Oak Row Equities, OKO Group, and Mariposa Real Estate have closed on a $520 million acquisition of a 4.25-acre waterfront assemblage in Brickell, marking the largest single land sale in Florida history. The joint venture acquired the property from affiliates of AIMCO at 1001 and 1111 Brickell Bay Drive, encompassing approximately 485 linear feet of frontage along Biscayne Bay.
The assemblage is currently improved with two existing residential towers, one rising 31 stories and the other 32 stories, which occupy the waterfront parcels along Brickell Bay Drive. The transaction reflects the long-term redevelopment potential of the site rather than vacant land acquisition.
The purchase was financed through a $464.5 million acquisition and predevelopment loan provided by Tyko Capital. Located along the eastern edge of Brickell’s financial district, the property is zoned to allow more than three million square feet of development, with entitlements permitting multiple towers rising up to 1,049 feet. The site represents the final waterfront assemblage of comparable scale remaining in Brickell.
Plans for the property call for a phased ultra-luxury mixed-use development, with the first phase expected to include a hotel and branded condominium component. Disclosures associated with the financing indicate the project is planned as Atma Miami by Aman, marking the first proposed real estate development under Aman’s Atma brand…