parcel of land in Edgewater that belongs to a Catholic monastic order.
The site extends half a block west from Biscayne Bay between Northeast 27th Street and Northeast 26th Terrace. It sits directly north of a planned 57-story condo tower called Missoni Baia being developed by Doronin’s OKO Group, which has invested heavily in Miami real estate over the last two years.
In 2014, he paid roughly $40 million for the larger Missoni parcel. The price jump for the new purchase is a testament to the scarcity of waterfront land in and around Miami’s urban core.