Cushman & Wakefield Marketing Two Trophy Waterfront Development Sites In Vero Beach
Cushman & Wakefield has been retained by investor John Devaney to market two adjoining trophy waterfront properties on Vero Beach’s north barrier island, representing a rare opportunity to acquire significant residential development sites along one of Florida’s most exclusive stretches of coastline.
The Grand Oceanfront & River Estate, located at 12906 Jimmy Buffett Memorial Highway, encompasses approximately 14.84 acres, including 8.63 acres of buildable upland stretching from the Atlantic Ocean to the Indian River Lagoon and 6.21 acres of privately owned submerged land. The neighboring River Peninsula Estate, located at 12505 Jimmy Buffett Memorial Highway, totals approximately 15.44 acres, including 8.33 acres of upland and 7.11 acres of privately owned submerged land.
The properties are being offered for sale together or individually. Cushman & Wakefield Managing Director Virgilio Fernandez is leading the marketing effort on behalf of Devaney.
“Florida has run out of land like this. What remains is either already held for generations or was never for sale, and nobody is creating more ocean-to-river acreage with private bottomland,” said Fernandez. “This is not a cycle story. It is a supply story, and supply stories do not reverse.”
Both properties are located within Vero Beach’s 32963 ZIP code, home to some of the region’s most exclusive residential communities, including Windsor, Orchid Island and John’s Island. The surrounding area also includes significant permanently protected conservation land, including the Pelican Island National Wildlife Refuge.
The Grand Oceanfront & River Estate is bordered by federally owned U.S. Fish & Wildlife Service refuge land along both its northern and southern boundaries, with approximately 35 acres of preserve to the north and approximately 300 acres of the Pelican Island National Wildlife Refuge located to the west across the lagoon. The protected surroundings provide a level of long-term privacy and natural preservation that is increasingly difficult to replicate along Florida’s coastline.
“Buildable waterfront of this size has all but disappeared from South Florida, and demand from families and developers relocating to the region has never been stronger,” Fernandez added. “Developed to its potential, this could be among the most premium residential products Vero Beach has ever seen. Being able to offer these two assemblages together or separately gives the market a level of flexibility that almost never accompanies assets at this level.”
The properties offer several potential paths for future ownership and development, including the creation of a private family compound or low-density luxury residential community. The sites may also offer opportunities for condominium development and private marina uses, subject to applicable approvals and entitlements. Additional density could potentially be pursued through planned residential development approval or a future land use amendment.
Devaney has owned the properties for more than 20 years and originally acquired them with the intention of eventually creating a family compound.
“For more than 20 years, my family and I have owned and enjoyed these extraordinary properties, which I originally acquired with the intention of ultimately building them out as a family compound and retiring in Vero Beach. My plans have changed, and that creates a very rare opportunity for someone else,” said Mr. Devaney. “These parcels are, without question, two of the most magnificent waterfront properties available anywhere in Florida, surrounded by hundreds of acres of protected natural beauty and offering an extraordinary combination of oceanfront, riverfront, privacy and scale. Whether the next owner is a family looking to create a generational estate or a developer with a vision for an exceptional residential project, these properties are truly irreplaceable. You simply cannot recreate land like this today.”
The Grand Oceanfront & River Estate and River Peninsula Estate are being offered exclusively through Cushman & Wakefield and may be acquired together or separately.
Key Facts
- Property: Grand Oceanfront & River Estate and River Peninsula Estate
- Location: 12906 and 12505 Jimmy Buffett Memorial Highway, Vero Beach, FL 32963
- Asset Type: Waterfront residential development sites
- Transaction Type: Offered for sale together or individually
- Seller: John Devaney
- Size: Grand Oceanfront & River Estate: approximately 14.84 acres, including 8.63 buildable upland acres and 6.21 privately owned submerged acres; River Peninsula Estate: approximately 15.44 acres, including 8.33 upland acres and 7.11 privately owned submerged acres
- Broker: Virgilio Fernandez, managing director, Cushman & Wakefield
- Other Notable Details: Potential uses include a family compound or low-density luxury residential community; condominium and private marina uses are subject to applicable approvals and entitlements.