North Bay Road spec home to hit market at $30.5M
New York real estate tycoon Peter Fine’s first spec home in Miami Beach is set to hit the market in the next week, priced at $30.5 million, The Real Deal has learned.
The 15,000-square-foot mansion, at 6440 North Bay Road, will be listed by Darin Tansey of the Tansey Group at Douglas Elliman, Josh Young, vice president for Fine’s To Better Days Development told TRD.
The seven-bedroom, eight-bathroom estate is currently under construction, with completion expected in November, Young said. The home will have a 2,500-square-foot roof deck, an expandable garage for up to six cars, 12-foot tall sliding glass walls, and 100 feet of frontage on the bay.
“We do our own construction, so we’re moving along fast,” Young said. “We’re looking forward to getting this one sold and going on to the next.”
Fine recently launched To Better Days Development, with a goal to develop ultra-luxury waterfront mansions on ritzy North Bay Road and on Miami Beach’s Palm Island.
So far, the firm has purchased four sites in Miami Beach, including 6010 North Bay Road, a formerly vacant lot which is currently under construction and expected to be completed in 2016: 158 Palm Island, which was also a vacant lot; and 6342 North Bay Road, which the firm purchased in May for $9.5 million.
“We’re confident in the market,” Young said. “It’s a strong market.”
Miami Beach’s North Bay Road waterfront has attracted such celebrities as Ricky Martin, Matt Damon and Jennifer Lopez, whose former home at 5800 North Bay Road was purchased last month for $33 million by Phil Collins. Calvin Klein last month announced he was selling his home at 4452 North Bay Road for $16 million. And the founder of Chicken Kitchen listed his under-construction home at 5004 North Bay Road for $36 million.
To Better Days Development’s spec homes all will have more than 10,000 square feet. The mansions are being designed by Choeff, Levy & Fishman, with landscaping by Enea Gardens Design, said Fine, a part-time Miami Beach resident who has a waterfront home on North Bay Road. New York-based Whitehall Interiors is handling interior design, Young said.
“We would like to call them contemporary tropical,” Fine told TRD previously, “not modern in the sense of those white concrete boxes that have been built. They are much more textured, with different materials — stone and a lot of wood facades.”
Fine’s new direction reflects the renewed trend of developing multimillion-dollar spec homes — yet another sign of the booming South Florida luxury residential market. Amid 330 condo towers proposed for this cycle in the tri-county area east of I-95, Fine said he has found a niche building high-end houses. Other local developers with a similar focus include Shlomy and Oren Alexander, Todd Glaser and Bart Reines.
“I really believe that people that can afford homes in this price range expect a higher level of design and material finishes,” Fine said. “That is what they are used to in Tuscany or Central Park West or the suburbs of Sao Paulo, and they really haven’t been able to find it in Miami, other than in some of the recent condos.”
Fine has a long history in real estate development and management in the New York area, where he has developed about 9,000 multifamily units over the past 20 years, mostly under the banner of the Atlantic Development Group, of which he is the managing member and CEO. The company’s holdings also include 300,000 square feet of retail space in New York.