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: