Spec home developer Felix Cohen and his son, real estate agent Julian Cohen, are teaming up to build a waterfront spec mansion on Miami Beach’s North Bay Road that will be priced at more than $40 million, The Real Deal has learned.
Julian Cohen, an agent in the Jills Zeder Group of Coldwell Banker, said they plan to build a 15,000-square-foot, 28-foot-tall mansion designed by Cesar Molina of CMA Design Studio, at 5840 North Bay Road.
The proposed mansion will have eight bedrooms, a rooftop terrace, a spa with a sauna and cold plunge pool, indoor and outdoor gyms, a juice bar, a cinema, servant and guest quarters, fire pits, and a second-floor 16-foot long pool just outside the master bedroom, Julian Cohen said.
They plan to break ground on the mansion by the end of the year.
The Cohens and their partners, RCH Capital co-founder Moris Tabacinic and his two sons Michael and Eli, bought the 36,143-square-foot property for $13.5 million in September.
A sliver of the property, about 8,800 square feet, is under contract by real estate investor Erwin Sredni, who owns the mansion next door at 5848 North Bay Road.
To close the deal and enable development of the mansion, the Cohens and Tabacinics will ask the Miami Beach Planning Board for a revised lot split at a meeting on Feb. 25.
Wealthy buyers have been paying millions of dollars for waterfront properties on North Bay Road. In August, a California buyer bought a spec mansion and lot at 6342 and 6360 North Bay Road for a combined $35.4 million, a record sale in Miami Beach in 2019. Also, in August, hotelier Keith Menin paid $12 million for a 15,000-square-foot mansion at 2318 North Bay Road. And, in September, spec home builders Brett Palos and Bart Reines sold a mansion at 5712 North Bay Road for $16 million.
Felix Cohen previously co-developed a spec mansion at 3 Indian Creek Road on Indian Creek Island that sold for $47 million in 2012, marking a record sale that year.