Record $520M Brickell Bay Drive Site Plans Hotel and Branded Condos
The $520 million purchase of a 4.25-acre bayfront site on Brickell Bay Drive, zoned for 3 million square feet and towers up to 1,049 feet, will start with a hotel and branded condominiums.
A joint venture of Oak Row Equities, OKO Group and Mariposa Real Estate closed the $520 million purchase of a 4.25-acre bayfront site at 1001 and 1111 Brickell Bay Drive in December 2025, the most expensive land deal in Miami's history in gross terms. The first phase is planned as a hotel with branded condominiums. As of October 2026 no tower design, unit count or pricing has been announced.
The site and the deal
The assemblage, sold by Aimco, has 485 feet of continuous frontage on Biscayne Bay, as reported by Florida YIMBY and Commercial Observer. It is occupied today by a 32-story office tower and the 31-story Yacht Club Apartments, according to Commercial Observer and The Real Deal.
- Price: $520 million
- Financing: a $464.5 million acquisition and predevelopment loan from TYKO Capital
- Zoning: more than 3 million square feet of development, with multiple towers allowed up to 1,049 feet
- First phase: a hotel and branded condominiums; OKO Group told CoStar that no brand had been selected
OKO Group, founded by Vlad Doronin, is the developer behind Missoni Baia in Edgewater and Una Residences on Brickell Avenue. Oak Row Equities is a South Florida private equity and development firm.
What it means for Brickell Bay Drive owners
A site zoned for 3 million square feet and 1,049-foot towers is a multi-phase, multi-year project. For owners on Brickell Bay Drive, the practical questions are construction disruption and, for bay-facing units in neighboring towers, view lines once towers rise. For buyers, a branded condo phase would add another high-end product to a part of Brickell that already sells at a premium.
Recorded sales on the street show how wide that range is. From Own.Miami's deed and MLS records for the 12 months to September 2026:
- Jade Brickell at 1331 Brickell Bay Drive recorded 24 sales at a median deed price of $1,772,500, with MLS closings at a median of $1,009 per square foot.
- Brickell House at 1300 Brickell Bay Drive recorded 24 sales at a median of $602,500, with MLS closings at a median of $866 per square foot.
Both sit well above the Brickell median of $608 per square foot in Own.Miami's market report as of October 13, 2026, a market with about 18 months of supply.
What to watch next
The next public milestones are a site plan and tower design filed with the City of Miami and, for the condo phase, a brand, architect and launch pricing. Until then, any unit pricing quoted for this site is speculation.
Frequently asked questions
Where is the $520 million Brickell Bay Drive site?+
At 1001 and 1111 Brickell Bay Drive in Brickell, a 4.25-acre assemblage with 485 feet of frontage on Biscayne Bay.
What will be built first at 1001 Brickell Bay Drive?+
The first phase is planned as a hotel with branded condominiums. No architect, design, unit count or pricing had been announced as of October 2026.
How tall can towers on the site be?+
The site is zoned for more than 3 million square feet of development, with multiple towers allowed up to 1,049 feet.
Sources
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