Prescott Estates Acquisition and Luxury Waterfront Development Launch in Miami
The $20 million acquisition of Prescott Estates in Miami's Bayside District launches sales for five ultra-luxury waterfront residences, setting a new benchmark for high-end real estate development with significant implications for Miami's luxury property market.
Prescott Estates, a landmark waterfront development parcel in Miami's historic Bayside District, has been acquired for $20 million, marking the launch of one of South Florida's most anticipated luxury residential communities. The property features over 1.4 acres of prime land with 345 feet of unobstructed water frontage and four deepwater docks designed for 100-foot yachts, offering sweeping views of Biscayne Bay, downtown Miami, and Miami Beach.
Procure Development purchased the property and plans to begin construction of the estates in October. Chad Carroll of The Chad Carroll Group at Compass represented both sides of the transaction and will lead exclusive sales and marketing for the development. Carroll described the project as "a true legacy project that will last for generations," emphasizing its distinctive community design where every home maintains luxury and design integrity while standing as an individual statement piece.
The development represents the only opportunity on Miami's open bay to develop multiple estates side by side with a unified, elevated vision. The project features five individually designed estates, anchored by the historic Villa Prescott, a Mediterranean Revival-style mansion originally built in the 1920s. The mansion will be meticulously rebuilt and elevated on a stone plinth, preserving its historic elements while meeting modern standards, spanning 8,280 square feet with six bedrooms and seven-and-a-half baths.
Four additional contemporary residences will range from 4,711 to 7,621 square feet with four- to six-bedrooms, inspired by Mid-Century Modern design principles. Each home features elevated structures, dramatic "floating" living rooms extending over the water, expansive glass walls framing bay views, private bayfront pools, summer kitchens, and direct yacht access. The world-class development team includes architects Ivan Kadey and Chris Fernandez, award-winning landscape designer Raymond Jungles, and interiors by Stephanie Harroch at XID, preserving the neighborhood's historic character while elevating it with visionary design.
Located at 1000 NE 72nd St and 7101 NE 10th Ave, prices for Prescott Estates waterfront residences range from $15 million to $25 million. For more information visit https://prescottmiami.com/. The development sets a new benchmark for waterfront living in Miami, enhancing the city's reputation as a global luxury real estate destination.