Chairman of Limestone Asset Management Purchases Waterfront Estate on Hibiscus Island for $6 Million
Ibrahim Al-Rashid, chairman of Limestone Asset Management, an affiliate of Orion Real Estate Group, closed on the waterfront estate at 184 S. Hibiscus Dr. in Miami Beach for $6 million. Jeffrey Fields of ONE Sotheby's International Realty in Coral Gables represented Al-Rashid in the off-market transaction.
The property at 184 Hibiscus Dr. is two doors east of Al-Rashid’s current Hibiscus Island home, his primary residence where he resides with his family. In September 2020, he purchased 190 S. Hibiscus Dr., the property located directly east of his current home, for $6.29 million. His long-term plan is to demolish the home at 184 S. Hibiscus Dr. to add to the existing architecture and profile of his current property, and demolish the home at 190 S. Hibiscus Dr. to add more green space to his current property.
The purchase of 184 S. Hibiscus will add 60 linear feet of waterfront to his property, bringing the total waterfront on the property to 300 continuous feet. The three properties combined are equivalent to five single lots ― a rare 1.25 acres on Miami Beach. Al-Rashid’s current property sits on the fabled Rod and Reel Club of Miami Beach.
The architect for Al-Rashid’s original property on the island, Cesar Molina, founding principal of the acclaimed CMA Design Studio Inc., will design the addition at 184 S. Hibiscus Dr.
“My family and I are deeply rooted to the beauty of Hibiscus Island and the peaceful waterfront lifestyle it provides,” said Al-Rashid, a Miami resident and graduate of the University of Miami. “We are pleased to have added two additional properties on the east side our home in a few short months, allowing us to expand by building additional structures, as well as adding beautiful green space.
“Thanks to its association and public park, Hibiscus Island offers a neighborhood feel that many luxury islands on Miami Beach don’t,” he continued.
“Situated between downtown Miami and Miami Beach, Palm & Hibiscus Islands provide a lavish lifestyle and offer Miami Beach police security, a park, basketball, tennis courts and water,” said Fields. “The market for these islands is very hot at a time when people are spending more time at home, and want to immerse themselves in the beauty of these prestigious yet welcoming settings.”
Hibiscus Island, considered one of the most exclusive residential areas in Miami Beach, is located on a man-made island. It can be accessed from the MacArthur Causeway, and is home to several multi-million dollar mansions and high-end converted condominiums and apartments. Offering a wealth of history, the island’s waterfront homes are timeless masterpieces. It is only minutes from South Beach, downtown Miami, and Miami International Airport.
The Miami-based company uses Orion Real Estate Group's expertise to complete all North America-based transactions.