Major Developers Eye $200M Buyout on Brickell Key
Related Group and Terra are negotiating to acquire the 134-unit St. Louis condominium for approximately $1.5 million per unit. The waterfront building buyout would mark the first condo redevelopment on Miami's exclusive Brickell Key.
The Pérez family's Related Group and David Martin's Terra are pursuing a massive condominium buyout on Miami's exclusive Brickell Key, targeting the 134-unit St. Louis building at 800 Claughton Island Drive for an estimated $200 million transaction.
Negotiations have been ongoing for several months, with sources indicating the deal could reach $1.5 million per unit and close sometime next year. The potential acquisition represents the first redevelopment of an existing residential building since the man-made island was originally developed.
The 31-story St. Louis, completed in 1995, sits adjacent to Swire Properties' final development site where the Mandarin Oriental Hotel was recently demolished. Swire is constructing a two-tower luxury condominium and hotel project on that location, having already presold two penthouses for nearly $50 million each at a record $6,300 per square foot.
A group representing nearly 80 percent of St. Louis unit owners is engaged in discussions with the developers. Real estate attorney Robert Elias of the Elias Law Firm represents this ownership group. The building's condominium declaration requires at least 80 percent approval for association termination, creating a lower threshold than many comparable properties.
Unit owners have been considering a bulk sale for nearly two years following an unsolicited offer from another developer. Recent complications arose when debris from the Mandarin Oriental implosion caused damage to the St. Louis lobby and destroyed glass fixtures, resulting in cleanup costs exceeding six figures.
Both Related and Terra bring extensive experience to condominium buyouts. Related, partnering with Dezer Development and BH Group, completed a $132 million acquisition of an oceanfront complex in Sunny Isles Beach last year. Both firms previously attempted buyouts of the Castle Beach Club in Miami Beach, though that building continues operating.
The St. Louis features units ranging from two to four bedrooms across its waterfront tower. Its proximity to the new Mandarin development positions it strategically within Brickell Key's ongoing transformation.
Swire's master association is simultaneously planning a $42 million seawall replacement and baywalk improvement project across the island. The Hong Kong-based company first acquired stakes in Brickell Key during the late 1970s and continues directing major infrastructure investments.
The Courvoisier Centre, a two-building Class A office development also located on Brickell Key, recently completed a multimillion-dollar renovation in 2024, further demonstrating the island's active redevelopment momentum.
This potential buyout reflects broader South Florida real estate dynamics, where developers increasingly target older waterfront properties for luxury redevelopment. Brickell Key's limited land availability and prime bay access make existing buildings particularly attractive for acquisition and reconstruction.
