The Real Deal Miami

Buyer revealed: Related exec drops $6M on Miami Beach home

Michael Capponi developed the waterfront spec home

January 27, 2016 04:15PM
By Katherine Kallergis

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6902 Flamingo Drive and Steve patterson

6902 Flamingo Drive and Steve Patterson

The president and CEO of the Related Group’s development division has a new Miami Beach home.

Related’s Steve W. Patterson and his wife, Carly Patterson, paid $6.2 million for the waterfront spec estate at 2901 Flamingo Drive, Miami-Dade County records show. Patterson has worked with the Miami-based developer since 2010 and is responsible for all multifamily and mixed-use developments, according to the company’s website.

The Patterson’s new home has six bedrooms, seven full bathrooms and one half-bath. It was built last year and features a whopping 300 feet of water frontage, a gourmet kitchen, staff quarters, a pool and private dock on the Intracoastal. The 6,700-square-foot home sits on a nearly 20,000-square-foot lot.

The seller is 2900 Flamingo Drive LLC, which is managed by Jose J. Iglesias. Michael Capponi, chairman and co-founder of Capponi Group Corp., developed the home. The LLC bought the property in May 2013 for $1.82 million. The spec home replaced a predecessor home, built in 1935, with 3,853 square feet.

The sale marks a record on the street that was previously held by a $3.6 million deal in November.

Oren Alexander, co-founder of the Alexander Team at Douglas Elliman, represented the seller, while Dona McLachlan of Esther Percal’s team at EWM International Realty brought the buyer. Alexander listed the property in October for $6.495 million.