Aimco Maximizing Development Rights At 1001 Brickell Bay Drive

Aimco is working to maximize future development rights on property it owns in Brickell by limiting leases in an office building on the site, according to a quarterly report.

The company is the sole owner of the 1001 Brickell Bay Drive office building and the adjacent Yacht Club Apartments, according to a November company presentation.

The assemblage size is 4.25 acres, the presentation said.

The office building at 1001 Brickell Bay Drive is experiencing strong leasing momentum, the company’s November quarterly report said.

From the beginning of 2022 to September, Aimco executed leases on over 76,000 square feet of office space, at rates per square foot 15% higher than leases executed in the same period of 2021.

At the end of the third quarter 2022, the building was 84% occupied, up from 73% at the same time last year, the company said.

Leases within the building have been executed on terms of less than four years or contain redevelopment provisions as needed to maximize the value of the underlying development rights, the report added.

 

 

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Brickell East of I95 Expands to the Bay
7 months ago

The newish Brickell Bay part of Brickell is continuing to grow! This area started being known as a part of Brickell around 1997 when residents pitched for Bayshore Drive to change to Brickell Bay Drive.

At the time, Brickell was only immediately east of I95 and the three main avenues in Brickell were 1st, 2nd and 3rd Avenues (not even Miami or Brickell Aves yet). Check out the map below from the Miami Herald 1997 article “Brickell Drives Home It’s Identity,” and read more how Brickell became what it is today at the link below.

Brickell continues to grow east from I95, densely around the Underline hub, to the Bay, and even Claughton Island is now known as “Brickell Key”!

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https://miami-history.com/news/1950s-era-brickell-apartments-sold-for-20m/

Anon
7 months ago

Hasn’t it been called Brickell Key since it was developed in the 80’s? Wasn’t aware that was a recent development.

One more lane bro
7 months ago

Sorry but how in the hell was Brickell NOT Brickell Avenue in 1997? If anything it was the opposite and you could probably call 1 2 3 Avenues East Little Havana.

And the name change added more confusion, now the majority of Miamians, who can barely read, don’t understand Brickell Avenue and Brickell Bay Dr are two different streets.

Brickell History
7 months ago

Brickell Avenue in 1997 was originally the Avenue that the mansions were developed around, and this southern part of Brickell kept its low commercial zoning to protect Coconut Grove from being overly densified.

Interesting, you think First Avenue (now Miami Avenue) was Little Havana in 1997? I always recall Little Havana being west of I95. First (now Miami Ave), Second (now First Ave) and Third (now Second Ave) – we’re always a connected neighborhood and always known as metropolitan Brickell since inception, this is why the Underline and Brickell station were placed in the center of these avenues, the original Brickell city neighborhood.

Anonymous
7 months ago

From 2015: “After the 2008 recession, [Mary Brickell Village] began to emerge as a central gathering point for the Brickell residential market and has benefited from the enormous growth in residential units in the surrounding five blocks, as well as the overall development the Brickell market has experience…” Present day Underline, SW 1, 2 and 3 Avenues were all developed around Mary Brickell Village central gathering point as the modern Brickell metropolitan neighborhood.

http://media.bizj.us/view/img/893181/village-1*750xx550-309-0-18.jpg

https://www.bizjournals.com/southflorida/blog/morning-edition/2015/09/mary-brickell-village-shopping-center-sold-for.html

Bruno
7 months ago

Not quite right.
Miami Avenue has always been Miami Ave (except when it was Avenue D).
The Avenue to the east of Miami Ave is E 1st Ave.
The Avenue to the west of Miami Ave is W 1st Ave.

Brickell METROpolitan Neighborhood
7 months ago

I just checked and there is no “East” 1 Ave in Brickell. That is Brickell Plaza.

There is a group of numbered aves in Brickell, 1st 2nd and 3rd, and they are all in eastern Miami. 1, 2 and 3 are within the original metropolitan Brickell neighborhood we know today.

The numbered avenues will eventually include SE in the names. These aves are not west and people get confused.

Future of Brickell
7 months ago

New Brickell Ave names to avoid confusion and promote unified Brickell development:

SE 1st Ave (Main Ave)
SE 2nd Ave (Ave of the Americas)
SE 3rd Ave (Coral Ave)

These names highlight the characteristics of each ave and honor and integrate them within the Brickell neighborhood.

^Agree
7 months ago

Good ideas. I like those names, and they work with the current masterplan. By the way, First Ave used to be called Kagoshima Blvd. Just saying…

Anons for Brickell
7 months ago

Maybe Second Ave can be called Griffin Ave one day, if he is he interested and wants to lead public improvements, I am sure residents would support it. It is highly connected to the proposed new Citadel HQ and Brightline.

Brickell East of I95
7 months ago

Someone is misappropriating the Brickell neighborhood name!

It’s possibly the DDA or someone in the “Brickell Bay” area, which was newly added to Brickell after the success in and around Mary Brickell Village and the numbered avenues east of I95.

These numbered avenues are the original Brickell metropolitan neighborhood.

Don’t waste your time adding “west” to any new signs including Gallery at (west) Brickell because it will cause confusion, constitute unjust government action, and be required to be replaced!

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Underline Brickell
7 months ago

The Underline is the true Brickell city center if you’re looking at Brickell from an urban planning perspective. The BCC is a shopping mall, a very nice one but it’s not a public center like the underline.

At least 6 blocks radius around the Brickell Station underline stop is definitely Brickell.

Anonymous
7 months ago

“West” Brickell, meaning west of Miami Avenue was “Southside,” and part of the same original Knowlton city plat as “Riverside” or “East Little Havana” today, west of I-95. Brickell is a separate plat.

Anon
7 months ago

Everything north of 15th was the south side of Miami. Stop trying to rewrite history for your own benefit!

Brickell Origin and Future
7 months ago

Since some are new, here is the truth:

The historic Southside neighborhood was the ENTIRE Brickell neighborhood, including areas of Brickell City Centre, Mary Brickell Village, the Plaza, Flatiron, and the modern Brickell and Miami Avenues north of 15th Street.

Now it’s all Brickell from I95 to the Bay, and residents identify as Brickell across this connected metropolitan neighborhood.

“One of the projects that was announced in December of 1958 was a small apartment building that would be constructed on South Bayshore Drive in the heart of Miami’s Southside neighborhood. The street name would change from South Bayshore Drive to Brickell Bay Drive in the late-1990s.“

See the historic Southside/Brickell 1998 map above, from 25 years ago… I remember Miami then, and it was all different. Modern Brickell has expanded in all directions around Mary Brickell Village and the Underline.

Citation: https://miami-history.com/news/1950s-era-brickell-apartments-sold-for-20m/

Anon
7 months ago

A plat is simply a property lot. You’re clueless and sharing misinformation!

The Real Brickell
7 months ago

Don’t fight us from the far East and the North. Join us in the center and south and you can rightfully continue to use the Brickell name along with us.

Anonymous
7 months ago

One of those illiterate miamians is your child.

Anon
7 months ago

Miamians read and write* well! It’s the leaders who confuse people by trying to split up areas and call them something different after decades of residential and business investment.

Brickell Insights
7 months ago

Brickell Ave was south of 15th and the name eventually expanded to the area we see today in Brickell, around same time that Mary Brickell Village was developed as the neighborhood center along main Brickell metrorail line.

Not all street names become neighborhood names, but other factors were at play in Brickell like the development of Mary Brickell Village as a city square and the metrorail line enabling a denser city vibe.

Anonymous
7 months ago

Born in Miami in 1962. Brickell was always Brickell (though it was a drug money laundering history in the 1970s that made it infamous.)
And Claughton Island was planned to be of mixed families – low, mid, and high incomes.
JaJaJa on that one!

Anonymous
7 months ago

That’s the story I’ve heard for years—that a 1970s plan for Claughton Island was to include low income housing. Hard to believe.

Anonymous
7 months ago

“Immediately east of I-95” pre-2000s development boom and east of where the Miami River bends northwest, has historically been called Southside, hence the park name. Brickell didn’t start until east of Miami Avenue, and later east of the FEC tracks, the right-of-way which was utilized for Metrorail. Stop rewriting history like a 1619 Projector.

The Real Brickell
7 months ago

Wrong there is a 1997 article above in the Miami Herald. All of current Brickell was “Southside” and Marry Brickell just had a single family residence development like you’d see in Vero Beach. The current metropolitan boom spawned directly west of Miami Ave at Mary Brickell Village and according to that time was a six block radius all around that small shopping mall.

One Brickell
7 months ago

Once upon a time when Brickell was booming early on, I believe a few dueling powerful people decided they would all get a piece of it, ever since then they haven’t been working together – it’s causing obvious disconnects in Brickell. They all claim their influences areas as Brickell.

The people of Brickell know it to be one single neighborhood, not belonging to a few powerful people to hoard for their ego or constituents who live far outside of Brickell. This is One Brickell and we will have one central unified direction and signage going forward.

United Blocks of Brickell
7 months ago

In future signage:

– Should north of 15th street be “North” Brickell?

– Should east of Mary Brickell Village be “East” Brickell”?

– Should west of Miami Ave be “West” Brickell?

I don’t think so… If the city does this, it ought to do it throughout Brickell. Doing so dilutes, separates and confuses people. Each area has had an integral stake in developing Brickell.

Historical “Southside” of the Miami River
7 months ago

Southside was an informal reference to everywhere south of the Miami River, before Brickell was developed to what it is today. It was never adopted, except for the name of a school, park and Brickell development on the park.

I’m concerned that nationally the term “Southside” has negative undertones because of blight in Southside, Chicago. Frankly, it sounds like a slum (except One Southside Park has managed to make it luxurious again.) But this area in Brickell is the opposite of a ghetto. It is masterplanned luxury core of Brickell.

Anonymous
7 months ago

Can’t blame them…thank Citadel

Anonymous
7 months ago

Thank you Citadel for seeing the potential and value all across Brickell and investing in our growing community!

An interested observer.
7 months ago

There are always comments in the Next Miami regarding The Four Ambassadors. The people who make these comments want to see them demolished. The condominium is on an excellent site; however, anyone who would be seriously interested in demolishing the buildings, should first ensure that they have on the order of $2,000,000,000.00 to begin a serious conversation. If any of the commentators have the cash, please contact me and I can help you in miniating a dialog.

Bruno
7 months ago

I admire the hustle!

Vincent
7 months ago

I wish someone would redevelop and tear down the 4 Ambassadors next door.

Anonymous
7 months ago

We all do!

Anonymous
7 months ago

I’d rather see it go than the office building.

Anonymous
7 months ago

1001 likely isn’t going anywhere–it’s Class A office space. My dad worked in this building when it was new back in the mid 80s (then 1001 S. Bayshore Dr.), and it’s still high end by today’s standards. This is some strange rezoning PR ploy being employed for a future sale.

Anonymous
7 months ago

Cool fact—in the 1996 movie Jerry Maguire, the exterior shot of the LA office where Jerry worked was actually this Miami building 1001. Guess they couldn’t find an LA office tower they liked as well.

Anons
7 months ago

More importantly we should redevelop the one to four story 1950s decaying buildings. It’s funny the 4Ambassadors is the priority for some.

Brickell IS Brickell - I95 to Bay
7 months ago

Yeah it does seem like an orchestrated PR effort thar would benefit someone along the bay. They are trying to call areas always in Brickell something different. It’s even reverberating into The Gallery public/private partnership on SW2nd, which needs to urgently be corrected to The Gallery at Brickell.

Many of us own buildings and condos with Brickell in the name and this selfish PR effort is trying to get new buildings to stop using Brickell (the undisputed geographic description) or add “west” … it’s unconscionable and not right! If we let them do it it, it could happen anywhere and will impact all of Brickell and become a small elitest corporate street with nobody local able to own or live here, and it could become a ghetto.

This PR to claim a part of Brickell and rename other parts is taking the Brickell neighborhood away from its people, but we will not allow it!

Welcoming New Brickellites
7 months ago

Interesting point! We in Brickell love seeing the neighborhood redevelop and new people identify as Brickellites.

Did you consider it could be a neighbor to the “west” trying to block Brickell growth or splice Brickell to gain control? You’re astute to notice.

Anyway, those that live in Brickell, including in the thousands of new units planned or being built just East of I95, will be the deciders and they already identify as Brickell, as they should!

Please keep recruiting your friends and advocating for the Brickell neighborhood.

Shah
7 months ago

Why ?! I’m not familiar with neighborhoods! I’m trying to relocate to Miami any area or buildings that you recommend?! I would appreciate sny advice or opinions!

Anonymous
7 months ago

If you want a walkable hip professional vibe, anywhere in Brickell around the Underline, either to I95 or the Bay.

There’s some up-and-coming parts in downtown north of Brickell, especially near the Bay, and immediately west of I95 in Riverside.

You can also checkout Coconut Grove, Coral Gables, and Midtown if walkability isn’t as much a factor. They offer have local activities to enjoy, but you’ll probably need a car.

Local Tips
7 months ago

SOMA at Brickell, MIRO Brickell and Maizon Brickell are all really nice new buildings and leasing now in convenient spots in the Brickell hub.

Anonymous
7 months ago

I have never heard 1 person say anything good about SOMA. Beware!

Local Tips
7 months ago

Just added that one because of its convenient central location. I have a friend who likes It. Looks cute outside and in photos. It can’t be worst than Solitair! Generally, individual owned condos are nicer than rental buildings in Brickell, but they are harder to get.

Local Tips
7 months ago

There’s also Panorama. It’s another rental building in Brickell known for being really tall. I didn’t get to see any units there because it was rented months in advance. There are not too many rental buildings. Condo buildings have a lot of rental units that come on the market, but they can get rented fast because they seem to be managed better. Hope this helps!

Invest Here in Brickell
7 months ago

The Brickell area between the Underline (Metrorail)and I95 is ripe for new development and investment. It’s the last large piece of the Brickell neighborhood being built now and will be all new soon. Don’t take my word for it, check out dozens of new plans and cranes in this area. It’s booming and prices are rising. It’s also one of the best places to live in Miami.

Melo is sigma and Chad
7 months ago

Increase zoning for the Four ambassadors

Celita ✝️
7 months ago

The Four Ambassadors are the favela, the inner city, the shantytown of Brickell 🤓🤭

Dunno
7 months ago

Why do people on this site hate the four ambassadors so much? I’m unfamiliar with the buildings – are they really unattractive?

Anonymous
7 months ago

No. They should be updated inside one by one but the design and elevations still work. The proposed building elevations compliment them well.

Anonymous
7 months ago

They were built without balconies, on prime bay view property…that’s the real travesty. The place is outmoded. The original Harbor House on Haulover inlet was built in the same era and was afflicted with the same lack of balconies on land with prime water views. Adding balconies would not be cost effective—rezoning and demolishing would be.

Anonymous
7 months ago

It does not need balconies to thrive here. Hotels and moderate income housing do very well without balconies.

Anonymous
7 months ago

Wrong, the location needs balconies. Nobody in 2023 wants a place like that without balconies. And what does a hotel or moderate income housing have to do with the 4A—it’s neither.

Anonymous
7 months ago

Says a person without a balcony. GTFO. This is Miami. A balcony is an absolute necessity.

Anonymous
7 months ago

They are extremely unattractive and do not fit in with modern Brickell at all. People hate on them mostly because they are taking up prime real estate that could host a tall, sleek building with much higher property values.

Anon
7 months ago

Exactly. Specific tax collectors for this narrow strip of land could be trying to spin the wheel for 4A when there’s other nearby areas in Brickell that are more ripe for redevelopment (and would have greater benefit to the entire Brickell neighborhood, city and county).

Anonymous
7 months ago

How does a post get lots of downvotes, and then a post agreeing with that post get a bunch of upvotes? Asking for my dog walker.

Anonymous
7 months ago

There’s a lot of buildings like these throughout Miami including in Brickell Bay.

Brickell
7 months ago

Why not let it be? Maybe 4Ambassadors serves a purpose as affordable housing near Mary Brickell Village, Brickell City Centre and new masterplanned Brickell luxury hubs at One Southside Park and River District.

Anonymous
7 months ago

Alas, unless the association agrees to a buyout, they will remain.

Bruno
7 months ago

The zoning allows for 1,049 feet….that should be enough.

Anon
7 months ago

Are you saying you think every single parcel in the city should be built to it’s maximum height? A little variety is nice…