CBRE Selected To Market Coveted Waterfront Assemblage in Miami’s Brickell Neighborhood

CBRE has been selected to market 1001 and 1111 Brickell Bay Drive, an exceptionally rare 4.25-acre generational bayfront development opportunity located along Biscayne Bay in Miami’s highly affluent and coveted Brickell neighborhood.

Earlier this year, a CBRE team lead by Robert Given, Troy Ballard, Brad Capas, and Christian Lee, and supported by Denny St. Romain, Brandon McMenomy, and Tim Gifford began marketing the property on behalf of the owner, Apartment Investment and Management Company (Aimco).

The 4.25-acre assemblage is currently improved with two cash-flowing towers. The 1001 Brickell Bay Drive property is approximately 1.84 acres in size and features a 32-story office tower, comprising just over 300,000 square feet. Immediately to its south is the 2.41-acre 1111 Brickell Bay Drive site, which includes the Yacht Club Apartments, featuring 357 rental units.

The combined sites include 485 feet of continuous Biscayne Bay frontage, which provides a skyline-defining development opportunity. The sites offer the opportunity to construct 3.1+ million gross square feet, across multiple towers and to a height of 1,049 feet. By-right uses include condominium, hotel, office, retail, or any combination, thereof.

“The offering’s world class location, perpetually unobstructed views, in place cash-flow and significant excess density allows for considerable redevelopment programing and phasing options,” said CBRE Vice Chairman Robert Given. “Possible business plan executions include near-term redevelopment, a phased development, or as a covered land position. The scale and in-place cash flow of the property provide developers with boundless optionality and flexibility for multiple execution strategies.”

The site benefits from extensive walkability to millions of square feet of office space, restaurants, and luxury shopping among other high-end amenities unique to Miami. Nearby trophy office space includes planned Citadel headquarters and One Brickell City Center, and the recently delivered, fully leased 830 Brickell. The site is also within walking distance to Brickell City Centre, a 2.5 million-square-foot mixed-use lifestyle center that features a 500,000-square-foot, three-level retail center anchored by Saks Fifth Avenue. Other nearby amenities include Vice Marina, the only marina in Brickell, as well as hotels including the Mandarin Oriental and Four Seasons.

A source confirmed the target price is about $650 million.

“Miami has emerged as a world-class business and entertainment destination. The region is at the forefront of U.S. relocation and wealth migration, making Brickell the focal point of Miami’s transformation from a tropical to a global gateway,” said CBRE Vice Chairman Troy Ballard.

 

“We expect this opportunity to draw global attention from investors and developers who are looking to create an iconic project that will define the Miami skyline for generations to come,” added Mr. Given.