Federated Cos. developer buys waterfront Venetian Islands home

The founder and chairman of a Miami and Boston-based commercial real estate firm paid $9 million for a waterfront Venetian Islands home and is now looking for a renter for the property.

Pier Paolo Visconti

Jonathan Cox of The Federated Companies acquired the six-bedroom, 4,833-square-foot house at 515 East Dilido Drive in Miami Beach, according to Douglas Elliman, which brokered the sale. Property records show Blas Reyes and Hilda Reyes sold the home.

It was built in 1938 and last sold in 1995 for $780,000.

Eloy Carmenate

Pier Paolo Visconti of Elliman’s Carmenate/Duchon team represented the seller, and Eloy Carmenate and Mick Duchon brought the buyer.

The property is now listed for rent asking $60,000 a month with Carmenate and Duchon, amid increased demand and limited inventory of waterfront homes in Miami Beach. Sales of luxury homes on the beach have jumped in recent months, including throughout the Venetian Islands.

Mick Duchon

Near Cox’s property, vitamin mogul Andrew Lessman sold his waterfront mansion at 825 East Dilido Drive to the CEO of Americor, a debt settlement company, for nearly $17 million.

Tech investor Keith Rabois also recently paid a record $28.9 million for a waterfront mansion at 1429 North Venetian Way.

Cox previously bought a spec home on the Sunset Islands, which he sold in 2016 for $6.3 million.

Cox founded Federated Companies about 20 years ago and the firm acquires, develops and manages multifamily, hotel and retail real estate.