Aimco’s waterfront workplace tower and adjacent apartment developing in Brickell strike the market place for roughly $650 million, marketed as a feasible redevelopment prospect, The Genuine Deal has uncovered.
The Denver-based authentic estate financial investment have faith in would like to provide the 32-story Brickell Bay Workplace Tower at 1001 Brickell Bay Push and the 31-story, 357-unit Yacht Club Apartments at 1111 Brickell Bay Travel, in accordance to a information launch from the listing brokers and Aimco’s once-a-year earnings report submitted to the Securities and Exchange Commission.
Robert Supplied and Troy Ballard are major the CBRE staff advertising and marketing the houses.
The launch and Aimco’s SEC filings did not involve the asking rate, and Supplied and Ballard declined to comment on it. Aimco, or Condominium Expenditure and Administration Business, declined to comment.
A source verified the concentrate on cost is about $650 million.
The 4.3-acre web site could be redeveloped with several supertalls with a overall of additional than 3.1 million sq. ft, the release claims. By-suitable makes use of include things like condos, resort keys, workplaces, retail or a blend of these.
The height is capped at 1,049 feet, or the tallest permitted in Miami underneath Federal Aviation Administration rules.
The 300,000-in addition-sq.-foot Brickell Bay Business office Tower is 80 p.c leased, with most of the conditions running by way of 2027, this means the home is encumbered right until then, Given stated. Yacht Club Apartments is 97 per cent leased, he said.
Led by CEO Wes Powell, Aimco acquired a 95 % possession stake in the business tower in 2019 for $157 million, the firm’s earnings reports at the time confirmed. Aimco ordered Yacht Club in 2009 for an undisclosed sum.
In 2016, Aimco won Miami Urban Advancement Board approval to redevelop the Yacht Club garage with a 61-tale, 572-device condominium tower. The tower was never ever designed.
The Yacht Club was concluded in 1998 and Brickell Bay Business Tower in 1985, in accordance to house documents.
In its 2023 earnings report, the REIT reported a $1.4 million decrease of “other proportionate web working revenue,” partly due to lease expirations at the business tower. Aimco expects the buildings’ sales to near by calendar year-end, although it added that a deal would “occur only if pricing and phrases are favorable,” the report stated. The proceeds would be mostly allotted towards “returning cash to stockholders and retiring connected liabilities.”
Somewhere else in Miami, Aimco finished the renovation of the 28-story, 276-device Hamilton apartment tower at 555 Northeast 34th Road final year, according to the firm’s earnings report. Aimco experienced purchased the developing in 2020 for $89.6 million.
The listing arrives amid a booming Brickell place of work market, mostly fueled by billionaire hedge funder Ken Griffin relocating his Citadel and Citadel Securities’ headquarters to the community in 2022.
Griffin is predicted to have a headquarters tower formulated for his corporations on the bayfront site at 1201 Brickell Bay Travel, which he purchased in 2022 for a record $363 million. The website is a person large amount south of Yacht Club.
Until eventually the headquarters tower, which would include things like a resort on the prime floors, is created, Citadel and Citadel Securities leased non permanent place at 830 Brickell at 830 Brickell Plaza and the Southeast Financial Center at 200 South Biscayne Boulevard in downtown Miami
Brickell’s condominium industry also has caught developers’ eyes. The most up-to-date prepared projects include things like Property Marketplaces Group’s 34-tale, 240-device One Twenty Brickell rental tower at 120 Southwest 8th Street. Michael Stern’s JDS Improvement Team is developing the 67-tale Mercedes-Benz-branded blended-use tower with 791 condos at 191 Southwest 12th Avenue.
