Zach Vella Buys Waterfront Development Lots On Venetian Islands For Record $15 Million
Celebrity developer Zach Vella has acquired two adjacent waterfront development lots on Miami’s Venetian Islands for his private residence in Miami. Vella paid $15.2 million for 228 and 302 West Dilido Drive, a dirt value of $688 per square foot, which surpasses the Venetian Islands’ record land sale which was previously $6.5 million for 412 West Dilido Drive set in 2016.
Celebrity developer Zach Vella has acquired two adjacent waterfront development lots on Miami’s Venetian Islands for his private residence in Miami. Vella paid $15.2 million for 228 and 302 West Dilido Drive, a dirt value of $688 per square foot, which surpasses the Venetian Islands’ record land sale which was previously $6.5 million for 412 West Dilido Drive set in 2016. Jim Agard of Vendôme Capital represented the seller and Natalia Gryczynska of Brown Harris Stevens represented the buyer.
The seller was Lionel Masson, the founder of Pharmacies Lafayette in France, who had planned two spec homes on the site. Masson initially acquired the properties in 2018 for $11.5 million and demolished two homes on the site. Vella is the founder and CEO of the Los Angeles and New York City-based real estate development firm Vella Group, and is also a managing board member of Miami’s Magic City Innovation District.
Property Donated To Mt. Sinai Medical Center On Hibiscus Island Sells For $11.6 Million
320 S Hibiscus has sold for 11.6 million after the former owners donated the luxurious property to Mt. Sinai Medical Center. Douglas Elliman agents Eloy Carmenate and Mick Duchon agreed to a very reduced commission to represent the sale and all proceeds and most commissions earned will be donated to the hospital.
320 S Hibiscus has sold for 11.6 million after the former owners donated the luxurious property to Mt. Sinai Medical Center. Douglas Elliman agents Eloy Carmenate and Mick Duchon agreed to a very reduced commission to represent the sale and all proceeds and most commissions earned will be donated to the hospital. 320 S Hibiscus Drive was donated to Mount Sinai Medical Center Foundation in 2003 via a life estate by the previous owners, who believed in enhancing the well-being of the community by supporting the medical center’s mission. The buyer, who was represented by Natalia Gryczynska of Douglas Elliman Real Estate, plans to develop 2 homes on the site. The property was originally listed for $13,950,000.
Founded in 1949, Mount Sinai Medical Center is the largest independent, private, not-for-profit teaching hospital in South Florida. One of the original statutory teaching hospitals in the state of Florida, Mount Sinai is the hospital of choice for those who seek the level of expertise and care that only a teaching hospital can offer. Mount Sinai currently offers ten convenient locations in Miami-Dade County and two cardiology offices in Monroe County.
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