A 31-story rental tower in Brickell may soon face the wrecking ball, and what replaces it could become the tallest building in Miami. Last week, a joint venture between Oak Row Equities, OKO Group, and Mariposa Real Estate filed plans with the Federal Aviation Administration for a 1,042-foot tower, barely edging out the 1,041-foot Waldorf Astoria Residences Miami, which is currently under construction. The plans are still very preliminary, but the proposed development would be mixed-use, featuring luxury condominiums and a hotel concept.
The news comes after the developers closed on a $520 million purchase of the property at the beginning of the year. At the time, the transaction was the largest land sale ever recorded in Florida, a record that lasted only until last week, when Ken Griffin completed his historic $1.1 billion all-cash acquisition of Mana Wynwood.
TYKO Capital served as the senior lender on the Brickell transaction, providing a $464.5 million acquisition and predevelopment loan. Following the closing, Oak Row Equities managing partners Erik Rutter and David Weitz described the deal as a major milestone for the growing firm and its partnership with OKO Group. “Closing on Brickell Bay Drive is a historic moment for our growing firm—a milestone that speaks to the caliber of our team—and for the future of Miami. We are honored to partner with OKO Group to create a globally-coveted experience and new way of living that is singular to this once-in-a-lifetime waterfront site,” they said at the time.
The parcels purchased by the joint venture encompass 4.25 acres of buildable area, with zoning that allows for some of the most significant density and height in Brickell. The assemblage includes the Yacht Club Residences at 1111 Brickell Bay Drive, a 31-story rental tower with 357 units that was completed in 1998, as well as an office tower at 1001 Brickell Bay Drive that was built in 1985. The 1,042-foot filing applies to the first phase of the development, which would replace the existing Yacht Club Residences with the proposed supertall.
There will also be a second phase at 1001 Brickell Bay Drive, where the existing office tower is slated for demolition and replacement with another new tower. The property was approved by the FAA in 2024 for a 765-foot building, but the joint venture recently filed for a construction crane that would reach 989 feet at the site. The crane filing lists work between July 1, 2027, and December 31, 2028, meaning construction on the two phases could begin sooner than previously expected.
All of the recent filings, including the one for the 1,042-foot supertall, are still awaiting approval. The proposed height falls within the FAA’s limits for Brickell, which is capped at approximately 1,049 feet above mean sea level. If ultimately approved and built, it would join what is now a growing collection of supertalls planned across Miami, including Waldorf Astoria, Delano, One Bayfront Plaza, Dolce & Gabbana Residences, and several other projects that could reshape the city’s skyline.
A tower of this caliber would make sense for the property given how few large waterfront development sites remain in Brickell. The full assemblage features approximately 485 feet of contiguous bayfront frontage along Biscayne Bay, giving the developers an unusually large waterfront site in one of the most densely developed parts of Miami.