Brickell Supertall Site Sells For Record-Breaking $363M

A supertall site in Brickell has been sold in a record-breaking deal.

1201 Brickell Bay LLC, a Delaware entity with a Chicago address, purchased the waterfront property at 1201 Brickell Bay Drive for $363 million.

The deed was recorded on April 20, with the transaction first reported by the SFBJ.

The sale price works out to be just over $145 million per acre.

Previously, the property where the 816-foot Aston Martin Residences is under construction was billed as Miami’s most expensive land sale.

The Aston Martin site sold in 2014 for just over $100 million per acre. At the time, real estate firm CBRE said it was the most expensive price per square foot ever paid for land in the entire southeast U.S.

An entity linked to Tibor Hollo’s Florida East Coast Realty was the seller. The company purchased the Brickell supertall site in 2000 for $15,5 million. That means the property appreciated around 2,242% in 22 years, excluding any parking or other revenue.

In 2016, the FAA approved plans to build a supertall tower rising 1,049 feet on the property. Those plans were resubmitted in 2020 after approval expired.

Plans were submitted to Miami planners in 2016 for two towers rising 80 and 81 stories with two options: either 660 residential units, or 550 residential units and 220 hotel rooms. The project was named The Towers by Foster & Partners, after Norman Foster’s architectural firm.

 

 

The most recent renderings for 1201 Brickell from architect of record ODP:

 

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DJL Cyber
5 months ago

Let’s keep pushing this project forward until the Utility Deals, and the Construction Permits take place.đź‘Ź

Bob
5 months ago

No utility deals or permits on any of the “Supertalls”.

DJL Cyber
5 months ago

Look up the latest news on Waldorf Astoria and see if that proves you right.

Anonymous
5 months ago

Let’s see a beautiful building or 2 on this lot. Well past time!

Damn
5 months ago

Got this condo round my neck girl im cashin out…

Smokin’ on Keisha
5 months ago

36 condos ho ridin’ ’round with that nina

Melo is soft and beta
5 months ago

A bit pricey and large in my opinion. It will have to be paused if we hit a down turn.

T G
5 months ago

“1201 Brickell Bay LLC, a Delaware entity with a Chicago address”

This is enough to tell me that nothing will ever be built here. It’s a ploy to stash money.

Anon
5 months ago

With 1500 units only the cost for the land per unit is $250,000. How much are these units going to be?

Anonymity
5 months ago

Is anyone really surprised FECR is flipping this land?

Nick
5 months ago

Inflation

Not Anonymous
5 months ago

Not really, Inflation is only 8%, not 45%. If it was inflation, the price would’ve been 108 million per acre.

...
5 months ago

I hate when this happens… we have been waiting to see if this project was going to be built for at least 8 years. Now they sell the land which mean we may have to wait another 3 years for an announcement for a new building. You have to wait for all the approvals then another 4-5 to before completion! Expect this lot to sit empty for another 5 years!

Anonymous
5 months ago

They must’ve sent in tira peo negotiators for a deal that bad lol

Anonymous
5 months ago

So, does this mean they will start OBP, or at least demolish the existing building?

Anonymous guy
5 months ago

nope

calivalle
5 months ago

Great know his got the money to finance the super tall tower on Biscayne…

Anonymous
5 months ago

Well, it is the best lot on Brickell, so I hope something special happens…. landscape/ wide sidewalks for dogs, people, bikes, ebikes…. skateboarders…. etc

expanding the bayside boardwalk….. right now, its a mess.

Hawk
5 months ago

This worries me. FECR was at least a somewhat reputable builder and McCourt has not been.

Brickellite
5 months ago

Is it true that Jade next door is sinking?

Smart Money
5 months ago

That project doesn’t comply with code. The street in front (12th Terrrace) has to be TOTALLY unobstructed. The maximum they can do there is one skinny tower only next to Jade. They can’t build 2 towers and have little square open spaces in between as shown on rendering; that’s not code. Any street in front of the bay has to be COMPLETELY unobstructed; that’s the code. Parking will be a problem too, because it can’t be blocking the breeze flow from bay to streets. I guess that’s the reason Tibor never built there.

Smarter Money
5 months ago

Not sure you’re right on that.

They call me...
5 months ago

I’m putting my money on Smarter Money.

No Jobs
5 months ago

Yeah I’m sure they didn’t do their research before spending $363 million. Or they didn’t slip $50k into some politician’s pocket.

Anonymous
5 months ago

Between believing between you, who thinks that the land will only be authorized for the construction of a thin tower next to the Jade, or the investor, who invested US$ 365 million in the business and has an anti-project for two huge towers, I think it is much more reasonable believe that the investor is right and made the decision after much study.

Smart Money
5 months ago

Blocking access of breeze flow from bay to streets contributes to beloved Climate Change, thus heating up several degrees the streets and any building along the obstructed street; that’s the code. No amount of little open squares in front of the street will be enough to mitigate higher temperatures. So the only way I see it: skinny tower between Jade and 12th Terrace, with unobstructed 12th Terrace to allow free flow of breeze, and garage with retail in front of Bay Club. Let me use my talent of explaining things to 5-year-olds: turn your A/C off during a very hot day in Miami, then turn on a fan but obstruct the flow of air with a rectangular paper carton with squares cut out in the middle. Would you get more or less cooling if the fan had no carton in front of it? Now, whatever and how they can get away to circumvent this code and beloved Climate Change, it’s not my business. Don’t blame the messenger.

Fern
5 months ago

This proves we need a land tax

Jesus
5 months ago

Bro we should really have some type of land value tax or system in place to prevent all of this speculation. That area should’ve been developed in the last ten years. There’s no reason why they’re still selling that land especially when we have a potential super tall to construct and the demand for those condos will be there.

Anonymous
5 months ago

– Bro we should really have some type of “land value tax” or system –

You mean, there already isn’t?

Jesus
5 months ago

There isn’t. It’s a property tax. You get taxed when you build something which inhibits builders and homeowners from expanding it because it raises their tax bill. When you tax land, you give the incentive to build something on a piece of land rather than use it for speculative reasons which then prevents this particular piece of land from being built.

They call me...
5 months ago

Jesus,
In 2021 the Holo’s paid $1,048,713.51 in property taxes on 1201 Brickell Bay Dr.
2020 their bill was $990,010.88.
2019 their bill was $935,945.65.

Bro….invest 15 minutes to educate yourself on how taxes work, or sit back and listen to the people who know what they’re talking about.

Most people here are passionate and willing to help.

They call me...
5 months ago

What?
#1. Who’s “we”?
#2. Why do your sentences contradict each other?

Jesus
5 months ago

1. We as the people of Miami-Dade, sir/ma’am.
2. I’m not contradicting myself at all. The most important thing is what do they call you haha

Melo is sigma and chad
5 months ago

This lot is going to turn into another One River point

Not Anonymous
5 months ago

hopefully not

Anonymous
5 months ago

Both disappointing box towers from overrated architects, too.

Anonymous
5 months ago

ah so the CVS is on its way out, eh? Bummer. Always liked the building and its appearance, but onwrd and upward for Miami

Anonymous
5 months ago

This is proposed on a surface parking lot. No CVS is even close to this site.

Anonymous
5 months ago

okay, that’s weird then that the google maps photo included within the article has 1201 brickell as being the same address as that CVS

Yet Another Anonymous
5 months ago

1201 Brickell Bay Drive.

They call me...
5 months ago

The site in the article is 1201 Brickell BAY DRIVE.
CVS is on one block away at 1201 Brickell AVENUE.

Anonymous
5 months ago

yeah, when the article was first posted the map was set to the ave address, not bay drive, thats why I got confused. Glad to see that surface lot go up.

That thing has been sitting empty for way too long. I used to park there while working in brickell since it was cheaper than the building.

Anonymous
5 months ago

The building is being restored to a more respectable use. I believe it was spared when the tower behind it was constructed, as it was by the same architect who did the WTC twin towers.

Anonymous
5 months ago

It will be an interesting hotel. I’m certainly glad they decided to restore the building rather than scrap it. But have you seen the location of the pool they’re adding? Yikes.