Record Breaking Waterfront Mansion Sold in Coconut Grove for $106.9 Million
Adrienne Arsht, a local philanthropist, set a Miami-Dade County record when she sold her waterfront property in Coconut Grove for $106.9 million.
The sale of the home represents a 29% decrease from the property’s initial $150 million asking price and this sale marks the first residential sale to exceed the $100 million threshold.
The 2 two-story homes sit on 3031 and 3115 Brickell Avenue and are frequently referred to as South Florida’s “embassy,” due to the many U.S. and international officials frequenting the home.
There are a total of 12 bedrooms and 13 and a half bathrooms in the 25,000-square-foot home. The 4-acre property has 400 feet of water frontage, is close to Vizcaya Museum & Gardens, and overlooks Biscayne Bay. The main house, known as Indian Spring, was built by Arsht in 1999.
It has a dining room that seats more than 20 people, a six-car garage with an office and apartment upstairs, a pool, and a tennis court. Indian Spring was designed by Jose Gelabert-Navia, a former dean of the University of Miami School of Architecture. Villa Serena, the other house, was constructed in 1913.
The property was developed by William Jennings Bryan, a former U.S. Secretary of State and a 3x presidential candidate. Arsht restored the waterfront mansion and it is now registered in the National Register of Historic Places.
According to records, she purchased the property in two transactions, paying $4 million for the land on which the contemporary house was built in 1996 and then $12 million for the ancient home in 2007.
Arsht, a native of Delaware, made a name for herself in Miami’s financial world and as an arts patron. She gave the Adrienne Arsht Center for the Performing Arts a $30 million gift, earning it the moniker Adrienne Arsht Center for the Performing Arts in Miami’s Arts & Entertainment District. She has also served as TotalBank’s chair in the past.
The transaction surpasses the previous high in Miami-Dade, which was set this summer by the $93 million purchase of three homes in Golden Beach by the founder of the technology business InterSystems. Ragon intends to demolish the buildings and build a new house in their stead.
Developer Ugo Columbo Launches VITA Residences at Grove Isle in Coconut Grove
Miami-based developer Ugo Columbo has officially launched Vita Residences at Grove Isle in Coconut Grove. Previously known as The Markers Grove Isle, this 5 story development will be located at 4 Grove Isle Drive alongside Biscayne Bay.
This contemporary sanctuary is being created on a private 21-acre island for personalized living, fine-tuned for an active lifestyle. Residents will share space with only a few individuals on the island in the final and most lavish chapter of Grove Isle’s history.
The development will consist of 65 waterfront residences and will include 12 bi-level penthouses. The luxury residences themselves will feature 3 bedroom floor plans with 2,433 to 6,597 square foot options.
Each contemporary unit will include magnificent ocean views, 13-foot-deep balconies, towering ceilings, Boffi Italian cabinets, and other superb interior accents by Bernardi and Peschard. Air-conditioned private garages will also be available as an option for owners.
The bi-level penthouse collection will have 12 extravagant penthouse homes with private elevators, 3 bedrooms, 11-foot ceilings, expansive entertainment areas, and beautiful roof decks with private pools and outdoor kitchens.
High-end facilities will also be available, including a curated art lobby, a fully-attended waterfront pool, a 40-foot Fjord houseboat, a watersports pavilion with storage, an outdoor kids’ playground, and pet grooming services.
Residence Features
Unique, Resort Architecture by World-Renowned CallisonRTKL™
5-Story, Low-Rise with 65 Condo Residences plus 14 Bi-Level Penthouses
Up to 65 Feet of Linear Water Frontage
Lush Foliage and Dramatic, Tropical Landscaping By EDSA®
Elegant Porte-Cochère Entry with Breezeways Leading Directly to the Bay
Curated Art Lobbies
Expansive Bayfront Pool with Luxury Cabanas and Personal Attendants
Poolside and Residential Food / Beverage Services
Outdoor Children’s Playground
40-foot Fjord House Boat
Water Sports Pavilion featuring Paddle Boards and Kayaks
Cutting-Edge Fitness Center featuring Daily Tailored Exercise and Fitness Programs
Vita Residences’ “Virtual Links” featuring HD Golf Simulator and Bayfront Putting Green
On-Site Pet Services and Grooming
Business Center
Convenient Water Sports Equipment and Gear Storage
Secure Bicycle Storage
Dynamic Concierge Dedicated to Crafting Unique Experiences for Residents
On-Site Management Office
State-Of-The-Art Digital Security with Modern Surveillance Systems
Attended Package Room with Delivery Service
Private Elevators with Digital Security
Private Island, 85-Slip Deep-Water Marina with Dockmaster and Marina Concierge
Yacht Charter Services
24-Hour Valet Service
Membership to The Exclusive Grove Isle Club – Cliff Drysdale Tennis Center With 8 Clay Courts, A Pro Shop, Full Tennis Program, and Private Instruction, as well as Waterfront Resort Pool Deck, Full-Service Tiki Bar, Bay-View Restaurant, Supervised Children’s Activities and Club Bar Lounge
Tower Amenities
Curated art lobby
Business Center
Waterfront Residents’ Lounge
High-tech fitness center
Private waterfront pool and Jacuzzi featuring luxury cabanas, pool attendants, and food/beverage services
Watersports pavilion offering kayaks and paddleboards
40-foot Fjord Boat exclusively for resident-use
Multi-Purpose Bayfront Event Room with spacious outdoor areas
Outdoor kid’s playground
24-hour valet and concierge services
Pet services and grooming
Private storage rooms are available
Convenient watersports equipment and gear storage
Bicycle storage
Residents at Vita Grove Isle will have access to facilities that are only available on the grounds of the condo building, as well as membership in the exclusive Grove Isle Club. In addition to access to the Cliff Drysdale Tennis Center, which has 8 clay courts, a professional-grade Tennis Program, and a pro shop, the club has a state-of-the-art fitness center with specialized training programs.
Ugo Columbo is the developer for this exquisite tower and will be designed by the CallisonRTKL architecture group. Residences will begin at $4 million with a groundbreaking date scheduled for August 2022 and a delivery date in 2024.
If you or someone you know have an interest in purchasing at Vita Residences at Isle Grove, please contact Lucas Lechuga via email at lucas@miamicondoinvestments.com or by phone at 786-247-6332.
A-Rod Flips a Bay Point Miami Waterfront Property for a Profit
Alex Rodriguez is at again! In another recent investment move in Miami, A-Rod and associates recently sold a waterfront home as a flip for $6.3 million. The property is located in the Bay Point neighborhood of Miami.
Rodriguez and his partners purchased the property in March 2021 for $5.5 million without doing any renovations or redevelopments for the property. This isn’t the first time A-Rod has made headway in Miami. In October 2021, A-Rod has invested in the Grand Station apartment tower as well as the South Beach Hotel in August 2021.
This current waterfront property located at 4425 Island Road in the heart of the Design District was originally built in 1962 along a lagoon leading to Biscayne Bay. The home features 3,107 square feet of living space sited on over 15,000 square feet of water frontage.
The property features a traditional floor plan with tall ceilings and an abundance of natural light. The kitchen showcases an expansive island with white cabinets, granite countertops, and stainless steel appliances.
The property features an in-ground pool, bbq area, and lush landscaping. The current listing states that the property is good for a new build or the renovate the existing home. The buyers for this property plan on redeveloping it for their needs.
Over the past year, prices for Bay Point have increased especially with waterfront homes. Although these prices are much lower for the surrounding areas, A-Rob and his associates made a profit on this investment.
Hedge Fund Manager Purchases Coconut Grove Waterfront Mansion for $19 Million
Photo Credit: Toni Schrager
Heath Freeman, the Managing Director for a New York-based hedge fund management company (Alden Global Capital), recently joined the Miami luxury real estate market craze. According to county records, Freeman purchased in the gated community of Camp Biscayne of Coconut Grove.
Freeman, also known as the “Hedge Fund Vampire,” received his name from his company’s aggressive and savvy business strategy. This strategy included buying companies, making aggressive budget cuts while laying off its employees.
These companies mainly included media outlets and many have criticized Freeman’s tactics. Alden recently purchased Tribune publishing, a parent company for the Chicago Tribune, and the Sun Sentinel in May for $633 million.
Freeman purchased the waterfront mansion located at 3503 Main Lodge Drive for $19 million while financing $12.4 million through Wells Fargo. The estate was originally built in 2004 and featured a 12 seat theater room, gym, game room, elevator, and an 8-car garage.
Over the years, the 6 bedrooms, 6 bathroom property received renovations and increased the size to 9,700 square feet. The estate features 1 acre packed with wonderful amenities including soaring windows, Italian Marble and hardwood flooring throughout, an expansive eat-in kitchen, library, and a full guest suite.
Photo Credit: Toni Schrager
The bayfront estate also features a 200-foot boat dock, white sandy beach, 60-foot pool, with tropical foliage covering the property to create optimal privacy. The neighborhood itself features 18 homes in the private Camp Biscayne neighborhood. Camp Biscayne is located near Mr. C Miami, Two Park Grove, and Grove at Grand Bay.
Photo Credit: Toni Schrager
The seller of the Camp Biscayne property, David Ivler President of a Miami-based drone manufacturer, purchased the home in 2004 for $1.5 million and later deeded it to his wife in 2007. The property was originally listed for $22 million in March 2021.
Other waterfront homes in Miami have also sold for elevated prices including Spencer Kupferman, CEO of PKWare, purchasing $12.75 million estate while the previous owner paid $3.6 million.
