By Alex Lopez, Associate Editor
Miami—CBRE, in a rare condo assemblage transaction, has laid out the sale of a waterfront condominium tower to Miami Waterfront Ventures. The property lies in Brickell’s south end at 175 S.E. 25th Road and is an 11-story building sitting on one acre on Biscayne Bay.
Miami Waterfront Ventures, a division of OKO Group, acquired the tower for just under $48 million and plans to build a luxury multifamily project with expansive bay views. CBRE’s Gerard Yetming and Calum Weaver, with Cary Cohen of Flagler Real Estate Services LLC, led the negotiations with the individual owners on behalf of the buyer.
“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’s plans include a 48-story luxury condominium on 150 feet of waterfront property. The location features the best of Brickell shopping and dining, while also being close to Miami’s prestigious private schools, but being set away from the Brickell traffic yet with close access to the nearby highway. This is the group’s third acquisition in Miami and the developers are also developing 2.8 acres of waterfront land between 26th Street and 26th Terrace in the Edgewater district.
Image courtesy of Trulia