Aimco Buys Bayfront Brickell Office Tower, Will Combine With Neighboring Yacht Club Where 61-Story Tower Planned

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.

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Anonymous

Paramount lawsuit should have been tossed out as soon as it was filed.

Anonymous

Counter sue for such an ugly building!

Anonymous

“Ugly building?” Really?.. show us some pictures of the buildings you built.

Anonymous

Use the impact fees to pay for a mover expansion here to close the Brickell loop.

Anonymous

Too logical.

Anonymous

East brickell loop*, then we can start on the west brickell/little Havana leg

Anonymous

Yeah, let’s destroy any possibility of making a nice streetscape with a flyover running through streets in already walkable areas.

suomynona

Convince me why that’s necessary?

Anonymous

Great buy! Between this assemblage and the Flamingo Aimco controls some of the best land in South Florida.

Anonymous

Go Miami go!

Anonymous

get a new mantra, PLEASE !!!!!!!

Anonymous

Yes.. and the person also that keeps saying “Miami winning.”

Anonymous

“We need office” bye

Anonymous

nothing to see here

Anonymous

Hopefully the developers have budgeted some bucks for a new pumping system to keep the sub and low floors dry during king tides and storms. Maybe gondolas you Brickell Ave and beyond…..

Anonymous

The more they build the better it is ….. more inventories will bring down prices and affordability

Anonymous

cite ONE time that has happened here !!!

Anonymous

Uhhh that’s not how it works in Miami… Lol

Anonymous

If i’m the neighboring buildings I’M SELLING NOW!!! They are SQUEEZING that monstrosity in there. I’d hate to be the ones next to it. I hope it doesn’t get approved.

Anonymous

They’re going to “SQUEEZE” that monstrosity in between two buildings they now own. Tell me who’s really getting affected here?

Magazine

The Four Ambassadors? lol.

Anonymous

Neighboring property to the Four Ambassadors is the office building they just bought, which will remain unchanged.