Miami tech magnate Manny Medina has lined up a buyer for his waterfront Coral Gables mansion, a Mediterranean-modern spread in Gables Estates that hit the market this year asking just shy of $30 million. The property at 555 Arvida Parkway went under contract this week after several rounds of being listed, withdrawn and relisted, putting another high-profile Arvida Parkway address back in play as Miami’s luxury market keeps humming along.
According to The Real Deal, the contract appeared in the latest Eklund-Gomes weekly report as one of 28 luxury home deals inked in Miami-Dade between April 20 and April 26. The outlet reports that the listings tracked in that period spent an average of 188 days on the market.
The Mediterranean-modern estate at 555 Arvida Parkway is listed with Ralph Arias of ONE Sotheby's International Realty at an asking price of $29,950,000, according to the brokerage’s listing. The property is billed as move-in ready, with approved plans already in hand for future expansion.
Inside the estate
The residence checks in at roughly 13,147 square feet and features six bedrooms and six and a half bathrooms, with a full renovation wrapped in 2015, according to public listing records. Listing details on Realtor.com highlight a 5,000-bottle wine cellar, an aquarium wall, a theater and a gym, along with about 180 feet of water frontage that includes a 100-foot dock and boat lift.
Medina's tech background
Medina is the founder and chairman of eMerge Americas and built his fortune in the data center world. His earlier company, Terremark, was acquired by Verizon in 2011 for roughly $1.4 billion, according to Verizon's release. That high-profile exit, coupled with his ongoing investments in South Florida, has made him a closely watched player whenever prime Miami waterfront hits the market.
Why this matters
The contract on Medina’s home landed during a notably active stretch for Miami-Dade luxury deals, signaling steady demand for turnkey waterfront properties. The Real Deal reports that the week’s single-family homes under contract carried an average asking price of about $10.5 million and spent roughly 179 to 188 days on the market, underscoring the premium buyers continue to pay for scarce Arvida Parkway lots.
The buyer’s identity has not been made public, and the sale has yet to close. The ONE Sotheby's listing notes that the property remains subject to prior sale or withdrawal, meaning the final terms could still shift before closing.
