CONDO ASSEMBLAGE DEAL PAVES WAY FOR NEW BRICKELL LUXURY MULTIFAMILY PROJECT ON THE BAY
Miami, FL – October 20, 2015 – In a rare condo assemblage transaction, CBRE has arranged the sale of a condominium tower in Brickell’s south end to Miami Waterfront Ventures who have plans to build a luxury multifamily project with expansive bay views.
A division of the OKO Group, Miami Waterfront Ventures acquired the condominium units at 175 S.E. 25th Road – an 11-story tower sitting on approximately one acre on Biscayne Bay, for just under $48 million. CBRE’s Gerard Yetming and Calum Weaver, along with Cary Cohen of Flagler Real Estate Services LLC, negotiated with individual owners on behalf of the buyer to arrive at agreeable terms to make the bulk acquisition possible.
“We were able to get every owner to agree to sell which is very nearly impossible to do,” said CBRE Senior Vice President Gerard Yetming. “But the scarcity of waterfront product in Brickell, the incredible views from the site, and the fact that this building has much lower density than what is allowable, made this an excellent prospect for repositioning as a luxury project and worth the investment of time and energy.”
The OKO Group is planning to build on this last 150 feet of rare waterfront property a 48-story luxury condominium providing spectacular waterfront views. This location is in the heart of the most desirable part of Miami, featuring the best of Brickell shopping and dining and proximity to Miami’s prestigious private schools. Other benefits include being set away from the Brickell traffic and yet with close access to the nearby highway.
CBRE’s Mr. Yetming commented, “We are pleased to be involved in this key acquisition with the OKO Group, which was established specifically to work in the development business in the U.S. They have a global track record in real estate, working alongside many world-class architects, and bring with them considerable financial strength in the development marketplace.”
This is OKO Group’s third acquisition in Miami; the developers are also developing 2.8 acres of waterfront land between 26th Street and 26th Terrace in the Edgewater district.