Developer Yamal Yidios acquired a historic Brickell Avenue château, with plans to restore and renovate the property.
Yidios’ Ytech bought the Château Petit Douy at 1500 Brickell Avenue in Miami by purchasing the company that owned the real estate, records show.
The seller is an affiliate of Cheval Holdings, which had partnered in 2019 with Chef Clay Conley’s Ember Group to launch the restaurant Chateau Miami. It never opened.
Coconut Grove-based Mast Capital, led by Camilo Miguel Jr., sold the 5,837-square foot building to Chateau Petit Douy LLC in 2018 for $6.3 million.
Mast said at the time that the buyer was controlled by the hospitality group that would be bringing a restaurant to the location.
Completed in 1931 on a 0.4-acre corner lot, Château Petit Douy was inspired by the Priory in Saint Julian, France.
It was designated historic in 1983.
It’s unclear how much Ytech paid for the company that owns the real estate.
A spokesperson for the developer, and the developer’s attorney in the deal, Stuart Kapp of KappMorrison, declined to disclose a sales price.
Ytech said the seller was a high-net-worth family.
Ytech plans to complete a multimillion-dollar restoration and renovation of the building at 1500 Brickell Avenue by the first quarter of next year.
The deal boosts Ytech’s holdings in Brickell. The downtown Miami-based firm also owns the properties at 1428 Brickell Avenue, 1548 Brickell Avenue and 75 Southwest 15th Road, according to a press release.
Ytech paid $12.2 million for the latter development site early last year, where it plans to build an 80-story, 183-unit luxury tower.
Ytech has developed more than 7,000 residential units in 25 cities in the Southeast, according to the release.