AIMCO files plans for 61-story Brickell apartment tower
While Miami market watchers are fretting about a potential rental oversupply in the coming year, apartment builder AIMCO is chasing an ambitious redevelopment that would bring nearly 900 units to Brickell’s bayfront.
The Boulder, Colorado-based real estate investment trust just filed plans to redevelop the aging Yacht Club at Brickell rental building, located at 1111 Brickell Bay Drive, as well as build a new 61-story apartment tower.
According to plans filed with the city’s Urban Design Review Board, AIMCO’s redevelopment is split into two stages: first, the Yacht Club’s existing 32-story apartment tower would get a facelift with new paint and finishes, plus a new pedestrian walkway along Biscayne Bay.
The real work begins in phase two. AIMCO would demolish the property’s garage to make space for a 690-foot residential tower with a triangular footprint and 572 residential units.
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Miami to review major projects in Brickell, Edgewater and Coconut Grove
Major projects will be considered in the booming Miami neighborhoods of Brickell, Edgewater and Coconut Grove.
All three applications will go before the city’s Urban Design Review Board on Nov. 16.
In the largest project, AIMCO Yacht Club at Brickell, an affiliate of Denver-based AIMCO Properties, wants to build a 61-story tower and renovate an existing building at 1111 Brickell Bay Drive.
The project would total 1.61 million square feet, although that includes the existing 32-story apartment building of 634,081 square feet. Including both buildings, the 2.41-acre site would have 750 residential units, 258 hotel rooms, 15,486 square feet of retail and restaurant space, 961 parking spaces in an 11-story garage, an amenity and pool deck on the 13th floor, and a pedestrian walk along Biscayne Bay. The design by Stantec would have several areas where the bay would be visible from Brickell Bay Drive.
AIMCO spokeswoman Cindy Lempke said the project would be rental apartments. It has not decided on a hotel brand.
“The project is in its very preliminary stages,” Lempke said. “The end of 2017 would be the earliest we would expect to break ground but that is only a projection at this time and will depend on economic conditions.”
The 61-story tower would have 572 apartments while the renovated tower would have 178 apartments and all 258 hotel rooms. The renovations would include floor-to-ceiling windows and glass balconies. The retail space would be along Brickell Bay Drive while the restaurants would overlook the bay.
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