Florida East Coast Realty (FECR), the developer behind Miami’s current tallest skyscraper, the 85-story Panorama Tower, has sold the last remaining prime waterfront development site in Brickell for a record breaking $363 million to 1201 Brickell Bay LLC, managed by Randall Davis in Chicago. FECR, led by real estate visionary Tibor Hollo and his family, held ownership of the property since around October 2000, which according to city records was originally purchased for $15.5 million. The property is addressed as 1201 Brickell Bay Drive, a 2.5-acre site bound by Southeast 12th Street on the north and Brickell Bay Drive on the west intersecting Southeast 12th Terrace. In 2016, FECR along with Corigin Real Estate Group and McCourt Global properties, announced plans for two 1,049-foot supertall mixed-use towers with 660 units designed by Foster + Partners dubbed ‘The Towers by Foster + Partners‘, but those plans were never realized.
1201 Brickell Bay Drive is located in the southeast section of Brickell enjoying approximately 300-linear-feet of water frontage, falling within the Bayshore Palms subdivision. The property had been operating as a surface parking lot for a number of years, and sits across the street from several residential complexes including The Mark on Brickell to the north at 1155 Brickell Bay Drive, The Club at Brickell Bay to the west at 1200 Brickell Bay Drive and Jade on Brickell to the south at 1331 Brickell Bay Drive.
Subject Property.
The Towers would have contained 660 ultra-luxury residences, likely condos, and a pedestrian plaza with shops, restaurants, and art galleries. One of the major hallmarks of the project was the 56,800 square feet of publicly accessible open space, that would have opened up a direct view from Brickell Avenue to Biscayne Bay.
It is unclear if the new owner of the property will follow through with FECR’s original plans to build two supertalls, or draw up new plans for the site.
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Wonder if they previously got FAA approval for their proposed 1049 ft buildings ? Either way a tremendous property at what seems to be a premium price.
They did get FAA approvals in the past.