Miami Developer Lists $45 Million Home, 37 Times Lot Price

Armando Codina, a Cuban-American developer known for huge master-planned suburbs in South Florida, is listing his waterfront mansion for $45 million and moving to a luxury rental-apartment building under construction by his company.

Turbocharged by Miami’s real estate boom in the aftermath of the pandemic, the mansion’s listing price is more than 37 times the $1.2 million Codina paid for the lot in 1995. The property is located in Gables Estates, a gated community that according to Zillow is the most expensive neighborhood in the US.