Ugo Colombo (real estate developer)

Ugo Colombo (Milan, 2 March 1961) is an Italian-born residential and commercial real estate developer in Miami, Florida.^[1]

Early life

Colombo was born in Milan, Italy on March 2, 1961. He was schooled in a Lausanne, Switzerland boarding school and spent two years working for his father’s industrial empire. He came to the US in 1983 and attended the University of Miami.^[2][3][4][5]

Real estate

Ugo Colombo's real estate career began when he acquired and resold a group of foreclosed units from the Federal Deposit Insurance Corporation.^[6][7] He then formed his company CMC Group, which focused on the management of distressed real estate in Miami. His company then entered the design and construction industry with a focus on high-rise luxury condominium buildings on Brickell Avenue in Miami, as well as in Aventura and Miami Beach. The first building venture he was a part of was the Villa Regina in Brickell, Miami. One of the next buildings he built was the 1992 Bristol Tower on the same avenue, which cost $80 million. He is also the founder of Glasswall, which creates impact-resistant glass for use in high-rise buildings,^[8][5][9] including hurricane-proof glass.^[10]

The Bristol Tower was one of the first buildings added to the Miami skyline in fifteen years when it was developed.^[4] Colombo has stated that he uses glass and metal in his buildings as opposed to concrete for aesthetic reasons.^[5] One of his buildings, the 54-story Santa Maria condominium in Miami, was the tallest American building constructed south of New York City when it was completed in the 1990s.^[9] In 2003 Colombo partnered with the developers of a new hotel to replace the Dupont Plaza Hotel in Miami.^[11] Colombo’s most recent developments include Epic Residences and Hotel, a 55-story luxury condominium and hotel at the mouth of the Miami River in downtown Miami, and Grovenor House, a 166-unit luxury condominium project completed in 2006 of Miami’s Coconut Grove community.^[12]

In partnership with Portman Holdings, Colombo’s CMC Group was one of two groups bidding to redevelop Miami Beach’s aging convention center complex.^[13] The project was later investigated due to concerns of bid rigging and Colombo was cleared of any wrongdoing.^[12][14] At the end of May, 2014 Ugo Colombo established a joint venture with Moscow-based Vladislav Doronin to develop a number of luxury residential real estate projects in Miami, the first of which is called Brickell Flatiron with artist Julian Schnabel.^[15][16] In 2014 Colombo sold an undeveloped parcel of land along the Miami River for $125 million, which he had originally purchased for $25 million in 2006.^[17]

The Collection

In 1994, Colombo acquired The Collection, a seven-franchise luxury automotive dealership. Colombo bought The Collection after it had been seized by the U.S. government during a drug prosecution case against his ex-racing partner, Armando “Mandy" Fernandez.^[18][19]

Personal life

Ugo Colombo is married to Sara Colombo, who owns the interior design shop NEST in Miami, which specializes in luxury interiors. They have two children together.^[8][5][8][5] The two have also held charitable events in their home, including art auctions in support of Best Buddies International and the Brandt Foundation.^[20]

References