- The 4.25-acre site at 1001 and 1111 Brickell Bay Drive sold for $520M, with a potential increase to $540M.
- The site features 485 feet of Biscayne Bay frontage and zoning for multiple towers up to 1,049 feet tall, ideal for ultra-luxury condos.
- Brickell’s office vacancy rate stood at 11.9% in September 2024, significantly below the US average of 19%.
A prime waterfront site in Miami’s Brickell district sold for $520M, setting a new record for the city’s real estate market.
Boasting 485 feet of Biscayne Bay frontage and zoning for ultra-luxury towers up to 1,049 feet tall, the site is poised to become a landmark development in Miami’s thriving financial hub. The 4.25-acre parcel, located at 1001 and 1111 Brickell Bay Drive, was purchased by a group led by Oak Row Equities and Mariposa Real Estate.
The Deal
Apartment Investment & Management Co. (Aimco) sold the prime waterfront property in Miami’s financial district to Oak Row Equities and Mariposa Real Estate for $520M. The deal eclipsed the previous record for a Miami development site, set in 2022, at $363M.
The site offers unique development potential, with plans for ultra-luxury condominiums. With its strategic location and zoning, it also underscores Miami’s growing appeal to high-end developers and investors.
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Brickell Market Overview
The Brickell district continues to thrive as a hub for financial companies and affluent residents. At the end of 3Q24, the office vacancy rate was 11.9%, significantly better than the US average of 19%, reflecting strong demand. The area’s average asking office rent is $88.69 PSF, rivaling prime Manhattan prices.
Why It Matters
The sale underscores Miami’s ongoing rise as a global financial and luxury destination. With increasing demand for waterfront real estate and ultra-luxury developments, this record-breaking transaction highlights Miami’s growing appeal to investors and developers.
The deal is expected to close by March 2025, with Oak Row Equities taking the lead on transforming this iconic site.
