Unlock Redevelopment Gold at 2451 Brickell Ave
Buy units implying a ~$200M valuation today—position for a $600M+ bulk exit via developer buyout. 8.3 acres of prime Biscayne Bay waterfront.
The Opportunity
A unique arbitrage play in Miami's hottest real estate market.
Why 2451 Brickell Ave?
This 1963-built, 21-story condo sits on 8.3 acres of prime Brickell waterfront—one of the largest contiguous parcels in the area. With 359 units, 23 recent sales (2024-2025) imply an average building value of $218M.
But as raw land, comparable sales suggest $615M potential. At ~$1,700/sq ft for waterfront land (8.3 acres ≈ 361,548 sq ft):
- 361,548 sq ft × $1,700 = $615M land value
- Current implied value: $218M (avg of 23 sales)
- Implied value range: $159M - $290M
- Potential arbitrage: ~$400M spread
Avg of 23 sales (2024-2025)
8.3 acres × $1,700/sf
The Property: 8.3 Acres of Prime Waterfront
Aerial views, amenities, and bayfront location — one of Miami's largest contiguous waterfront parcels
T6-24A-R Zoning: Miami's Most Valuable Designation
Under Miami 21, this property carries the city's highest-intensity zoning—designed for major urban development
The highest intensity zone in Miami 21. Reserved for areas designed to support 24-hour urban environments with maximum density, mixed-use development, and pedestrian activity.
24-story base height with potential for additional height through Miami's Public Benefits Program. Developers can often exceed this through bonuses for affordable housing, public spaces, or LEED certification.
The "A" sub-designation allows up to 150 dwelling units per acre—the highest residential density permitted. On 8.3 acres, this could support 1,200+ luxury units.
Primarily residential with ground-floor retail permitted. Ideal for luxury condominium towers with amenity retail—exactly what developers want in Brickell's waterfront market.
Why T6-24A-R Commands Premium Land Values
Maximum FAR (Floor Area Ratio): T6 zoning offers FAR up to 12+, meaning developers can build 12x the lot area in floor space. More buildable square footage = higher land value.
Rare & Protected: T6 zones are limited to Miami's urban core. You can't rezone suburban land to T6—this scarcity protects and increases value.
Developer-Ready: No rezoning battles or variance requests. The entitlements are already in place for a major project—saving developers 1-2 years and millions in legal/planning costs.
Bayfront + T6 = Ultra-Premium: Waterfront parcels with T6 zoning are exceptionally rare. This combination commands the highest per-square-foot land prices in South Florida.
Comparable Land Sales & Market Context
Recent Brickell waterfront transactions demonstrate the premium developers pay for sites like this
| Property | Year | Acres | Price | $/Acre | $/Sq Ft | Notes |
|---|---|---|---|---|---|---|
| 1001 & 1111 Brickell Bay Dr | 2025 | 4.25 | $520M | $122M | $2,810 | Record-breaking Brickell waterfront deal |
| Citadel Assemblage (Total) | 2022 | ~4.2 | $670M | $160M | $3,660 | Multiple parcels at 1201, 1221, 1250, 1260 Brickell |
| ↳ 1201 Brickell Bay Dr | Apr 2022 | 2.5 | $363M | $145M | $3,330 | Vacant waterfront (Hollo family, held 22 yrs) |
| ↳ 1221 Brickell Ave | 2022 | — | $287M | — | — | 28-story office tower |
| ↳ 1250 & 1260 Brickell Bay | 2022 | ~0.5 | $20M | $40M | $920 | Adjacent lots for assemblage |
| Una Residences Site | 2014 | ~1.1 | $48M | $44M | $1,000 | 61-unit condo buyout, direct waterfront neighbor |
| Una Site (Inflation-Adjusted) | → 2025 | ~1.1 | ~$117M | $106M | $2,440 | 2014 price × 2.44x (MIXRNSA 179→436) |
| 2451 Brickell Ave (This Site) | TBD | 8.3 | $615M* | $74M | $1,700 | *Conservative estimate at $1,700/sf |
Miami Real Estate Index (2010-2025)
S&P/Case-Shiller Miami Home Price Index (MIXRNSA) — 2.94x growth since 2010
Case Study: Una Residences (Our Neighbor)
The Playbook: In 2014, developers acquired the 61-unit Sail on Brickell condo at 2627 S Bayshore Dr—our direct waterfront neighbor—for approximately $48 million through a condo termination buyout.
The Result: That 1.1-acre site is now Una Residences, a 47-story ultra-luxury tower with units selling for $2,000-$3,000+ per square foot. The land value alone—adjusted for Miami's 2.44x index growth since 2014—would be worth ~$117M today.
The Opportunity: 2451 Brickell has 7.5x more land than Una's site. At comparable $/acre valuations, this parcel could command $615M-$800M from developers.
From $200M Entry to $600M+ Exit
A structured approach to capturing the land value arbitrage.
Acquire Units
Buy at $400-600/sq ft. 1BD units from ~$300K. Build ownership % and voting power.
Build Voting Bloc
Target 80% via partnerships. FL law requires supermajority for termination.
Partner with Developers
Approach Related Group, Terra, OKO Group. Leverage land for luxury towers.
Exit & Profit
Payout: $600M+ (3x+ ROI after 1-3 years). Pro-rata distribution.
Backed by Recent Sales Data
Analysis of 23 recorded sales from 2022-2025 public records.
| Metric | Value | Implication |
|---|---|---|
| Total Sales Analyzed | 251 (2001-2025) | Comprehensive market data |
| 2024-2025 Avg Implied Value | $218M | Based on 23 recent sales |
| Implied Value Range | $159M - $290M | Significant variance = opportunity |
| Price Range (2024-25) | $360K - $1.4M | Entry points for all budgets |
| Price Per Sq Ft | $357 - $675 | Avg $530/sf (below new builds) |
| Land Value (8.3 acres) | $615M | 361,548 sf × $1,700/sf |
Entry vs. Exit Valuation
Recent Sales by Size & Price
Leverage Multiplier Effect
Buying at $218M implied for $615M land = 2.8x leverage on Miami appreciation
A 2.8x Leveraged Position on Miami Waterfront Land
You're buying units at a ~$218M implied building valuation for land worth $615M. This creates a 2.8x leverage effect on Miami land appreciation. If waterfront land values rise 10%, your position gains ~28%. If they rise 20%, you gain ~56%.
No timeline promised. Miami waterfront land historically tracks or exceeds inflation. When the building eventually sells—whether in 2 years or 10—you capture the spread between what you paid and the pro-rata land value. More investor-aligned owners accelerates the path to the 80% vote threshold.
Implied Valuation Explorer
Filter by bedroom type to see how different unit sales imply different building valuations. Based on 23 actual sales (2024-2026), sorted chronologically.
Implied Building Value by Sale
Individual Sales Data
| Unit | Date | Beds | Sq Ft | Sale Price | $/Sq Ft | Implied Value |
|---|
Balanced View: Risks & Mitigation
Every investment carries risk. Here's how we address key challenges.
Owner Resistance
Some owners may resist selling. Mitigation: Education campaigns, fair offers above market, relocation assistance.
Zoning & Regulatory Limits
Redevelopment requires approvals. Mitigation: Partner with experienced developers who have track records in Brickell.
Timeline Uncertainty
Process may take 1-3+ years. Mitigation: Units generate rental income (4-6% yield) while waiting.
Market Conditions
Real estate markets fluctuate. Mitigation: Miami's fundamentals remain strong. Land scarcity supports values.
Special Assessments
Building may require capital improvements. Mitigation: Factor $10-20K/unit into acquisition costs.
Express Interest
Join via LLC structure with equal shares and right of first refusal.
Prefer to discuss directly?
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