FAA Approves Second Cain and Oko Tower Near Missoni Baia in Edgewater

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Cain International and Vlad Doronin’s Oko Group appear to be readying a second waterfront condo tower in Miami’s Edgewater neighborhood, opposite their Missoni Baia project.

The Federal Aviation Administration this week approved the group’s plan to develop a 649-foot tower between 601 and 701 NE 26th Terrace, which faces Biscayne Bay. 

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In May, the developers unified the lots, which total 2 acres, into one — a move that allows development across property lines, according to filings made to Miami-Dade County. The joint venture had purchased the sites for a combined $54 million in 2016. 

Just over a year ago, the joint venture secured a $62.3 million loan from Lionheart Strategic Management, bringing the property’s total financing to $93.8 million. A representative for the joint venture declined to comment.

The FAA’s approval comes four months after the Missoni Baia, a 57-story condo building with 249 units, secured a temporary certificate of occupancy. The luxury development, whose penthouse sold for $10 million earlier this year, is now sold out.

Edgewater has become a hotspot for luxury residential developments, which includes a project helmed by hospitality powerhouse Major Food Group and an Edition-branded complex by Two Roads Development.

Cain International and Oko Group are frequent partners. Down in Brickell, the pair are developing another luxury condo development, called Una. Earlier this week, they boosted the construction loan for 830 Brickell, the first standalone office building erected in Miami, by $57 million. 

Julia Echikson can be reached at jechikson@commercialobserver.com