A group of Russian investors have the City Hall restaurant property at 2004 Biscayne Boulevard in contract, where they hope to build a 60-story tower.
The oddly shaped site is sized at 32,775 square feet. An alley separates it from Braman’s car dealership on the north side. To the south, New York’s Atlas Capital is planning to build a 36-story residential project at 1900 Biscayne, while Fifteen Group is moving through the approval process for a 36-story residential tower above the historic church at 1836 Biscayne.
The property last sold in 2007 for $5.4 million to a company managed by broker Christian Parth.
The group also has a Denny’s on the dry side of Collins (17550 Collins Ave.) in Sunny Isles under contract, and they are working with the city on approval of a 19-story residential project.
International Real Estate Developer, Verzasca Group, Enters U.S. Market, Launches Residential Developments in South Florida
The Recently Formed Commercial Real Estate Firm is Currently Developing Over One Million Square Feet of Residential and Commercial Space in Miami-Dade County
MIAMI, Feb. 19, 2015 / — The Verzasca Group, a privately held real estate development company, today announced its formation and official entry into the United States with residential developments slated for the South Florida market. Created in August 2014 by former NHL star Darius Kasparaitis alongside finance and real estate professionals Gennady Barsky and Tim Lobanov, Verzasca plans to deploy over $700 Million into various projects over the next three years. Verzasca will serve as the U.S. arm of a private Russian real estate company due to Russian investor desire for American exposure. The name Verzasca itself is a reference to the Verzasca River in Switzerland known for its transparency that the firm strives to bring to both its investors and its development partners.
Verzasca Group’s U.S. headquarters is located in Miami with a sales center in Bay Harbor Islands and is currently developing over 1 Million sqft of luxury residential and commercial space throughout Miami-Dade County. The team gravitated to the South Florida area because the European aesthetic of the market matches the background of the founders.
The Verzasca executive team has overseen 10 Million sqft of property development with projects including Vaalimaa Outlet Mall in Vaalimaa, Finland, School Street Condominium, My Town, The Birch Grove and The Austrian Quarter, Vernissage and Colors of Summer in St. Petersburg, Russia.
Darius Kasparaitis, who played 14 years in the NHL mostly for the New York Rangers, Pittsburgh Penguins and New York Islanders, serves as the President of Verzasca Group leading and overseeing the project management for the firm’s developments as well as driving the creative direction of the firm. Gennady Barsky is the Executive Chairman of Verzasca Group, responsible for setting the company’s general business direction through tactical planning with a specific focus on raising and deploying capital. Tim Lobanov, Managing Director of Verzasca, plays a key role in the execution of the creative vision of Mr. Kasparaitis and Mr. Barsky. He is responsible for supervising all of Verzasca Group’s day-to-day business operations and developing marketing strategies for the firm and its projects.
Prior to Verzasca, Lobanov led corporate development for The Polis Group, one of Russia’s largest real estate developers responsible for looking at investment opportunities abroad which provided his entree into the U.S. marketplace. He and Kasparaitis linked up regarding some potential early investments eventually leading to the formation of Verzasca.
“We are thrilled with the opportunity to bring our expertise and track record from abroad and put it to the test in a hot real estate market like South Florida,” said Verzasca President Darius Kasparaitis. “We’ve been evaluating the viability of a U.S. launch for a number of years and feel that now is the right time to enter the market and start developing significant real estate projects starting with Miami-Dade County.”