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Mirax Building Luxury Homes in Florida
After kicking off the Astra Montenegro resort on the Adriatic coast in Montenegro, which may cost over $1.5 billion, Mirax Group has started a new overseas luxury project, with plans to invest $90 million in the construction of 13 luxury homes in the Allison Island neighborhood of Miami Beach. A standard house in that area costs $6-7 million. Luxury houses run $13-15 million.
Mirax Group acquired a share in the Aqua project from Dacra Development. Mirax will receive the houses in “shell & Core” condition, that is, without finishing details. The upscale management company Villazo will provide services to Mirax. The American developer's press release also mentions construction of more elite real estate on a 8.5-acre (3.4-hectare) lot in Miami. The total value of the deal between Mirax and Dacra was not revealed, but Mirax stated that it was investing more than $90 million.
Mirax is hiring well-known American designers Rene Gonzalez, Sam Robin and Holly Hunt to finish the villas. The buyers are expected to be wealthy Russians. Miami first became popular with Russian pop stars and sportsmen, but interest in the city is growing among “non-public” rich Russians now.
It is estimated that Mirax will make $80-100 million in profit on its $90-million investment. The development market in the United States has become easier to break into since the country's mortgage crisis, and other Russian companies may follow Mirax there. The luxury market was the least affected by that crisis.
www.kommersant.com
All the Article in Russian as of Dec. 05, 2007
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