Oak Row Equities and OKO Group have finalized the acquisition of a significant 4.25-acre waterfront property in Miami’s Brickell financial district for $520 million. This landmark deal, featuring 485 feet of Biscayne Bay frontage, represents the largest land acquisition in Florida’s history. The joint venture secured a $464.5 million loan from TYKO Capital to finance the purchase and predevelopment of the site, which is zoned for over three million square feet of development, including towers reaching up to 1,049 feet.
Key Takeaways
- The $520 million deal marks the largest land acquisition in Florida.
- The 4.25-acre site at 1001 and 1111 Brickell Bay Drive offers extensive Biscayne Bay frontage.
- The property is zoned for over three million square feet of development, allowing for very tall towers.
- The first phase of development will include a hotel and branded condominiums.
- TYKO Capital provided a substantial $464.5 million acquisition and predevelopment loan.
A Transformative Waterfront Development
The newly acquired parcel, located at 1001 and 1111 Brickell Bay Drive, is described as the last remaining developable site of its scale in Brickell. The joint venture plans to transform this prime location into an ultra-luxury destination focused on holistic living and leisure. The initial phase of development is slated to feature a hotel and branded condominiums, aiming to redefine luxury hospitality and residential offerings in Miami.
Erik Rutter and David Weitz, Managing Partners at Oak Row Equities, expressed their excitement about the historic moment and the partnership with OKO Group. They highlighted the caliber of their team and the unique potential of the waterfront site, emphasizing the strong validation provided by TYKO Capital’s financing.
Vlad Doronin, Founder and CEO of OKO Group, echoed these sentiments, stating that the acquisition reinforces the company’s commitment to elevating Miami’s global standing. He sees the site as a rare opportunity to create an iconic mixed-use development that will set new standards for design, wellness, and luxury in the United States.
Developer Track Records
Oak Row Equities has established itself as a significant player in South Florida’s real estate market, with a portfolio exceeding $4 billion in development. Notable projects include Wynwood Plaza, the largest mixed-use development in Wynwood, and luxury multifamily towers like 2900 Terrace and 2600 Biscayne in Edgewater. The company is also advancing plans for First & Fifth near MiamiCentral Station and the Venus project in North Miami Beach.
OKO Group, founded by international developer Vlad Doronin, brings extensive experience in developing world-class properties. Their current U.S. portfolio includes prominent projects such as 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 development in partnership with Cain International.