Rumor has it that Villa Magna has decided NOT to move forward, and will be returning deposits.  Some say it’s because they decided not to build, others say it’s because there is a high-roller interested in the land.

Either way, I think the decision not to go forward in an already saturated Brickell condo market is an excellent decision.

One down, how many others not going up?

Villa Magna is/was being developed by Florida East Coast Realty.  The project was to have approximately 750 units in two 55 story towers located at 1201 Brickell Bay Drive.