Aimco a diversified real estate investment company, has pledged $1,000,000 to Miami-based Camillus House to support expanded workforce development programs. In discussions with Miami’s civic and community leaders it became clear that despite a strong job market, many of Miami’s residents don’t possess the necessary skills or experience to obtain better-paying jobs and are, therefore, unable to benefit from Miami’s rapidly growing economy.
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Kushner Cos. And Aimco Acquire Fort Lauderdale Development Site For $49 Million, To Build City's Tallest Tower
A partnership between Kushner Cos. and Aimco has acquired a development assemblage in Fort Lauderdale for $49 million and plan to develop Fort Lauderdale’s tallest tower. The development partnership acquired a 1.87-acre site at 520 W Broward Blvd. for $35.5 million from Swire Properties as well as a 2.31-acre site at 300 W Broward Blvd. for $13.5 million.
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Aimco Acquires Hamilton On The Bay Multifamily In Edgewater For $89.6 Million
The 275 unit bayfront multifamily rental tower Hamilton on the Bay in Miami’s Edgewater neighborhood has sold for $89,600,000, which breaks down to roughly $330,000 per unit. Rani Hussami of Marcus & Millichap’s Hussami Rockson Group represented the seller, Properties of Hamilton, Inc. in the transaction.
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Florida East Coast Realty Asks Courts to Overturn Approval of Aimco's Yacht Club Brickell
While some of the world's finest condos are going up all over Miami, each raising the bar over the previous tower, some of Miami's biggest rental developers are beginning to become at odds with each other in Brickell. Florida East Coast Realty has filed a court action to reverse the approval of the NYSE-listed Aimco's approved 61-story Yacht Club at Brickell.
Read MoreAimco Proposes 1111 Brickell
Aimco, a NYSE-listed REIT, has proposed to redevelop the Yacht Club at Brickell not a new mixed-use tower named 1111 Brickell. The development will ultimately result in a new 61-story, 690-foot residential rental apartment building as well as the renovation of the 32-story which will feature a hotel, retail as well as residential rental apartments. There will be 750 rental apartment units in the development matched with 250 hotel rooms and 961 parking spaces. Aimco has also applied for a potential of no hotel and 897 rental units. Stantec will be the architect and plans have been submitted to Miami's Planning & Zoning Department with a UDRB review scheduled for November 16. 1111 Brickell is sure to add further uncertainty into the Brickell market as developers have already hit the brakes and investors have had trouble renting their units for what they had projected to be market rent. If Brickell Bay Drive wasn't dense enough already, Aimco is looking to increase that density through rental only units. Aimco also owns and operates Miami Beach's Flamingo Tower as well as Edgewater's Bay Parc Plaza.
