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Sabal Development Sells Newly Constructed Waterfront Spec Home in Miami Beach for $16 Million

Sabal Development, an award-winning Miami-based builder and developer who specializes in luxury custom homes, sold a beautiful 5,243-square-foot waterfront spec home on a 0.24-acre lot located at 79 N Hibiscus Drive, Miami Beach, FL 33139 for $16 million on July 19, 2022.

Lourdes Alatriste of Douglas Elliman represented the seller, Pascal Nicolai, founder and CEO of Sabal Development and Sabal Luxury Builder. Marko Gojanovic and Reid Heidenry of ONE Sotheby’s International Realty represented the buyer, Alejandro Montealegre.

Located within the exclusive Hibiscus Island, this stunning waterfront home was built in 2022 and overlooks the pristine Biscayne Bay. Built by Sabal Luxury Builder with interior design by TOGU Design, the home includes five bedrooms, five full bathrooms and one powder room. The home’s impressive elements include an open dining area with a spacious chef’s kitchen, a full suite of Miele appliances, solid oak wood furnishings, Cotto d'Este tile throughout and Toto and Kohler fixtures in each bathroom.

In addition to the home’s impeccable features, Hibiscus Island offers tennis courts, basketball courts, a playground and 24-hour police security. The neighborhood is also minutes from some of the best shopping and dining in South Florida, as well as the airport.

“We are pleased to sell this impressive waterfront property in Miami Beach’s exclusive Hibiscus Island for $16 million,” said Nicolai. “Miami continues to be a hot real estate market, and we take pride in creating homes that offer modern, luxury living.

As a custom home builder, Sabal Development works to understand the unique needs and lifestyles of its valued clients. Sabal Luxury Builder works with engineers, architects, and designers to fulfill each project from start to finish. Nicolai has more than 30 years of experience in the industry, with completed projects in Europe and the U.S.

Sabal Development and Sabal Luxury Builder celebrated a tremendous year of sales in 2021, achieving over $130 million in custom-built home sales.

About Sabal Development: Specializing in luxury custom homes, award-winning Sabal Development creates astonishing residences that introduce a new level of splendor and innovation to South Florida. Sabal brings together a comprehensive team of international architects and designers for each project to realize its singular vision. The firm works with an integrated construction company, Sabal Luxury Builder, to ensure each project is completed in a timely manner and meets the highest standards. Its projects always reflect the latest advances in technology and sustainability by featuring smart home technologies and responsibly sourced materials. For more information, visit, call (786) 870-4406, or email

By ML Staff. Image courtesy of Sabal Development


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