New Construction Home in Miami's Bay Point Neighborhood Sells For Record-Setting $27.25 Million

Casa Moderne, a newly completed waterfront residence at 790 Lake Road in Miami's exclusive Bay Point neighborhood, has sold for a record $27.25 million. The transaction establishes a new record-setting canal-front price per square foot in Bay Point at $4,284 per square foot, reflecting not only the continued demand for luxury waterfront real estate in Miami, but also how the luxury buyer relocating to the area today is fundamentally different from the buyer from a decade ago. Today’s buyers are not looking for a project—they are looking for certainty. They want exceptional architecture, thoughtful design and a home they can enjoy immediately as their most valuable currency is time.

The transaction was overseen by Ana Teresa Rodriguez, founder and CEO of ATR Luxury Homes Group at Coldwell Banker Realty who listed the property. The buyer was represented by Cyril Matz with Douglas Elliman.

Offered fully furnished, the six-bedroom Casa Moderne includes seven full bathrooms and one powder room and spans 6,361 square feet on a 13,532-square-foot waterfront lot. The move-in ready residence features Bay Point's only grandfathered rooftop terrace with panoramic 360-degree views of Biscayne Bay and the Miami skyline, along with custom millwork, a private dock, an infinity-edge pool with spa, chef's kitchen, elevator, air-conditioned garage and designer furnishings by Minotti and Fendi.

The sale is a testament to a significant appreciation in the property's value over time. Originally acquired in 1976 for approximately $125,000, the property was purchased in 2012 by Adonel Concrete CEO Luis García for $1.9 million as his personal residence. In 2016, García offered the property for sale either as an existing residence for $9.98 million or as a redevelopment opportunity with approved plans for approximately $15 million.

After reassessing the long-term potential of the site, García decided to take the listing off the market, demolish the existing home and pursue a full ground-up redevelopment. The new home was envisioned and creatively directed by ATR Concepts, a division of ATR Luxury Homes Group.

Today, the sale of Casa Moderne for $27.25 million underscores the considerable increase in value of premier waterfront real estate in Miami due to the continued migration of wealth to South Florida following COVID and the impact of Florida’s tax advantages. It is also an indication of the strength of Miami's ultra-luxury residential market, where turnkey waterfront properties attract strong buyer demand.

Located in the gated Bay Point neighborhood, Casa Moderne sits on a private waterfront cul-de-sac just moments from Biscayne Bay and offers convenient access to the Miami Design District, Wynwood, Edgewater, Brickell, Miami Beach, Miami International Airport and several of Miami's top private schools. Bay Point, one of Miami’s best-kept secrets, quietly offers something incredibly rare: a private community of approximately 250 homes, owned and operated by its homeowners, with exceptional security, privacy, and one of the most central waterfront locations in the city.

“What was once considered an undervalued hidden gem has evolved into one of South Florida's most sought-after luxury communities,” said Rodriguez. “Buyers today increasingly recognize what longtime residents and investors understood years ago. Bay Point offers an extraordinary combination of exclusivity, privacy, security and accessibility. It now belongs in the same conversation as South Florida’s most exclusive private enclaves.”

“I believed in Bay Point long before it became one of Miami’s most sought-after luxury communities,” said García. “What attracted me from the beginning was its privacy, security, waterfront lifestyle, and central location. I always felt the market would eventually recognize what made this neighborhood so special.”

Images via Unihouse Production

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Master Brokers Forum: Check Out This Newly Remodeled Waterfront In Miami's Upper Eastside Asking $5 Million

Master Brokers Forum member Richard Feldman presents this remarkable, rarely-available direct bayfront property with huge, wide-open bay views from every room. This peaceful bayfront home offers the most amazing panoramic bay views of the city skyline and Miami Beach. Beautifully remodeled, the two-story property features 4 bedrooms, 3.5 bathrooms, a 2-car garage, hardwood floors throughout, new pool, hurricane impact windows/doors, new seawall, new boat dock and a large fenced backyard perfect for entertaining. The property is ideally situated with both east and west exposures, which provide an abundance of natural light and a gorgeous sunrise and sunset over Biscayne Bay. Located in Davis Harbor, close to Miami Beach, Brickell, both international airports and so much more.

8921 N Bayshore Dr, Miami is currently listed for $4,985,000 with Richard Feldman of Waterfront Realty, who can be reached at (305) 970-2884 and/or richardtoddfeldman@gmail.com.

The Master Brokers Forum is a local network comprised of South Florida's elite real estate professionals. Learn more at www.MasterBrokersForum.com.

Step Inside The $20 Million Kobi Karp Designed La Casa Palma Estate In Bay Point

The new construction Kobi Karp-designed spec home Las Casa Palma, with interiors by Borges+Associates, has hit the market for $20 million. La Casa Palma was developed by MV Group and is located at 580 Sabal Palm Road, situated in the private, gated community of Bay Point.

Las Casa Palma sits on a nearly 30,000 square foot waterfront lot and offers an open floor plan and glass sliders for with endless water views of Biscayne Bay. The contemporary estate features of the 6 bedroom, 9 bath residence include a movie theatre, gym, spa, wine cellar, glass elevator, reflection pond and a separate guest house with private entry and sunset deck. The backyard overlooks the Miami Beach skyline and features a lap pool and built in chefs summer kitchen. Las Casa Palma is currently listed for $20,000,000 with Chad Carroll of The Carroll Group at Compass.

Images via The Carroll Group

NNN Leased Pollo Tropical Building on Biscayne Blvd. in MiMo Trades For 4.61% CA

A NNN leased Pollo Tropical stand-alone restaurant building located on Biscayne Blvd/ US-1 in Miami’s MiMo district, has traded for $2.275 million, equating to a 4.61% CAP rate. The 1,754 SF restaurant building sits on a 12,800 SF lot located at 7501 Biscayne Blvd in Miami, FL. The asset was renovated in 2017 and had a 15-year corporate NNN lease with Pollo Tropical. The transfer development rights (TDR’s) were not included in the sale. This Pollo Tropical restaurant is interesting because it is a drive-thru only location and contains no indoor seating. This made it especially attractive during the current pandemic as the tenant was able to operate without any interruption during the recent City of Miami shutdown.

“This acquisition was driven by the buyer’s concern for the unknown long-term effects of the Covid-19 pandemic on the economy and future possible shutdowns. We are seeing a large portion of our client base shift their focus to seeking out assets that have proven resilient against down markets.” said Jason Abitbol, Apex Capital Realty.

Jason Abitbol, Apex Capital Realty’s Commercial Advisor, represented the buyer, 995 Holdings LLC., in the acquisition which represented a 1031 Exchange. The Seller of the property was 7501 Biscayne LLC. which is controlled by Alex Karakhanian from LNDMRK Development. The seller was represented by Alex Zylberglait, Scott Sandelin, and Jonathan De La Rosa from Marcus and Millichap. 

13th Floor Investments & Tricera Capital Go Vertical On The Boulevard In Mimo

13th Floor Investments and Tricera Capital have commenced vertical construction on The Boulevard. The apartment rental building will offer 283 apartment units, 35,855 SF of restaurant space, 13,485 SF of retail space and 517 parking spots. The Boulevard was designed by Corwil architects with Civic Construction as the general contractor. Rents are expected to average $2,200 per month. The development partnership got the green light to commence on the project in February 2018 and the developers locked down a $63.8 million construction loan in December 2019. The Boulevard is located at 5700 Biscayne Blvd., just north of Miami Design District in MiMo, adjacent to the local hotspot pizza place Andiamo. The lot had seen several projects proposed for the site yet were never built. The 2.2 acre vacant land changed ownership several times including 13th Floor Investments and Tricera Capital’s acquisition for $19.5 million in June 2017 from Unitas Development Group.

Drama Heating Up As Lawsuits Cloud Apeiron at the Jockey Club

Drama is heating up as lawsuits are clouding the luxury development Apeiron at the Jockey Club five years after it was announced. Lawsuits filed with the Miami-Dade Circuit Court are alleging a loan-to-own scheme at the proposed, ultra-modern 120-unit condo project.

Apeiron Holdings Miami and Apeiron Miami, shell corporations controlled by developers Muyad “Mo” Abbas and Michael Bedner, have sued their partners, Jockey Segal Upland led by Asaf Horesh and Zeev Segal along with Pledger Trust Series 28 LLC, led by Doron Arad. Apeiron at the Jockey Club would be a 4th building addition to The Jockey Club, where it would be built on 13 acres of common grounds. The lawsuit is in reference to 3 properties which the Apeiron developers sold for $20 million to Elite Marinas Group, which was going to build and operate the marina for the Apeiron at Jockey Club development. Abbas and Bender obtained a $21 million mortgage by Romspen Mortgage Limited Partnership which they paid down over $11 million and repaid nearly half of the loan during the time in which they proposed plans for the project and received full entitlements and permits. Despite this success, the developers were sued by the 3 Jockey Club condo associations to stop the project.

The initial lawsuits threw the project into a frenzy although the developers won 2 of the 3 lawsuits. Problems would get worse when Arad would acquire the remaining $10 million in debt from Romspen. Arad, Segal and Horesh would then allegedly block the sale of the 3 properties to Elite Marinas Group and attempt to foreclose on Abbas and Bedner’s debt. On December 5th Jockey Segal notified Abbas and Bedner that they were in default and requested full payoff of the remaining $10 million loan.

Global City Development & Asia Capital Real Estate Management Break Ground On MiMo Bay Apartments In Miami's Upper East Side

Asia Capital Real Estate Management (ACRE) and Global City Development, led by Principals Brian Pearl and Diego Procel, celebrated the groundbreaking of MiMo Bay Apartments, a 236-unit mixed-use waterfront community in Miami’s Upper Eastside. The project is a joint venture between ACRE and a large Canadian Pension Fund, and will be built on the 3.6-acre site of the former American Legion Post No. 29 building. The five-story waterfront building is being built by Miami-based Coastal Construction Group and financed via a $51 million construction loan from TD Bank. Designed by Stantec's Miami office, MiMo Bay Apartments will comprise of 236 LEED-certified market-rate rental apartment units, as well as 15,000 SF facility to be owned and operated by Post No. 29 for the use of its military veteran members. The Post No. 29 space will feature a gym, areas for physical therapy, a wellness center, and a swimming pool with services will include group therapy, acupuncture, post-traumatic stress disorder treatment, and more.

MiMo Bay Apartments is located adjacent to Legion Memorial Park at 6445 NE 7th Avenue in Miami’s MiMo District, the ceremony included remarks from Global City Development Principal Diego Procel, as well as ACRE Managing Partner Blake Olafson. Commander Robert Bellamy representing Post No. 29 and City of Miami Commissioner Ken Russell were also in attendance to initiate the ceremonial event.

“We’re incredibly proud to officially break ground on MiMo Bay Apartments and begin the process of developing this project with an extraordinary group of individuals,” said Olafson. “MiMo Bay Apartments will bring a world-class standard outdoor and waterfront living concept to Miami’s Upper Eastside, whilst being built and designed by local Miami firms.”

“We look forward to contributing such an important development in this growing neighborhood,” added Procel. “As the proud father of a Marine and recognizing the need for a community that serves the Legion, this development will realize an incredible opportunity for veterans to enjoy vastly enhanced amenities in the area.”

“Our vision for MiMo Bay is to pay homage to the surrounding neighborhood and its Miami Modern (MiMo) style of architecture, and to establish a connection between the bay and the park,” said Christina Villa, senior associate with Stantec’s Miami office. “We mixed modern and sharp angles to maximize water views from all areas including the units, public spaces and the American Legion facility. Natural fauna and landscaping will be implemented to enhance the site, blend with the park and provide a secluded retreat for residents.”