Buyer Increases Deposit On ‘Largest Land Acquisition In Miami’s History’

A landmark real estate transaction in Miami’s Brickell district is moving forward, with the buyer increasing its non-refundable deposit on the property to $50 million.

The $520 million agreement — touted as the largest land acquisition in the city’s history — involves the sale of The Yacht Club Apartments and the neighboring 1001 Brickell Bay Drive office building. Seller Aimco confirmed to investors last week that the buyer, which has already exercised its final closing extension, added $7 million to the deposit. The closing is now set for the fourth quarter of 2025.

Earlier this year, developers Oak Row Equities and Mariposa Real Estate revealed their plans to acquire the site, describing their vision for a transformative project that would reshape Miami’s skyline. Current zoning allows for more than 3 million square feet of development and permits towers reaching up to 1,049 feet — potentially among the tallest in the region.