Record-Breaking $520M Deal: Oak Row Equities and Mariposa Real Estate Acquire Prime Brickell Development Site
January 3, 2025
Oak Row Equities and Mariposa Real Estate have agreed to purchase a prime property in Miami’s Brickell area from AIMCO (NYSE: AIV) for $520 million, marking a record price for a development site in the city.
The 4.25-acre site at 1001 and 1111 Brickell Bay Drive includes a 517,450-square-foot, 32-story office building built in 1985 and a 357-unit, 31-story apartment complex constructed in 1998. The transaction is expected to close in the fourth quarter of 2025.
Based in Denver, AIMCO acquired a 95% stake in the office building for $157 million in 2019. In late 2023, the company announced plans to sell the two towers.
Erik Rutter, managing partner at Oak Row Equities, highlighted the site’s unique potential. “The Brickell Bay Drive assemblage presents a once-in-a-lifetime opportunity to build a transformative project in the most exciting submarket in the City of Miami. A perfect blend of zoning, site geometry, bay frontage, and location combine to create a truly irreplaceable piece of real estate. We are thrilled to be at the helm of such an important project.”
Oak Row Equities, with offices in Miami and New York, has yet to disclose detailed plans for the site. However, the current zoning permits up to 3 million square feet of development with building heights up to 1,049 feet. The property also boasts 485 feet of frontage along Biscayne Bay.
David Weitz, another managing partner at Oak Row Equities, emphasized the importance of design. “Waterfront property of this caliber, size, and scale demands the best in design, and we intend to collaborate with world-class talent to bring our vision to life,” he stated.
Brickell is experiencing a surge in luxury condominium development as affluent residents and high-paying businesses, such as Citadel, increasingly establish themselves in Miami. AIMCO’s record-breaking sale underscores developers’ confidence in sustained demand for luxury condos, even with the long lead time required for such ambitious projects.
Sam Franklin, a Miami-based Mariposa Real Estate representative, expressed excitement about the collaboration. “We are excited to partner with Oak Row Equities on this amazing opportunity. We share a vision for delivering a best-in-class product and believe there is no better site in Miami to do so.”
Oak Row Equities has been active in Miami, with notable projects including a 45-story apartment tower in downtown Miami and a 41-story mixed-use development in Edgewater.
This acquisition reinforces the continued transformation of Brickell as a hub for luxury living and high-profile investments.
