1001 Brickell Avenue Sold for $520M in Record Deal
January 3, 2025
1001 Brickell Avenue is set for a major transformation as Oak Row Equities and Mariposa Real Estate secure a record-breaking $520 million deal to acquire the 4.25-acre development site from AIMCO (NYSE: AIV). This acquisition represents the highest price ever paid for a Miami development site.
A Landmark Acquisition in Brickell
The property at 1001 and 1111 Brickell Bay Drive includes:
- A 517,450-square-foot, 32-story office building built in 1985
- A 357-unit, 31-story apartment complex completed in 1998
- 485 feet of Biscayne Bay frontage, offering prime waterfront potential
The sale is expected to close in Q4 2025.
The Future of 1001 Brickell Avenue
With zoning approvals allowing up to 3 million square feet of development and building heights up to 1,049 feet, the site presents an opportunity for a transformative luxury project in Miami’s fast-growing Brickell district.
“The Brickell Bay Drive assemblage presents a once-in-a-lifetime opportunity to build a landmark project in Miami’s most dynamic submarket,” said Erik Rutter, managing partner at Oak Row Equities.
Vision and Design for Brickell’s Newest Development
While detailed plans remain undisclosed, Oak Row Equities and Mariposa Real Estate plan to work with world-class architects to create a best-in-class mixed-use development.
“Waterfront property of this caliber demands the best in design, and we intend to collaborate with top-tier talent,” added David Weitz, managing partner at Oak Row Equities.
Brickell’s Growing Appeal for Developers
Miami’s Brickell neighborhood has become a hotspot for luxury condo developments and high-profile business relocations. Companies like Citadel and major hedge funds continue to establish a presence in the area.
This sale reflects developers’ confidence in Brickell’s sustained demand for luxury residences.
“We share a vision for delivering a top-tier product, and there’s no better site in Miami to do so,” said Sam Franklin of Mariposa Real Estate.
Oak Row Equities’ Growing Footprint in Miami
Oak Row Equities is actively shaping Miami’s skyline, with projects including:
- A 45-story luxury apartment tower in Downtown Miami
- A 41-story mixed-use development in Edgewater
This latest acquisition reinforces Brickell’s status as a premier hub for high-end real estate and investment.