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Spec home developer picks up waterfront teardown in Miami Beach for $13M
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Federated Cos. founder and chairman paid $9M for the house in late 2020
A real estate investor who purchased a waterfront home on Miami Beach’s Venetian Islands less than two years ago is reaping the rewards of the hot market.
Jonathan Cox, founder and chairman of The Federated Companies, a Miami Beach and Boston-based commercial real estate firm, sold his house at 515 East Dilido Drive for $19.5 million, more than double the $9 million he paid for the property in late 2020.
Records show Cox sold the house, which is likely a teardown, to Parani Venetian LLC, a company led by Michael Parker. Parker is COO of Nations Benefits, a Plantation-based health care company.
Built in 1938, the six-bedroom, four-bathroom house spans 4,833 square feet on a half-acre lot on Di Lido Island.
Mick Duchon and Eloy Carmenate from the Corcoran Group represented the seller. Michelle White of the Campins Company represented the buyer.
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Spec home developer picks up waterfront teardown in Miami Beach for $13M
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In 2015, Cox bought a spec home on the Sunset Islands for $5.6 million, which he sold in 2016 for $6.3 million. His Federated Companies acquires, develops and manages multifamily, hotel and retail real estate.
The Venetian Islands, the Sunset Islands and North Bay Road are among the neighborhoods in Miami Beach where waterfront and non-waterfront home prices have skyrocketed over the past two years.
In May, venture capital investor and Crisp CEO Are Traasdahl and his designer wife sold their waterfront Rivo Alto home for $31.5 million, marking a record for the Venetian Islands. That sale beat the previous record set by tech investor Keith Rabois in 2020, when he paid $28.9 million for a waterfront house on North Venetian Way.
Also last month, music power couple Gloria and Emilio Estefan sold a waterfront home on Rivo Alto for $13.7 million to Lou Groll Investments, led by businessman Paul Groll.