Oak Row Equities and Mariposa Real Estate have entered into an agreement to acquire Aimco’s 4.25-acre waterfront property in Brickell for $520 million. Oak Row claims the transaction will represent the largest single land acquisition in South Florida. The property currently has a 517,450-square-foot, 32-story office building constructed in 1985 and a 357-unit apartment complex of 31 stories that was built in 1998.

Oak Row Equities plans to build luxury condominiums on the parcel—located at 1001 and 1111 Brickell Bay Drive—with 485 feet of continuous Biscayne Bay frontage. The site is zoned for over three million square feet of development, allowing for several towers that can rise up to 1,049 feet. 

This waterfront assemblage stands as Brickell’s largest and last remaining developable site of this scale. Oak Row Equities Erik Rutter added, “A perfect blend of zoning, site geometry, bay frontage, and location combine to create a truly irreplaceable piece of real estate.” 

Earlier this year, Regency Centers completed demolition at the site for Avenida Biscayne, a retail center 15 miles north of Miami in Miami-Dade County. Regency Centers is investing $23 million in the redevelopment of three retail buildings totaling more than 28,000 square feet. The company plans to deliver the first space to merchants for buildout in Q4 2024. Outside of Regency, the Avenida Biscayne project includes teams from API+ (architecture), Kimley-Horn (engineering), and Oak Construction. The construction plan prioritizes flood mitigation, wind resistance and heat reduction.

Avenida Biscayne will feature retail space, including three restaurant spaces with patios for covered outdoor dining. It will build spaces ranging from 2,024 to 7,350 square feet.

The project is located at the southeast corner of Biscayne Blvd. and William Lehman Causeway. Avenida Biscayne is slated to open in 2025.