Biz Journals
Ugo Colombo, Morabito buy waterfront condo project in Miami-Dade

Italian-born developers Ugo Colombo and Valerio Morabito teamed up to buy a condo development site in Bay Harbor Islands for $20.5 million.

The 45,139-square-foot site at 1135 103 Street currently has a 35-unit building called the Bay Harbor Continental. An effort by historic preservationists to designate the 59-year-old building as protected for historic reasons failed. Its co-op designation was terminated and a plan for a seven-story condo with 28 units was approved.

P3 Investments, managed by Carlos E. Malagoni, acquired the property for $16.5 million in April 2016. Italian design firm Pininfarina crafted the project.

Recently, P3 Investments sold the site for $20.5 million to BH Investment LLC, a partnership between Colombo’s CMC Group and Morabito Properties. Miami-based Apollo Bank provided a $12.3 million loan to the buyer.

Colliers International South Florida Senior VP Larry Stockton brokered the deal.

“Morabito has a very focused development strategy, that targets a very sophisticated and discriminating audience,” Stockton said. “The opportunity to acquire a shovel-ready development site on an exclusive island, that is steps from an internationally renowned shopping destination, aligns quite well with this strategy.”

Colombo is known for building high-profile condos such as the Bristol, the Santa Maria, and the new Brickell Flatiron. He’s also the majority owner of the Collection luxury auto dealership.

Morabito is a third-generation developer in Italy. He previously teamed with Colombo on Beach House 8. Morabito made headlines earlier this year when he married Victoria’s Secret model Vita Sidorkina.