Editor's note: A previously published version of this story cited a Dec. 30 news release from Walker & Dunlop saying the hotel development in the project would be an Aman-affiliated brand. OKO Group reached out to CoStar News to clarify that the developers are evaluating multiple brands and no brand selection has been made. Additionally, no unit count has been finalized for either the hotel or residences. The edited story is below.
A new luxury hotel is coming to a desirable waterfront district thanks to what's being reported as the single largest land acquisition loan in Miami.
A $464.5 million loan to finance a 4.25-acre bayfront parcel in Miami’s Brickell District was finalized for the deal in December. According to the news release, Walker & Dunlop Capital Markets Institutional Advisory worked on behalf of Oak Row Equities and OKO Group for the acquisition and predevelopment bridge loan from TYKO Capital.
The land acquired has two buildings currently — a 31-story rental building and a 32-story office tower. CoStar News reported that these buildings are the Yacht Club Apartments and office tower at 1001 Brickell Bay Drive. The land also has 485 feet of waterfront access.
The project's plans include a luxury hotel and residences, but timeline and construction details for the hotel have not been released yet.
“Brickell’s final remaining waterfront site of this scale provides a rare opportunity to create an iconic mixed-use development that will set a new benchmark for design, wellness and luxury hospitality in the United States,” said Vlad Doronin, CEO of OKO Group, in a statement.