Developer Zachary Vella paid $15.2 million for two adjacent waterfront Miami Beach lots where he plans to build a home for his family.
Lionel Masson, the founder and former CEO of Pharmacies Lafayette, a pharmacy chain in France, sold the properties at 228 and 302 West Dilido Drive on the Venetian Islands to the Vella Group CEO, according to the brokerages involved in the deal. They sold for $688 per square foot.
“We noticed what was happening in Miami Beach so we just gave a try at a high price and my client got the price he wanted,” Agard said. “We received multiple offers quickly and we found a buyer in less than a month.” Masson planned to build two spec homes on the lots, but due to the booming market decided to see what he could get if he sold the properties, said his Broker, Jim Agard of Vendôme Capital. Natalia Gryczynska of Brown Harris Stevens represented Vella.
Vella is CEO of Vella Group and managing board member of the Magic City Innovation District development. Vella replaced Bob Zangrillo as managing board member of the $1 billion Magic City project in Miami’s Little Haiti neighborhood in 2019.