Real Estate
Miami Waterfront Site Sells for $520 Million in Record Land Deal
The office vacancy rate in the Brickell district stood at 11.9% at the end of September, compared with a US average of 19%, according to a report by CBRE Group Inc.
Photographer: Eva Marie Uzcategui/BloombergThis article is for subscribers only.
A waterfront site in Miami’s financial district is set to be sold for more than $500 million, marking the largest land transaction ever in the Florida city.
Apartment Investment & Management Co. agreed to sell 1001 Brickell Bay Drive and 1111 Brickell Bay Drive to an entity managed by Erik Rutter and David Weitz, the founders of Oak Row Equities. The combined 4.25-acre (1.7 hectare) properties are in the heart of a neighborhood that has boomed in recent years, after an influx of financial companies and new residents.