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.
