Landmark Acquisition in Brickell: A $520 Million Waterfront Deal
In a landmark real estate development move, Oak Row Equities, OKO Group, and Mariposa Real Estate have successfully closed on a staggering $520 million acquisition of a 4.25-acre waterfront assemblage in Brickell, Miami. This transaction not only marks a significant milestone for the involved parties but also sets a new record as the largest single land sale in Florida’s history.
The Property Details
The acquisition, which took place at 1001 and 1111 Brickell Bay Drive, includes a prime stretch of approximately 485 linear feet of waterfront along Biscayne Bay. The existing property is already home to two residential towers—one standing at 31 stories and the other at 32 stories—which sit elegantly along Brickell Bay Drive. This acquisition is seen primarily as a long-term redevelopment opportunity rather than simply purchasing vacant land.
Financing and Development Potential
The transaction was financed through a robust $464.5 million acquisition and predevelopment loan facilitated by Tyko Capital. Located at the eastern edge of Brickell’s financial district, this property is zoned to accommodate over three million square feet of development. Current entitlements permit the construction of multiple towers that can rise up to an impressive 1,049 feet, making it the last substantial waterfront assemblage available in Brickell.
Vision for Atma Miami by Aman
Plans for this prime property are ambitious, calling for a phased ultra-luxury mixed-use development. The first phase is anticipated to feature a hotel as well as a branded condominium component, anticipated to be named Atma Miami by Aman. This marks the inaugural real estate project under Aman’s Atma brand, reflecting a blend of luxury and sophistication.
The proposed development aims to feature around 480 condominium residences along with a five-star hotel comprising roughly 185 suites. Enhancements also include plans for a private marina and an array of resort-style amenities, such as a spa and racquet club. While the site’s zoning permits a denser development, the plans suggest a focus on lower density, enriching residential experience through larger units and extensive amenities.
Early Stages of Development
Walker & Dunlop arranged the financing for the acquisition and predevelopment phase, allowing the ownership group to commence early-stage design, entitlement, and preconstruction activities. These steps are crucial as the plans advance towards the actual construction phase.
Expanding the South Florida Presence
Oak Row Equities continues to bolster its South Florida development portfolio. The firm is currently behind Wynwood Plaza, a significant mixed-use project situated in the Wynwood Arts District that features Amazon’s South Florida headquarters and 509 residential units. Moreover, in the Edgewater neighborhood, Oak Row is advancing several high-rise developments, including the under-construction 2600 Biscayne, funded through a $181 million construction loan, and 2900 Terrace, backed by a total of $210.5 million in financing.
In addition to these projects, Oak Row Equities has more ventures lined up, such as First & Fifth, a luxury multifamily tower near MiamiCentral Station, and Venus, a 440-unit multifamily development currently progressing through the permitting phase in North Miami Beach.
OKO Group’s Expanding Footprint
Led by Vlad Doronin, OKO Group is also making waves in the real estate market with a portfolio rich in luxury residential, hospitality, and office developments both in the United States and internationally. In Miami, notable projects include 830 Brickell, along with several luxury residences like Missoni Baia in Edgewater and Una Residences in Brickell. Additionally, the firm is engaged in the under-construction Aman Hotel & Residences Miami Beach. Nationally, their holdings consist of the renowned Crown Building in New York City and the expansive One Beverly Hills project, a substantial master-planned community set to include an Aman hotel and branded residences.
Strategic Location and Future Development
Utilizing the strategic waterfront location along Brickell Bay Drive, this site is poised for transformative redevelopment as plans move through design, entitlement, and municipal review. With supertall-scale zoning and a prime bayfront spot, this acquisition positions the ownership group to shape the future skyline of Miami significantly.
This monumental deal reshapes not just the Brickell neighborhood but also the broader narrative of real estate development in Florida, indicating robust growth and a persistent demand for luxury offerings in one of America’s most dynamic urban landscapes.