Record $520 Million Waterfront Deal in Miami Brickell District

Oak Row Equities and Vlad Doronin’s OKO Group have completed a record-breaking $520 million acquisition of an Aimco-owned waterfront assemblage in Brickell, Miami, according to a report by The Real Deal.

Property Overview

The deal covers a 4.24-acre site comprising the 32-story Brickell Bay Office Tower at 1001 Brickell Bay Drive and the adjacent 31-story, 357-unit Yacht Club Apartments at 1111 Brickell Bay Drive. Mariposa Real Estate partnered in the acquisition.

An aerial, top-down view of a densely packed residential neighborhood with various colored houses, paved streets, parked cars, and scattered trees. — A bird’s-eye view captures the architectural diversity and grid layout of a classic suburban community, showing a mix of traditional roofing, solar panels, and narrow residential streets.

The transaction equates to approximately $122.4 million per acre, marking the most expensive development site sale in South Florida to date.

Financing Structure

Tyko Capital, a joint venture between debt broker Adi Chugh and Elliott Investment Management, founded by billionaire Paul Singer, provided a $464.5 million senior loan for the purchase and predevelopment. The financing was arranged by Walker & Dunlop, led by Dustin Stolly and Aaron Appel.

Development Plans

The buyers plan to develop a luxury hotel and branded residential condominiums in the project’s first phase, adding to the growing pipeline of branded residences across South Florida.

A view of a city river lined with modern glass skyscrapers, featuring a white elevated transit bridge with a blue and white train crossing over the water. — The Metromover glides across an elevated track over the Miami River, framed by the iconic high-rise architecture of the downtown district under a bright, partly cloudy sky.

According to Knight Frank and Savills, the tri-county region is the epicenter of branded residential development in North America, with Miami hosting 48 completed and 55 planned branded projects, second only to Dubai globally.

Market Context

Denver-based Aimco had initially listed the properties last year with an asking price of around $650 million. The sale follows the company’s recent announcement of a voluntary liquidation, amid a slowdown in the multifamily housing market, as it continues to divest assets nationwide.

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✦ ArchUp Editorial Insight

The record acquisition of a waterfront assemblage in Brickell underscores Miami’s position within Contemporary luxury development, blending large-scale urban redevelopment with elements of adaptive reuse. The existing office and residential towers are treated less as fixed architectural artifacts and more as strategic placeholders within a high-value urban fabric increasingly shaped by branded residences and hospitality-driven density. Material expression here is secondary to location and capital intensity, privileging skyline impact and waterfront proximity over contextual continuity. However, this model raises critical questions of contextual relevance and functional resilience, particularly as branded residential typologies risk prioritizing global investment appeal over local housing balance amid a slowing multifamily market. Yet, the transaction also reveals an architectural ambition rooted in repositioning Miami as a global node for luxury urban living, where financial structures and spatial dynamics increasingly define the city’s future form.