While Miami market watchers are fretting about a potential rental oversupply in the coming year, apartment builder AIMCO is chasing an ambitious redevelopment that would bring nearly 900 units to Brickell’s bayfront.
The Boulder, Colorado-based real estate investment trust just filed plans to redevelop the aging Yacht Club at Brickell rental building, located at 1111 Brickell Bay Drive, as well as build a new 61-story apartment tower.
According to plans filed with the city’s Urban Design Review Board, AIMCO’s redevelopment is split into two stages: first, the Yacht Club’s existing 32-story apartment tower would get a facelift with new paint and finishes, plus a new pedestrian walkway along Biscayne Bay.
The real work begins in phase two. AIMCO would demolish the property’s garage to make space for a 690-foot residential tower with a triangular footprint and 572 residential units.
The newly renovated Yacht Club tower would also have its 358 units split into 258 hotel rooms and 178 apartments. A separate option eliminates the hotel portion in favor keeping the Yacht Club purely residential, paring down its unit count to 322. The plans also call for a parking garage with 961 spaces, replacing the demolished structure.
In addition to the new tower and renovations, the towers would boast retail space with floor-to-ceiling glass on the ground floor fronting both Brickell Bay Drive and Biscayne Bay.
A request for comment from AIMCO was not immediately returned. The developer is seeking waivers for a 10 percent boost for the residential floor plate, a 10 percent decrease in separation between the two towers, and a 50 percent reduction in required parking spots. Architecture firm Stantec is designing the project.
The Yacht Club, built in 1998, was purchased by AIMCO in 2009 for an unknown amount. Data from the CoStar Group shows that 96 percent of its units are occupied. The average asking rent is $2,383 per month.
A recent report from Marcus & Millichap shows Miami-Dade County is about to receive its largest influx of new apartments in 17 years, prompting doubt over where the county’s consistent gains in rent prices could continue. For the time being, however, the multifamily market has been a hot ticket in South Florida, with $4 billion worth of rental properties trading in the first half of 2016 alone.
Aimco’s plans are set to go before Miami’s design review board on Nov. 16.