In a place where waterfront is the ultimate currency, this Key Biscayne property comes with quite a lot of it.
A $19.9 million property on exclusive Mashta Island offers 138 feet of frontage directly on Biscayne Bay, along with an unusually large 22,140-square-foot lot — making the land itself arguably more important than the house currently standing on it.
The property, at 520 S. Mashta Drive, is being marketed as a redevelopment opportunity, with architectural plans already available for a substantially larger custom estate.
And there’s plenty of room to work with.
The existing residence spans 3,085 square feet, with five bedrooms and four bathrooms. But the proposed replacement would nearly triple the living space, creating a 9,878-square-foot home with eight bedrooms and 9.5 bathrooms.
Maureen Jauregui of Coldwell Banker Realty holds the $19.9 million listing.
Mashta Island sits just off the southern end of Key Biscayne, the barrier island located less than 10 miles from downtown Miami.
Despite that proximity to the city, its waterfront properties can feel considerably removed from Miami’s dense skyline and high-rise condo corridors.
At 520 S. Mashta Drive, the views open directly across Biscayne Bay.
The 138 feet of waterfront provides particularly broad exposure to the water, while the property’s orientation brings sunset views into the equation — an important detail on the bay-facing side of Key Biscayne.
It’s also one of the larger residential lots within the Mashta Island enclave, according to the listing.
Rather than simply sell the land with a theoretical promise of what could eventually replace the existing house, the offering comes with a fairly developed architectural vision.
Plans by Pablo Corazzini of Vitalini Corazzini Architects envision an eight-bedroom, 9.5-bath residence spanning 9,878 square feet.
The design was conceived specifically around the scale of the parcel, with indoor-outdoor spaces positioned to take advantage of the open water and sunsets.
Those plans aren’t necessarily set in stone.
They can be customized to suit a future owner’s needs and preferences, giving the buyer the option of using the existing concept as a starting point rather than inheriting an entirely predetermined house.
There is another practical advantage already worked into the proposed redevelopment.
Plans for the new residence, seawall and dock have been approved to be constructed approximately two feet higher, an increasingly relevant consideration for new waterfront construction in South Florida.
For now, however, there is still a house on the property.
The existing five-bedroom residence makes the $19.9 million offering somewhat different from a completely vacant development site.
But at just over 3,000 square feet on more than half an acre of waterfront land, there’s a considerable disparity between the scale of the current house and what the site could accommodate.
That’s ultimately the story of 520 S. Mashta Drive.
The $19.9 million price isn’t simply buying a five-bedroom Key Biscayne home. It’s buying 22,140 square feet of land, 138 feet along Biscayne Bay and the possibility of replacing the existing residence with something nearly three times its size.
And on an island less than 10 miles from downtown Miami, finding enough waterfront land to do that is becoming a proposition of its own.
The property at 520 S. Mashta Drive in Key Biscayne is listed for $19.9 million with Maureen Jauregui of Coldwell Banker Realty.
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