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
     Zaha Hadid with her former Miami Beach home (Getty, Douglas Elliman)
    Zaha Hadid’s former South Beach condo hits the market for $8M
    Zaha Hadid’s former South Beach condo hits the market for $8M
    Colin Meadows and 451 East Dilido Drive, Miami Beach. (Invesco, Luxe Living Realty)
    Solid return on investment? Invesco managing director sells waterfront Venetian Islands home for $12M
    Solid return on investment? Invesco managing director sells waterfront Venetian Islands home for $12M
    Todd Michael Glaser and Billy Joel with 4640 North Bay Road (Getty, Glaser by Mary Beth Koeth, Todd Michael Glaser)
    Uptown world: Todd Glaser buys Billy Joel’s former Miami Beach home
    Uptown world: Todd Glaser buys Billy Joel’s former Miami Beach home
    Ed & Jackie Rabin and the Apogee Condos. (Getty, Apogee)
    Hyatt Hotels’ former president sells Apogee condo in South Beach for $8M
    Hyatt Hotels’ former president sells Apogee condo in South Beach for $8M
    Ariella Tolkin and Ryan Tolkin with 4380 North Bay Road (Tolkins via Zoom, Salt Conference)
    Finance honchos shell out $14M for waterfront North Bay Road home
    Finance honchos shell out $14M for waterfront North Bay Road home
    Jean-Louis Deniot and his recently sold Miami house. (Getty, Berkshire Hathaway Home Services)
    Jean-Louis Deniot sells waterfront Miami Beach home for $5M
    Jean-Louis Deniot sells waterfront Miami Beach home for $5M
    Miami-Dade condo sales map and Apogee at 800 South Pointe Drive, Miami Beach (Google Maps)
    Miami-Dade condo sales and dollar volume surge at end of February
    Miami-Dade condo sales and dollar volume surge at end of February
    Marc Gardner with his new Miami waterfront house. (Bancard, One Sotheby's)
    Putting it on a credit card? North American Bancard CEO buying Miami Beach mansion for $37M: sources
    Putting it on a credit card? North American Bancard CEO buying Miami Beach mansion for $37M: sources
    arrow_forward_ios

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

    Loading...