Aimco has acquired an office tower at 1001 Brickell Bay Drive with plans to redevelop it.
With the acquisition, the company is now planning an even larger redevelopment of the Yacht Club property next door.
The company had submitted plans to Miami planning officials to add a 61-story, 751-foot tower at its Yacht Club at Brickell property. That project was held up by a lawsuit from the developer of Panorama Tower across the street.
With the office acquisition, entitled density for redevelopment had been increased by 10%, Aimco told investors in a quarterly earnings report. In total, Aimco now controls 4.25 acres on the bay between the two properties.
The NYSE-listed REIT rarely owns property outside the multifamily sector, and the purchase was driven by development rights.
Aimco paid $157 million a 95% stake in the 1001 Brickell Bay Drive office building, with the deal closing in July.
A vice president for Aimco told Globest.com that there are no concrete plans yet and any demolition was a long way away. The acquisition provides an option to use the additional density rights in the future, he said.