Hollo developing Brickell's Villa Magna site instead of selling it.


Tibor Hollo has decided to develop Villa Magna on 2.5 acres of waterfront in the Brickell neighborhood, but this time he is adding a hotel to the apartments.

The property at 1201 Brickell Bay Drive will have about 400 units instead of 787 and a hotel with between 180 and 200 suites.
The residential towers will face the water and sit at either end of the property, with the hotel in the middle.
Hollo had recently listed the property for sale. He said CBRE had until the end of November to take bids, but they were not what he and his partners were looking to get.
New York-based partner Corigin Real Estate Group is a partner in the site.

Hollo said it could take 18 months to get the necessary approvals for the revised project. The original Villa Magna had two residential towers.

Hollo has other residential towers in the works including the 85-story Panorama building at 1101 Brickell Ave.