One of Coral Gables’ priciest waterfront compounds just changed hands again, and this time it is heading into the hands of a local spec builder who knows exactly what to do with a trophy lot.
Michael Dorrell has quietly sold his 1.7-acre waterfront estate in Coral Gables’ Old Cutler Bay for $35 million. The property at 235 Solano Prado traded in an off-market deal to a development-linked LLC controlled by Coral Gables spec builder Alex Pirez, the latest signal that builders and ultra-wealthy buyers are reshaping the city’s waterfront.
Deal and buyer
As reported by The Real Deal, records show Dorrell’s Hautacam LLC sold the 1.7-acre compound at 235 Solano Prado in an off-market trade to an LLC managed by developer Alex Pirez for $35 million. The transaction closes out Dorrell’s short tenure as owner and follows earlier filings that positioned the property for potential redevelopment.
Property history and what’s there now
Public filings show Dorrell paid about $34 million for the property in 2022, a price that at the time set a record for Old Cutler Bay, according to the South Florida Business Journal. County property records and listing information indicate the home dates to 1987, sits on roughly 73,300 square feet, about 1.7 acres, and the existing structure comes in at nearly 8,000 square feet. The compound includes a pool, tennis court and private dock, according to public records.
Dorrell’s profile
Michael Dorrell is the co-founder and CEO of infrastructure investment firm Stonepeak, and Forbes estimates his net worth at about $8.5 billion. He has been an active buyer in South Florida’s trophy-home scene, and national outlets reported his 2024 purchase of Tarpon Island in Palm Beach for roughly $150 million.
Why the buyer matters
Pirez runs Mocca Group, a Coral Gables-based spec development firm. The Real Deal reported that he sold a waterfront Gables Estates mansion last year in a transaction that sources valued at about $55 million. His track record of scooping up prime waterfront parcels and turning them into turnkey luxury estates suggests Solano Prado is headed for a similar treatment rather than a quiet life as a long-term rental.
What’s next
City documents show Coral Gables staff determined the structure at 235 Solano Prado is not eligible for local historic designation, a finding that clears the way for demolition permits if the new owner pursues them, according to the City of Coral Gables. With a seasoned spec builder now on the deed, the property is widely expected to be redeveloped into a larger modern waterfront estate, keeping pace with Old Cutler Bay’s shift toward ever bigger, turnkey homes for buyers who prefer not to lift a finger.
