Oak Row Equities and OKO Group have finalized the most significant land acquisition in Florida’s history, purchasing a prime 4.25-acre waterfront property in Miami’s Brickell financial district for $520 million. The deal, financed with a substantial $464.5 million loan from TYKO Capital, includes 485 feet of Biscayne Bay frontage and is poised for extensive mixed-use development.
Key Takeaways
- A record-breaking $520 million land acquisition in Florida.
- The site is located at 1001 and 1111 Brickell Bay Drive, featuring 485 feet of Biscayne Bay frontage.
- The property is zoned for over three million square feet of development, with potential tower heights up to 1,049 feet.
- The first phase of development will include a hotel and branded condominiums.
- This acquisition marks the largest and last remaining developable site of its scale in Brickell.
A Historic Waterfront Acquisition
The joint venture between Oak Row Equities, a major real estate private equity and development firm with over $4 billion in South Florida developments, and OKO Group, founded by international luxury real estate developer Vlad Doronin, has successfully acquired the expansive waterfront parcel from Aimco. This landmark transaction secures the largest and final developable site of its magnitude in the bustling Brickell area.
Vision for a New Luxury Destination
The site at 1001 and 1111 Brickell Bay Drive is zoned for an impressive three million square feet of development, allowing for the construction of multiple towers reaching up to 1,049 feet. The developers envision an ultra-luxury destination that will redefine holistic living and leisure. The initial phase of this ambitious project will feature a hotel complemented by branded condominiums, promising a unique lifestyle experience on Biscayne Bay.
Developer Statements
Erik Rutter and David Weitz, Managing Partners at Oak Row Equities, expressed their excitement, calling the closing a "historic moment" and a "milestone that speaks to the caliber of our team—and for the future of Miami." They highlighted the partnership with OKO Group and the crucial role of TYKO Capital’s financing as a validation of the transaction’s fundamentals.
Vlad Doronin, Founder and CEO of OKO Group, emphasized the acquisition’s significance for Miami’s global standing. "Brickell’s final remaining waterfront site of this scale provides a rare opportunity to create an iconic mixed-use development that will set a new benchmark for design, wellness, and luxury hospitality in the United States," Doronin stated, underscoring the commitment to delivering enduring value and an unparalleled lifestyle.
Developer Track Records
Oak Row Equities has established a strong presence in South Florida with projects like Wynwood Plaza, home to Amazon’s South Florida headquarters, and luxury multifamily towers such as 2900 Terrace and 2600 Biscayne in Edgewater. The firm is also advancing plans for First & Fifth near MiamiCentral Station and the Venus project in North Miami Beach.
OKO Group, led by Vlad Doronin, brings extensive international experience, with a portfolio including prominent developments like 830 Brickell, Missoni Baia, Una Residences, Aman Miami Beach, the Crown Building in New York City (Aman New York), and the expansive One Beverly Hills project in partnership with Cain International.