31-Story Yacht Club Tower at 1111 Brickell Bay Drive Could Be Demolished for Miami’s Tallest
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.
Tula Residences Tops Out at 7918 West Drive in North Bay Village
Tula Residences has become the first of North Bay Village’s growing crop of residential high-rises under construction to reach the top. Developers Bayshore Grove Capital and Pacific & Orient Properties announced that the 21-story tower reached its full height at the start of October. When completed, Tula will also become the island city’s first new condominium in more than a decade. The milestone comes nearly a decade after Pacific & Orient first proposed the project. The company unveiled plans for the tower in 2017, but construction did not get underway until early 2023. Work stalled later that year, and the project’s original general contractor, Thornton Construction, ultimately left the job. Bayshore Grove Capital, led by Founder and CEO Vivian Dimond, later stepped in to revive the development. The firm secured financing in late 2024, including a recent $67 million construction loan from S3 Capital. A&R Development, which replaced Thornton as general contractor, has overseen the project through its topping out. According to Dimond, the topping out is important for both the development team and the community. “We have believed in the potential of this community from the beginning,” she said, describing Tula as an anchor for the neighborhood. With the structure now complete, Dimond said the building’s design and the lifestyle envisioned for residents are beginning to take shape. The project is also moving forward as North Bay Village enters a new wave of residential development. Tula is among several towers planned or under construction across the small island municipality, where new projects are beginning to change a skyline that has remained relatively low-rise for much of its history. Sales have also continued to build, which developers largely credit to their marketing team. Compass Development Marketing Group has joined Brown Harris Stevens as co-listing broker. Philip Freedman, Senior Managing Director of Sales, said buyers are increasingly looking for waterfront homes that offer privacy while remaining close to Miami and Miami Beach. With the tower now topped out, he said prospective buyers can get a clearer sense of the finished building and what will set Tula apart in the Miami condominium market. Tula will contain 54 luxury residences ranging from two to five bedrooms, with six penthouses occupying the upper three floors. Standard residences will range from roughly 1,590 to 2,440 square feet, while the penthouses will span about 3,700 to 4,140 square feet. Prices start below $2 million. Every residence will occupy a corner of the building, giving each unit views of Biscayne Bay and the Miami skyline. The amenity package will be spread across the building, with the sixth floor dedicated to much of the project’s wellness and social space. A resort-style pool will sit on a landscaped deck facing the bay and skyline, with lounges and private cabanas surrounding it. Inside, residents will have access to a 2,400-square-foot fitness center, a private dining room, and the Skyline Club Room for private events (among other amenities) Designed by M77R, the tower will feature a white stucco facade, floor-to-ceiling windows and glass balconies, with a covered podium containing 126 parking spaces. The project is expected to be completed in 2028, making Tula one of several new residential towers set to reshape North Bay Village’s skyline.