noticias
Brickell site will be sold for a record $520 million.
Jan 6, 2025
Oak Row Equities and Mariposa Real Estate agreed to buy a property in the Brickell area of Miami from AIMCO (NYSE: AIV) for $520 million, marking a record price for a development site in the city.
The buyers announced that their acquisition of 4.25 acres facing Biscayne Bay, located at 1001 and 1111 Brickell Bay Drive, will close in the fourth quarter of 2025. Currently, the property includes a 32-story office building and 517,450 square feet built in 1985, as well as a 31-story apartment complex with 357 units, built in 1998.
AIMCO, based in Denver, announced in late 2023 its intention to sell these two towers in Brickell.
“The assemblage on Brickell Bay Drive represents a once-in-a-lifetime opportunity to develop a transformative project in the most exciting submarket in the City of Miami,” said Erik Rutter, managing partner of Oak Row Equities. “A perfect combination of zoning, site geometry, bayfront, and location come together to create a truly irreplaceable property. We are excited to lead such an important project.”
Oak Row Equities, which has offices in Miami and New York, did not disclose specific plans for the site but noted that current zoning allows for up to 3 million square feet of development and a maximum height of 1,049 feet. The property has 485 feet of frontage on Biscayne Bay.
The buyers stated that the project will be an ultra-luxury condominium.
“A waterfront property of this magnitude, size, and scale demands the best in design, and our intention is to collaborate with world-class talent to bring our vision to life,” expressed David Weitz, managing partner of Oak Row Equities.
Brickell has experienced a boom in luxury condominium development as more affluent people move to Miami and companies with well-paying jobs, such as Citadel, open offices in the city. The record price that AIMCO received for this site reflects that developers expect demand for luxury condos to remain strong for years, given that building a condo of such height would take at least four years.
“We are excited to be partners with Oak Row Equities in this incredible opportunity,” commented Sam Franklin of Mariposa Real Estate, based in Miami. “We share a vision to deliver a first-class product and believe there is no better site in Miami to achieve it.”
Oak Row Equities has been active in Miami with other projects, such as a 45-story apartment tower in downtown and a 41-story mixed-use tower in Edgewater.