Aimco’s waterfront office tower and adjacent apartment building in Brickell hit the market for roughly $650 million, marketed as a possible redevelopment opportunity, The Real Deal has learned.
The Denver-based real estate investment trust wants to sell the 32-story Brickell Bay Office Tower at 1001 Brickell Bay Drive and the 31-story, 357-unit Yacht Club Apartments at 1111 Brickell Bay Drive, according to a news release from the listing brokers and Aimco’s annual earnings report filed to the Securities and Exchange Commission.
Robert Given and Troy Ballard are leading the CBRE team marketing the properties.
The release and Aimco’s SEC filings didn’t include the asking price, and Given and Ballard declined to comment on it. Aimco, or Apartment Investment and Management Company, declined to comment.
A source confirmed the target price is about $650 million.
The 4.3-acre site could be redeveloped with multiple supertalls with a total of more than 3.1 million square feet, the release says. By-right uses include condos, hotel keys, offices, retail or a combination of these.
The height is capped at 1,049 feet, or the tallest allowed in Miami under Federal Aviation Administration rules.
The 300,000-plus-square-foot Brickell Bay Office Tower is 80 percent leased, with most of the terms running through 2027, meaning the property is encumbered until then, Given said. Yacht Club Apartments is 97 percent leased, he said.
Led by CEO Wes Powell, Aimco bought a 95 percent ownership stake in the office tower in 2019 for $157 million, the firm’s earnings reports at the time showed. Aimco purchased Yacht Club in 2009 for an undisclosed amount.
In 2016, Aimco won Miami Urban Development Board approval to redevelop the Yacht Club garage with a 61-story, 572-unit apartment tower. The tower was never built.
The Yacht Club was completed in 1998 and Brickell Bay Office Tower in 1985, according to property records.
In its 2023 earnings report, the REIT reported a $1.4 million decline of “other proportionate net operating income,” partly due to lease expirations at the office tower. Aimco expects the buildings’ sales to close by year-end, though it added that a deal would “occur only if pricing and terms are favorable,” the report said. The proceeds would be primarily allocated toward “returning capital to stockholders and retiring associated liabilities.”
Elsewhere in Miami, Aimco completed the renovation of the 28-story, 276-unit Hamilton apartment tower at 555 Northeast 34th Street last year, according to the firm’s earnings report. Aimco had bought the building in 2020 for $89.6 million.
The listing comes amid a booming Brickell office market, largely fueled by billionaire hedge funder Ken Griffin moving his Citadel and Citadel Securities’ headquarters to the neighborhood in 2022.
Griffin is expected to have a headquarters tower developed for his firms on the bayfront site at 1201 Brickell Bay Drive, which he purchased in 2022 for a record $363 million. The site is one lot south of Yacht Club.
Until the headquarters tower, which would include a hotel on the top floors, is built, Citadel and Citadel Securities leased temporary space at 830 Brickell at 830 Brickell Plaza and the Southeast Financial Center at 200 South Biscayne Boulevard in downtown Miami
Brickell’s condo market also has caught developers’ eyes. The latest planned projects include Property Markets Group’s 34-story, 240-unit One Twenty Brickell condo tower at 120 Southwest 8th Street. Michael Stern’s JDS Development Group is developing the 67-story Mercedes-Benz-branded mixed-use tower with 791 condos at 191 Southwest 12th Street.
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