Kobi Karp in Next Miami

Starwood Capital Group CEO Barry Sternlicht is building a watefront home on North Bay Road after paying $17 million for a property there.

Records show that the property sold for $10.15 million last year, and $1.2 million in 1999. That means that the land has appreciated about 1300% in the past 16 years.

Sternlicht’s BSS Miami LLC, a Delaware Corportation with a Greenwich, Connecticut address, filed a Notice Of Commencement that work on a single family home was beginning on Jun 12, the same day that the LLC took title to the property. A home designed by architect Kobi Karp was previously approved for the site.

Read Full Article: The Next Miami