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Oleg Baybakov
On Saturday morning at exactly 9:00am, Electra on the Bay in Edgewater came down very quickly in an implosion. The implosion created a loud noise and the building was completely down in about 3 seconds. Dust and smoke filled the sky. All that remained was the pool deck, which can be taken down with bulldozers.
Read MoreElectra on the Bay in Edgewater
On October 24 at 7:30am demolition will begin to demolish the 12 story Electra on the Bay in Edgewater.
Demolition on the other homes and buildings on the block began in September and Electra on the Bay is the last building to be destroyed before construction on a new tower can start.
The land is owned by 700 Edgewater Development who is connected to Russian Oleg Baybakov. They have plans to build a 649 foot tower on the lot.
Demolition is happening in emerging Edgewater district of Miami on the block of NE 26th Street and NE 5th Avenue next to the water. The land is owned by Russian developer Oleg Baybakov who purchased a 58 unit apartment unit for $21.5 million last year. The 12 story apartment is located at 700 NE 26th Street and is in the process of being torn down as seen in the photo below. Baybakov has spent almost $39 million assembling property in this area.
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