Developer Wayne Boich, who made his fortune in the coal mining industry, paid $11.6 million for a waterfront teardown next to his Miami Beach estate, The Real Deal has learned.
Boich, CEO of Miami Beach-based Boich Investment G
roup, acquired the 4,485-square-foot house at 4646 North Bay Road on Thursday, a source familiar with the deal told TRD. Property records show Tamara Nixon sold the home.
The house, built in 1942, sits on an 11,000-square-foot lot. Boich, who acquired the property via his 4646 North Bay Road LLC, plans to demolish the house and build a single-family home, the source said. Boich hasn’t decided whether he will keep the planned home or sell it.
Newer or renovated homes on North Bay Road continue to trade at high prices, though some sellers are pushing the market’s limits with sky-high listings.
In November, hedge funder Michael Murr and his wife, Eva, sold their waterfront mansion at 5760 North Bay Road for $36 million in an off-market deal. Among recent listings, the under-construction waterfront spec mansion at 4736 North Bay Road hit the market for $80 million, and Marcelo Claure is looking to sell his waterfront lot at 5212 North Bay Road for nearly $40 million.
Boich owns the 15,000-square-foot mansion at 4700 North Bay Road, which includes a pool, dock and tennis court. Todd Michael Glaser completed the estate in 2014. With his acquisition of the house next door, he now controls 1.5 contiguous waterfront acres on North Bay Road.
Also in Miami Beach, Boich is leading the development of a five-story office and restaurant project in Sunset Harbour. His investors in the 1920 Alton Road site include SL Green’s Andrew Mathias and Related Companies’ Bruce Beal Jr., who own equal shares of the project.
Boich Investment Group invests in multifamily, hotels and other commercial properties in the U.S., according to its website. It also has stakes in emergency, finance, telecom and tech firms. Since he joined the family firm in the late 1990s, Boich expanded the company’s coal mining operations and developed Signal Peak Energy, a coal mine in Montana, into one of the biggest American exporters of thermal coal to Asia, according to Boich Investment Group’s website.
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