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Newly Constructed Waterfront Spec Home in Miami Beach for $16 Million

| SFBW Staff

A new 5,243-square-foot waterfront home on a 0.24-acre lot located at 79 N. Hibiscus Drive in Miami Beach sold for $16 million on July 19. Sabal Development, an award-winning Miami-based builder and developer specializing in luxury custom homes, constructed the development within the exclusive Hibiscus Island.

Lourdes Alatriste of Douglas Elliman represented the seller, Pascal Nicolai, founder and CEO of Sabal Development and Sabal Luxury Builder. Marko Gojanovic and Reid Heidenry of ONE Sotheby’s International Realty represented the buyer, Alejandro Montealgre.

The waterfront home was built this year and overlooks Biscayne Bay. Built by Sabal Luxury Builder with interior design by TOGU Design, the home features five bedrooms, five full bathrooms and one powder room. The home’s unique elements include an open dining area with a spacious chef’s kitchen, a full suite of Miele appliances, solid oak wood furnishings, Cotto d’Este tile throughout and Toto and Kohler fixtures in each bathroom. Residences on Hibiscus Island can enjoy tennis courts, basketball courts, a playground and 24-hour police security.

“We are pleased to sell this impressive waterfront property in Miami Beach’s exclusive Hibiscus Island for $16 million,” Nicolai says. “Miami continues to be a hot real estate market, and we take pride in creating homes that offer modern, luxury living.”

Sabal Development works to understand its valued clients’ unique needs and lifestyles as a custom home builder. Sabal Luxury Builder works with engineers, architects, and designers to fulfill each project from start to finish. Nicolai has more than 30 years of experience in the industry, with completed projects in Europe and the U.S. Sabal Development and Sabal Luxury Builder earned over $130 million in custom-built home sales in 2021.

Photos courtesy of Sabal Development

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Drew Limsky

Drew Limsky

Editor-in-Chief

BIOGRAPHY

Drew Limsky joined Lifestyle Media Group in August 2020 as Editor-in-Chief of South Florida Business & Wealth. His first issue of SFBW, October 2020, heralded a reimagined structure, with new content categories and a slew of fresh visual themes. “As sort of a cross between Forbes and Robb Report, with a dash of GQ and Vogue,” Limsky says, “SFBW reflects South Florida’s increasingly sophisticated and dynamic business and cultural landscape.”

Limsky, an avid traveler, swimmer and film buff who holds a law degree and Ph.D. from New York University, likes to say, “I’m a doctor, but I can’t operate—except on your brand.” He wrote his dissertation on the nonfiction work of Joan Didion. Prior to that, Limsky received his B.A. in English, summa cum laude, from Emory University and earned his M.A. in literature at American University in connection with a Masters Scholar Award fellowship.

Limsky came to SFBW at the apex of a storied career in journalism and publishing that includes six previous lead editorial roles, including for some of the world’s best-known brands. He served as global editor-in-chief of Lexus magazine, founding editor-in-chief of custom lifestyle magazines for Cadillac and Holland America Line, and was the founding editor-in-chief of Modern Luxury Interiors South Florida. He also was the executive editor for B2B magazines for Acura and Honda Financial Services, and he served as travel editor for Conde Nast. Magazines under Limsky’s editorship have garnered more than 75 industry awards.

He has also written for many of the country’s top newspapers and magazines, including The New York Times, Washington Post, Los Angeles Times, Miami Herald, Boston Globe, USA Today, Worth, Robb Report, Afar, Time Out New York, National Geographic Traveler, Men’s Journal, Ritz-Carlton, Elite Traveler, Florida Design, Metropolis and Architectural Digest Mexico. His other clients have included Four Seasons, Acqualina Resort & Residences, Yahoo!, American Airlines, Wynn, Douglas Elliman and Corcoran. As an adjunct assistant professor, Limsky has taught journalism, film and creative writing at the City University of New York, Pace University, American University and other colleges.