Procure Development has purchased the historic Villa Prescott and its surrounding grounds for $20 million, marking the beginning of an exclusive new community. The development, named Prescott Estates, will feature the meticulously rebuilt 1920s-era Villa Prescott alongside four new waterfront luxury homes on Biscayne Bay.
Key Takeaways
- Procure Development acquired the Villa Prescott and 1.4-acre plot for $20 million.
- The development, Prescott Estates, will include the rebuilt historic villa and four new waterfront homes.
- Sales have launched for the ultra-luxury community, with prices ranging from $15 million to $25 million.
A Legacy Project on Biscayne Bay
The acquisition of the Villa Prescott and its 1.4-acre parcel was finalized for $20 million, with Chad Carroll of The Chad Carroll Group at Compass facilitating the transaction. Carroll will also spearhead the sales and marketing efforts for the upcoming Prescott Estates.
The centerpiece of the development, the Villa Prescott, will undergo a comprehensive reconstruction and be elevated on a stone plinth. This historic residence spans 8,280 square feet and will offer six bedrooms and seven-and-a-half bathrooms.
New Waterfront Residences
Complementing the restored villa, Prescott Estates will introduce four newly constructed waterfront homes. These residences will vary in size from 4,711 to 7,621 square feet, each featuring four to six bedrooms. Notable amenities will include innovative “floating” living rooms that extend over the water, private bayfront pools, and direct yacht access.
Located at 1000 NE 72nd St. and 7101 NE 10th Ave., all the waterfront homes are designed to offer breathtaking views of Biscayne Bay, the downtown Miami skyline, and Miami Beach.
Pricing and Vision
Prospective buyers can expect prices for these exclusive residences to start at $15 million, with the most luxurious estates reaching up to $25 million. Chad Carroll described the project as a "true legacy project that will last for generations," emphasizing that Prescott Estates is a "distinctive community where every home is connected through luxury and design integrity, yet each estate stands as a statement piece of its own."