Brickell Bay Drive site sells for $520 million and will
\ninclude a new hotel concept and branded condos.<\/p>\n
MIAMI \u2013 Vlad Doronin\u2019s OKO Group, which owns the Aman brand,
\nhas teamed up with South Florida PE firm Oak Row Equities to close on the $520
\nmillion purchase of Aimco\u2019s 4.25-acre waterfront parcel in Miami\u2019s Brickell
\nneighborhood with 485 feet of continuous Biscayne Bay frontage \u2013 the single
\nlargest land acquisition in Florida \u2013 to develop a new hotel concept and
\nbranded condo residences.<\/p>\n
A third investor in the project is Maripose Real Estate and TYKO
\nCapital is the senior lender, providing a $464.5 million acquisition and
\npredevelopment loan.<\/p>\n
The deal breaks down to $122.4 million per acre. It is considered
\nthe most expensive sale of a development site in South Florida.<\/p>\n
Oak Row and Mariposa reportedly put the property under
\ncontract a year ago and likely brought in OKO later in the process. Throughout
\nthis year, Oak Row made the required deposits, according to Aimco\u2019s SEC filings.<\/p>\n
Positioned in the heart of Miami\u2019s Brickell financial
\ndistrict, the overall site is zoned for over three million square feet of
\ndevelopment, allowing for multiple towers that can rise up to 1,049 feet. The
\nassemblage, the largest and last remaining developable site of this scale in
\nBrickell, will feature an ultra-luxury destination that \u201credefines the future
\nof holistic living and leisure.\u201d The first phase of development will feature a
\nhotel and branded condominiums.<\/p>\n
\u201cThis landmark acquisition represents a pivotal moment for
\nMiami and reinforces OKO Group\u2019s long-term commitment to elevating the city\u2019s
\nglobal profile,\u201d said Doronin, founder and CEO, OKO Group. \u201cBrickell\u2019s final
\nremaining waterfront site of this scale provides a rare opportunity to create
\nan iconic mixed-use development that will set a new benchmark for design,
\nwellness, and luxury hospitality in the United States. We are pleased to
\ncollaborate with Oak Row Equities, whose vision and expertise align with our
\nambition to deliver enduring value and an unparalleled lifestyle experience for
\nresidents and guests on Biscayne Bay.\u201d<\/p>\n
Oak Row Equities has developed Wynwood Plaza, the largest
\nmixed-use development in Miami\u2019s Wynwood neighborhood and home to Amazon\u2019s
\nSouth Florida headquarters and 509 new luxury rentals. Oak Row assembled the
\nland for this project in the largest off-market transaction in Wynwood\u2019s
\nhistory.<\/p>\n
OKO Group\u2019s current U.S. portfolio includes 830 Brickell, a
\nClass A-plus office tower in Miami\u2019s Brickell Financial District; two luxury
\nresidential developments in Miami, Missoni Baia in Edgewater and Una Residences
\nin Brickell; Aman Miami Beach, spanning two oceanfront buildings at 3425
\nCollins Avenue; the Crown Building in New York City, which opened in 2022 as
\nAman New York at Fifth Avenue and 57th Street; and One Beverly Hills, a
\n17.5-acre multi-billion dollar master planned development in partnership with
\nCain International which will include Aman Beverly Hills hotel, branded
\nresidences and private club.<\/p>\n","protected":false},"excerpt":{"rendered":"Brickell Bay Drive site sells for $520 million and will include a new hotel concept and branded condos.…\n","protected":false},"author":2,"featured_media":94908,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9],"tags":[3468,3451,3465,3455,3456,50607,555,1508,3450,27201,3449,123,125,124,3445,3452,3444],"class_list":["post-94907","post","type-post","status-publish","format-standard","has-post-thumbnail","category-miami","tag-asset-management","tag-brands","tag-condo-hotels","tag-debt-and-equity","tag-financing","tag-home-top-story","tag-lifestyle","tag-luxury","tag-management","tag-mergers-and-acquisitions","tag-mergers-and-acquistions","tag-miami","tag-miami-headlines","tag-miami-news","tag-north-america","tag-owners","tag-whats-hot-trending"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/posts\/94907","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/comments?post=94907"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/posts\/94907\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/media\/94908"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/media?parent=94907"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/categories?post=94907"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/tags?post=94907"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}