A significant deposit increase has been made on what is being called Miami’s largest land acquisition ever. The buyer in contract for the $520 million deal has boosted their non-refundable deposit by $7 million, bringing the total to $50 million. This move signals continued commitment as the closing date approaches.
Deal Details and Deposit Increase
The transaction involves a prime Brickell property, including The Yacht Club Apartments and the adjacent 1001 Brickell Bay Drive office building. Aimco, the seller, confirmed to investors that the buyer exercised its final closing extension option. This extension was accompanied by an additional $7 million deposit, raising the total non-refundable deposit to a substantial $50 million. The closing for this landmark deal is now slated for the fourth quarter of 2025.
Future Development Plans
Developers Oak Row Equities and Mariposa Real Estate are the entities behind the purchase. They have expressed ambitious plans for the site, envisioning a transformative development that could redefine Miami’s iconic skyline. The project is expected to set a new benchmark for urban luxury living.
Key Takeaways:
- The buyer has increased their non-refundable deposit by $7 million to $50 million.
- The deal, valued at $520 million, is considered Miami’s largest land acquisition.
- Closing is now scheduled for Q4 2025.
- The development is expected to feature supertall towers, with zoning allowing over 3 million square feet of construction.
Zoning and Potential Scale
According to Oak Row Equities, the property benefits from zoning that permits the construction of several towers, some reaching a supertall height of 1,049 feet. This zoning allows for the development of over 3 million square feet, indicating the immense scale and potential impact of the future project on Miami’s urban landscape.