The Real Deal Miami

Peter Fine wants $8.45M for empty Palm Island lot, development plans included

Developer originally planned to build 10,000-square-foot spec home on lot

May 12, 2016 12:00PM
By Sean Stewart-Muniz

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Rendering of Peter Fine's plans for 158 Palm Avenue

Rendering of Peter Fine’s plans for 158 Palm Avenue

A company linked to spec home developer Peter Fine just put one of Palm Island’s few remaining vacant lots up for sale at $8.45 million, including approved plans for a modern mansion.

The listing was announced Wednesday by EWM’s Nelson Gonzalez, who’s marketing the property. Up for sale is a 30,000-square-foot lot at 158 Palm Avenue, which sits on the southern side of Palm Island and faces PortMiami.

The vacant lot

The vacant lot

County records show Fine’s company, 158 Palm LLC, paid $5 million for the lot in 2014. That price breaks down to about $167 per square foot. Now, he’s asking just under $282 a foot.

As The Real Deal reported last year when Fine first launched his spec home company in South Florida, the developer was planning to build a mansion at 158 Palm Avenue, though at the time his designs were still in progress.

The home was to measure roughly 10,000 square feet and would boast an asking price of $18 million, with an estimated completion date of fall 2016.

A rendering of Fine’s design included in Gonzalez’s listing shows a two-story home wrapped with floor-to-ceiling windows, wood finishes on the exteriors and tropical landscaping.

TRD’s request for comment to To Better Days Development was not immediately returned.