MIAMI -- Vlad Doronin's OKO Group, which owns the Aman brand, and South Florida private equity firm Oak Row Equities have closed on a $520 million purchase of Aimco's 4.25-acre waterfront parcel in Miami's Brickell neighborhood.
The parcel has 485 feet of continuous Biscayne Bay frontage.
The buyers are calling this the single largest land acquisition in Florida, and they plan to develop a new hotel concept and branded condo residences.
A third investor in the project is Maripose Real Estate and TYKO Capital is the senior lender, providing a $464.5 million acquisition and predevelopment loan.
The deal breaks down to $122.4 million per acre. It is considered the most expensive sale of a development site in South Florida.
Oak Row and Mariposa reportedly put the property under contract a year ago and likely brought in OKO later in the process. Throughout this year, Oak Row made the required deposits, according to Aimco's SEC filings.
Positioned in the heart of Miami's Brickell financial district, the site is zoned for over 3 million square feet of development, allowing for multiple towers that can rise up to 1,049 feet. The assemblage, the largest and last remaining developable site of this scale in Brickell, will feature an ultraluxury destination that "redefines the future of holistic living and leisure." The first phase of development will feature a hotel and branded condominiums.
"This landmark acquisition represents a pivotal moment for Miami and reinforces OKO Group's long-term commitment to elevating the city's global profile," said Doronin, founder and CEO, OKO Group. "Brickell's final remaining waterfront site of this scale provides a rare opportunity to create an iconic mixed-use development that will set a new benchmark for design, wellness, and luxury hospitality in the United States. We are pleased to collaborate with Oak Row Equities, whose vision and expertise align with our ambition to deliver enduring value and an unparalleled lifestyle experience for residents and guests on Biscayne Bay."
Oak Row Equities has developed Wynwood Plaza, the largest mixed-use development in Miami's Wynwood neighborhood and home to Amazon's South Florida headquarters and 509 new luxury rentals. Oak Row assembled the land for this project in the largest off-market transaction in Wynwood's history.
OKO Group's current U.S. portfolio includes 830 Brickell, a Class A-plus office tower in Miami's Brickell Financial District; two luxury residential developments in Miami, Missoni Baia in Edgewater and Una Residences in Brickell; the Aman Miami Beach, spanning two oceanfront buildings at 3425 Collins Avenue; the Crown Building in New York City, which opened in 2022 as Aman New York at Fifth Avenue and 57th Street; and One Beverly Hills, a 17.5-acre multi-billion dollar master planned development in partnership with Cain International that will include the Aman Beverly Hills hotel, branded residences and private club.
Editor Ⅰ: Zhang Congxiao
Editor Ⅱ: Bao Gang
Editor Ⅲ: Liu Guosong
