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.