The Real Deal Miami

Investor picks up Golden Beach site slated for $36M mansion

Seller's development consultant said home likely won't be listed for sale once finished

October 26, 2016 03:45PM
By Sean Stewart-Muniz

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Renderings of 699 Ocean Boulevard

Renderings of 699 Ocean Boulevard

The ritzy town of Golden Beach is getting yet another ultra-luxury mansion.

Agostinho Calcada, a wealthy European investor, just paid $7.5 million for oceanfront land that came with plans for a $36 million mansion designed by Chad Oppenheim.

County records show Calcada, acting through an LLC called Sunny Ocean 699, just closed on his purchase of 699 Ocean Boulevard, a beachfront lot measuring 36,200 square feet. The deal breaks down to $207 per square foot.

The seller was a Delaware company named Residence Golden Beach Florida LLC, which had been marketing the land as a development opportunity along with Jacob Abramson’s Miami Golden Properties.

Oppenheim’s design for the property calls for a massive 22,000-square-foot mansion decked out with imported Italian marble, its own fitness center and a “green roof.” The eight-bedroom, 12.5-bathroom house would also include an eight-car garage, lap pool, private elevator and 8,000 square feet of terraces.

Abramson told The Real Deal that the ownership had always planned on selling the lot preconstruction. That meant building and marketing the finished mansion at $36 million was the secondary option, though his firm and the ownership had financing lined up just in case no buyers stepped up before it was time to break ground. According to county records, the seller had purchased the land for $4.77 million in 2012.

“Selling a home in preconstruction is a beautiful thing,” he said. “Instead of speculating on a turnkey home, we’re avoiding the risk factor on the front end.”

He said Miami Golden Properties is staying on as a consultant for Calcada, who will now seek the necessary entitlements to build the home. He expects construction to begin early next year.

Construction could take between 15 and 18 months after breaking ground, Abramson said, though Calcada likely won’t put the home up for sale once it’s completed.

But if the finished home was eventually listed for its spec price of $36 million, the asking price per square foot of $1,636 would be considerably cheaper than other oceanfront homes for sale in the neighborhood.

Coldwell Banker’s The Jills are marketing a $42.5 million, 16,344-square-foot waterfront mansion with an ask of $2,600 per foot, and Douglas Elliman’s Ben Zvi just listed a 4,620-square-foot teardown on the water for $20 million, or $4,329 per foot.

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