Vice City Marina in Brickell hits market for $40M

Property is next to Four Ambassadors, and near Ken Griffin’s office tower dev site

Vice City Marina in Brickell Hits Market for $40M

From left: CBRE’s Robert Given and Calum Weaver along with an aerial view of the Vice City Marina in Brickell (Getty, CBRE, Vice City Marina)

A public marina in Brickell, near billionaire Ken Griffin’s planned Citadel headquarters development site, hit the market, with an asking price between $37 million and $40 million, The Real Deal has learned. 

Vice City Marina at 809 Brickell Key Drive in Miami, next to the Four Ambassadors condo complex, is a 26-slip public dock facility that can be expanded to 36 slips, according to CBRE’s Robert Given, who is marketing the site. 

Records show that an entity led by Ron Kurzman of Delray Beach leases the marina from Florida’s Internal Improvement Trust Fund for a base annual fee of $7,272 annually, according to a 2019 lease agreement. This means that a sale essentially would be of Kurzman’s leasehold rights to the marina. 

Given is marketing the site with Calum Weaver, also of CBRE. Weaver and Kurzman didn’t immediately return a request for comment. 

The listing marks the second Brickell property to hit the market in the past month. In March, real estate investment trust Aimco put on the market its 32-story Brickell Bay Office Tower at 1001 Brickell Bay Drive and its 31-story, 357-unit Yacht Club Apartments at 1111 Brickell Bay Drive for roughly $650 million. The 4.3-acre assemblage, which is directly south of the Four Ambassadors, could be redeveloped with multiple supertalls spanning a total of more than 3.1 million square feet. 

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Both the marina and Aimco’s properties hit the market amid Brickell’s office and residential market boom, fueled by an influx of out-of-state companies during the pandemic. In the most notable bet on Brickell, Griffin moved his Citadel and Citadel Securities’ headquarters to the area in 2022. He is expected to develop his companies’ headquarters tower on a 2.5-acre vacant site at 1201 Brickell Bay Drive, which Griffin bought for a record $363 million 2022. 

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Aimco’s properties and Griffin’s site are separated by one lot, which is home to the 36-story, 370-unit Mark on Brickell condo tower at 1155 Brickell Bay Drive. 

Developers and investors also have been betting on Brickell’s growth. The Toledano family’s Aventura-based BH Group and Turkish private equity firm Süzer Group are under contract for an undisclosed amount to buy the 50-story, 148-key W Hotel at 485 Brickell Avenue. The hotel is part of the Icon Brickell condo complex, which also has three condo towers. 

Last month, the Pérez family’s Coconut Grove-based Related Group and New York-based GTIS Partners scored a $328 million construction loan for their planned 75-story, 355-unit Baccarat Residences condo tower at 77 Southeast Fifth Street. The tower is part of a planned three-building complex.