An IMGW News Report
A waterfront site in Miami’s Brickell financial district has sold for £409 million ($520 million), marking the largest land deal in the city’s history. Apartment Investment & Management Co. (Aimco) has agreed to sell the properties at 1001 and 1111 Brickell Bay Drive to a group led by Erik Rutter and David Weitz, founders of Oak Row Equities.
The 4.25-acre (1.7-hectare) site is situated in a flourishing neighbourhood that has seen substantial growth due to an influx of financial firms and new residents. The deal includes provisions that could raise the price to £425 million ($540 million), depending on financing arrangements. This surpasses the previous record set in 2022, when billionaire Ken Griffin purchased a development site for £283 million ($363 million).
“This site presents a once-in-a-lifetime opportunity to deliver a transformative project,” said Rutter. “The blend of zoning, bay frontage, and site geometry makes it a truly irreplaceable piece of real estate.”
The purchasers intend to develop ultra-luxury condominiums on the site, which boasts 485 feet (148 metres) of uninterrupted waterfront facing Biscayne Bay. The property is currently home to an office tower and apartments and is zoned for several towers up to 320 metres (1,049 feet) tall.
Oak Row Equities, which manages £1.57 billion ($2 billion) in assets, leads the project in partnership with Mariposa Real Estate. The transaction is expected to complete by March.
Brickell’s office vacancy rate stood at 11.9% in September, significantly below the US average of 19%, according to CBRE Group Inc. Average office rents in the district were £69.23 ($88.69) per square foot, with some deals rivaling Manhattan prices.
The office tower at 1001 Brickell was Aimco’s only office property, complementing its portfolio of 5,600 apartment units across eight US markets.
