CBRE Arranges Sale of Last Remaining Waterfront Development Site on Fisher Island for $122.6 Million

CBRE has arranged the sale of 6.51 acres of land on Fisher Island, Fla., for $122.6 million to a private investor.

Timothy Gifford and Nilmaris Negron with CBRE represented the seller, also a private investor, in the transaction.

The development site is situated in the northeast section of the island, along Government Cut, featuring unobstructed views of the Atlantic Ocean, Miami Beach, Biscayne Bay and Downtown Miami. It allows access to the island’s amenities, including the members-only Fisher Island Club, a P.B. Dye-designed par 35 nine-hole championship golf course, a top-ranked Racquet Club with 18 courts, two deep water marinas, a 15-key boutique hotel for the exclusive use of club members, the Spa Internazionale, and the historic Vanderbilt Mansion Clubhouse, among other world-class amenities.

“This property was the last remaining waterfront development parcel on Fisher Island, America’s wealthiest zip code and one the most exclusive private islands in the world,” said Mr. Gifford, a Senior Managing Director at CBRE. “Accessible only by ferry or private yacht, Fisher Island is a self-contained ultra-luxury community. The island provides an unparalleled level of privacy, while it is conveniently located minutes from popular Miami hot spots and cultural enticements like the Design District, Wynwood, South Beach and the Downtown Arts & Entertainment District.”

He added, “Fisher Island’s finite housing density creates a fully supply constrained micro-market, greatly reducing the investors risk. Besides this land parcel, no other condominium development project can take place on Fisher Island. The investor is positioned to highly benefit from the consistent and growing luxury demand for Fisher Island condominium residences.”

In Q1 2022, the island was the fastest growing luxury market in Miami, with a 340 percent increase in sales year-over-year. In the same quarter, it held onto its position as the most expensive neighborhood in Miami.