Oak Row, Mariposa Close Record $520M Waterfront Purchase in Miami’s Brickell
The pair also brought in OKO Group as a partner with plans for a hotel and luxury condos
By Julia Echikson December 23, 2025 3:53 pm
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Oak Row Equities and Mariposa Real Estate have closed on their $520 million purchase of a waterfront assemblage in Miami’s Brickell district, bringing along Vlad Doronin’s OKO Group as a partner, with plans to build a hotel and luxury condos.
The purchase of the 4.25-acre site is the most expensive land trade in Miami’s history in gross terms. The site houses a 32-story office tower and a 31-story rental building called Yacht Club Apartments, which together offer 485 feet of continuous Biscayne Bay frontage at 1001 and 1111 Brickell Bay Drive.
The purchase tops Ken Griffin’s $363 million acquisition in 2022 of a parcel nearby, where the billionaire will build a headquarters tower for his two companies, hedge fund Citadel and market maker Citadel Securities.
In 2023, Aimco put the two-building Brickell Bay Drive property on the market, seeking as much as $650 million. Talks with Oak Row Equities, led by Erik Rutter and David Weitz, got underway last fall, Commercial Observer first reported, and the Miami-based firm went under contract in January with Mariposa Real Estate.
Adi Chugh’s Tyko Capital served as the senior lender for a $464.5 million acquisition and predevelopment loan.
Walker & Dunlop arranged the debt with a team consisting of Keith Kurland, Aaron Appel, Jonathan Schwartz, Adam Schwartz, Dustin Stolly, Sean Reimer and Mike Stepniewski.
The site is zoned for over 3 million square feet of development, allowing for multiple towers up to 1,049 feet. The first phase will include a hotel and branded condominiums. Doronin, who developed the nearby 830 Brickell office high-rise and the luxury Una condo building, owns the Aman luxury hotel chain.
A representative for Aimco did not immediately respond to a request for comment.
Julia Echikson can be reached at jechikson@commercialobserver.com.
