Historic Prescott Estates Acquired for $20 Million, Launching Exclusive Waterfront Residences

Prescott Estates, a landmark waterfront single-family development parcel, has been acquired for $20 million and announces the launch of sales for one of Miami's most anticipated luxury communities. Set along an irreplaceable stretch of open bay in the historic Bayside District, the project features a collection of only five ultra-luxury single-family estates, including the historic Prescott Mansion, set to be among South Florida's most prestigious addresses.

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 also lead exclusive sales and marketing for the development. This acquisition matters significantly as it represents one of the last remaining opportunities for multi-estate development on Miami's open bayfront, preserving historic architecture while creating a unified luxury community that will influence future waterfront development standards.

The property itself is a once-in-a-lifetime canvas showcasing more than 1.4 acres of prime land in the heart of Miami with 345 feet of unobstructed water frontage, four deepwater docks designed for 100-foot yachts, and sweeping views of Biscayne Bay, downtown Miami, and Miami Beach. The development's importance lies in its ability to set new benchmarks for luxury waterfront living while maintaining the area's historic character, potentially increasing property values throughout the Bayside District.

Brought to life by a world-class team including architects Ivan Kadey and Chris Fernandez, award-winning landscape designer Raymond Jungles, and interiors by Stephanie Harroch at XID, the project preserves the neighborhood's historic character while elevating it with visionary design and lifestyle. The development features five individually designed estates, anchored by the historic Villa Prescott. Originally built in the 1920s, the Mediterranean Revival-style Prescott Mansion is an architectural jewel that will be meticulously rebuilt and elevated on a stone plinth, preserving its historic elements while meeting modern standards.

Four additional contemporary residences will range from 4,711 to 7,621 square feet with four- to six-bedrooms. The bespoke homes are inspired by Mid-Century Modern design principles, featuring elevated structures, dramatic floating living rooms that extend over the water, and expansive glass walls framing unobstructed views of Biscayne Bay. Each waterfront home will feature a private bayfront pool, summer kitchen and direct yacht access. 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/.