Developer Bob Zangrillo, who is embroiled in the college admissions scandal, is no longer an investor in a mixed-use project planned for the Miami River.
Zangrillo, a Silicon Valley investor who’s known in Miami for spearheading development of the $1 billion Magic City project in Little Haiti, has exited the Miami River project. Avra Jain and her partners, including Joe Del Vecchio, are developing the 555 Riverhouse project along with majority owner Zerby Interests out of Oklahoma City.
Zangrillo reportedly stepped away from the Magic City development after he was indicted, among other parents, in the Varsity Blues college admissions scandal that became public last year. But social media posts on Zangrillo’s Instagram account suggest he is still involved in Magic City.
Zangrillo, a Miami Beach resident, is founder and CEO of Dragon Global.
More recently, Zangrillo was tied to an alleged website scheme that promised government services such as renewing a driver’s licenses or helping with public housing. His lawyers have denied those allegations.
Jain confirmed that Zangrillo will not be an owner in the Miami River project. Zangrillo became involved in the site in 2016. “Bob Zangrillo was not a managing partner nor has he been involved in the day-to-day,” Jain said, declining to comment further. Zangrillo did not respond to requests for comment.
A deed recorded in 2017 revealed Jain and Zangrillo’s partial ownership of the Hurricane Cove property, at 555 Northwest South River Drive.
The 555 Riverhouse project, designed by architect Carlos Zapata, calls for a Sixty Hotels-branded 175-key hotel, 39 Sixty Hotels-branded condos, and about 140,000 square feet of creative Class A office space, Jain previously said. The site has about 585 feet of riverfront. Construction has not yet begun, and the property is still operating as a marina and boatyard.
The entire project, including land costs, entitlements and financing, was previously valued at about $200 million.