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. Florida East Coast Realty had previously filed an appeal with the city but it was denied by Miami's Planning, Zoning, and Appeals Board. Now, TWJ 1101 LLC, an entity of Florida East Coast Realty, has filed a Petition of Writ of Certiorari. Florida East Coast Realty is upset that the proposed Yacht Club at Brickell could block views from their Panorama Tower. Yacht Club at Brickell would allow Aimco to redevelop the existing 32-story apartment building on the property as well as build an additional 61-story apartment building also on the plot. The 4 waivers given to Aimco including parking reduction, floor plate and setback waivers, are all being challenged by the case. Yacht Club at Brickell 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 on record. Florida East Coast Realty's Panorama Tower topped over earlier this year and pre-leasing is currently underway.
The Real Estate Mogul's Guide to South Florida
