A Winston Capital Management affiliate has acquired a nearly half-acre waterfront homesite in Bay Harbor Islands for $18 million, setting a record for land in the island municipality. The off-market purchase underscores the growing premium for scarce bayfront parcels and is expected to lead to a large-scale luxury speculative residence.
Key takeaways
- Winston Bay Harbor purchased 10312 West Broadview Drive for $18 million.
- The nearly half-acre parcel could support an approximately 12,000-square-foot custom home.
- The sale represents a record land price for Bay Harbor Islands, at roughly $914 per square foot.
- The property last traded for $12.3 million in 2023.
The transaction reflects the strength of demand for high-end waterfront development sites in one of Miami-Dade County’s most tightly held residential markets.
Details of the acquisition
Property records show that Winston Bay Harbor, an affiliate of David Burstyn’s Winston Capital Management, acquired the north-facing parcel from a family trust. The off-market deal closed during the week of August 6, 2026, while the agreement signed by trustee Noah Burton was recorded in May.
At approximately $914 per square foot of land, the purchase establishes a new benchmark for Bay Harbor Islands land sales. The site’s size and waterfront position give the buyer the ability to create one of the community’s largest newly built estates.
Plans for a luxury residence
The property is expected to be redeveloped as a speculative luxury home, with development potential for about 12,000 square feet of interior space. No architectural plans, construction schedule or estimated completion date were disclosed.
The acquisition gives Winston Capital control of a rare development opportunity in a municipality where established homes and undeveloped waterfront land are both limited. The eventual residence could be designed to appeal to buyers seeking privacy, expansive water views and proximity to Miami Beach’s established luxury enclaves.
Bay Harbor Islands market gains momentum
Bay Harbor Islands has drawn increasing attention from luxury buyers and developers because of its location near Bal Harbour, Surfside and Indian Creek Island. Recent transactions indicate that demand remains strong for exceptional waterfront properties.
A waterfront estate at 9520 West Broadview Drive sold for just under $22 million in 2024. Earlier in 2026, a residence at 9640 West Broadview Drive traded for $21.8 million, setting a community record for price per square foot at the time.
The latest acquisition highlights how quickly premier land values have risen. Compared with the property’s $12.3 million purchase price in 2023, the new sale represents a $5.7 million increase in roughly three years, before any redevelopment occurs.
Brokerage representation
Priscilla Burstyn of The Baron Agency represented the buyer. The seller’s representatives were Zalmy Shapiro and Joel Lusky of The Brokerage South Florida, along with Jordan Karp of Jordan Karp LLC.
Burstyn is CEO of Winston Capital Management and a principal and co-founder of Redwood Dev Co., which focuses on workforce and affordable housing communities. The Bay Harbor Islands purchase expands the firm’s activity into one of South Florida’s most competitive luxury residential submarkets.