OKO Group Buys Up the Old to Make Way for the New
- Oct 21, 2015
Miami—Miami Waterfront Ventures, a division of the OKO Group, has acquired an 11-story condo tower at 175 S.E. 25th Road and plans to replace the structure with a new luxury multifamily building. Senior Vice President Cary Cohen of Flagler Real Estate Services joined CBRE’s team led by Senior Vice Presidents Gerard Yetming and Calum Weaver, who negotiated with each individual condo owner on behalf of the buyer. The transactions added up to $48 million. BridgeInvest provided $29.5 in acquisition financing through its subsidiary, BI II.
Sitting on approximately one acre on Biscayne Bay, the building is in the heart of one of the most coveted parts of Miami, featuring numerous upscale shopping and dining destinations. The area also benefits from proximity to Miami’s prestigious private schools. The OKO Group is planning to build a 48-story luxury condominium and make full use of the site’s 150-foot waterfront.
“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,” Yetming said. “We were able to get every owner to agree to sell, which is very nearly impossible to do,” he added.
This latest bulk acquisition marks OKO Group’s third acquisition in Miami—the firm is also developing 2.8 acres of waterfront land between 26th St. and 26th Terrace in the Edgewater district.
Image via Google Street View