Magic City developer Zach Vella buys waterfront Venetian Islands lots for $15M

Seller planned two spec homes on the lots

Miami /
Dec.December 31, 2020 01:30 PM
Zach Vella and Lionel Masson (inset) with 228 and 302 West Dilido Drive

Zach Vella and Lionel Masson (inset) with 228 and 302 West Dilido Drive

Developer Zachary Vella paid $15.2 million for two adjacent waterfront Miami Beach lots where he plans to build a home for his family.

Lionel Masson, the founder and former CEO of Pharmacies Lafayette, a pharmacy chain in France, sold the properties at 228 and 302 West Dilido Drive on the Venetian Islands to the Vella Group CEO, according to the brokerages involved in the deal. They sold for $688 per square foot.

Natalia Gryczynska

Natalia Gryczynska

Masson planned to build two spec homes on the lots, but due to the booming market decided to see what he could get if he sold the properties, said his broker, Jim Agard of Vendôme Capital. Natalia Gryczynska of Brown Harris Stevens represented Vella.

“We noticed what was happening in Miami Beach so we just gave a try at a high price and my client got the price he wanted,” Agard said. “We received multiple offers quickly and we found a buyer in less than a month.”

The sale beats the previous record for land on the Venetian Islands, which was the $6.5 million sale of 412 West Dilido Drive in 2016, Agard said, citing MLS data.

Vella is CEO of Vella Group and managing board member of the Magic City Innovation District development.

Property records show two LLCs led by Masson paid $11.5 million for the properties in 2018.

Jim Agard

Jim Agard

Vella, who has been on Bravo’s “Million Dollar Listing” series, is active in Miami. He replaced Bob Zangrillo as managing board member of the $1 billion Magic City project in Miami’s Little Haiti neighborhood in 2019. Once his home is completed, Vella will be around the corner from Zangrillo, who also lives on Di Lido Island. (Zangrillo is among dozens of parents who were indicted last year for their alleged participation in a major college admissions scandal.)

Tech investor Keith Rabois, a member of the “PayPal Mafia,” recently paid a record $28.9 million the waterfront mansion at 1429 North Venetian Way.

And vitamin mogul Andrew Lessman sold his waterfront Venetian Islands mansion to Banir Ganatra, the CEO of Americor, a debt settlement company, with plans to relocate from Newport Beach, California.






    Related Articles

    arrow_forward_ios
    Gloria and Emilio Estefan with the Star Island mansion (Getty, One Star Island)
    Gloria and Emilio Estefan sell Star Island mansion next to Diddy for $35M
    Gloria and Emilio Estefan sell Star Island mansion next to Diddy for $35M
    The current Miami Beach North Shore library with Mayor Dan Gelber (Google Maps, Gelber)
    Miami Beach seeks buyers for city-owned development sites
    Miami Beach seeks buyers for city-owned development sites
    Eighty Seven Park next to the collapsed Champlain Towers South (Getty)
    Condo tower Eighty Seven Park, Collins Avenue still closed amid concerns of possible street collapse
    Condo tower Eighty Seven Park, Collins Avenue still closed amid concerns of possible street collapse
    Ronny Finvarb with the proposed hotel (GEK Architecture)
    Sunset Harbour’s new zoning district bans Ronny Finvarb’s planned hotel, allows taller offices
    Sunset Harbour’s new zoning district bans Ronny Finvarb’s planned hotel, allows taller offices
    DataDirect Networks President Paul Bloch, Oceanfirst Realty principal Eddy Chabli and renderings of the house Bloch plans to build (DDN, Kobi Karp Architecture)
    Tech mogul Paul Bloch buys waterfront Miami Beach lot, plans mansion
    Tech mogul Paul Bloch buys waterfront Miami Beach lot, plans mansion
    800 Lincoln Road building and Restaurateur Gregory Galy (Tricap, LinkedIn)
    Mila restaurant to add entertainment venue on Lincoln Road
    Mila restaurant to add entertainment venue on Lincoln Road
    David Grutman and Pharrell’s Goodtime Hotel had received nearly 30 noise violations (Carma Connected, Getty)
    Too much of a good time? David Grutman and Pharrell’s Goodtime Hotel could lose entertainment permit
    Too much of a good time? David Grutman and Pharrell’s Goodtime Hotel could lose entertainment permit
    Grupo Marquise’s Jose Carlos Pontes with the property (Compass, Facebook via Grupo Marquise)
    Grupo Marquise co-founder sells waterfront Miami Beach mansion for $27M
    Grupo Marquise co-founder sells waterfront Miami Beach mansion for $27M
    arrow_forward_ios

    The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

    Loading...