Miami Developer Armando Codina Lists $45M Gables Estates Mansion

Key Points

• Codina’s Coral Gables mansion is listed for $45 million — 37 times what he paid for the lot in 1995.

• His firm, Codina Partners, is developing Regency Parc, a $204 million luxury rental tower in downtown Coral Gables.

• Wealthy empty nesters and tax-motivated New Yorkers are driving early demand for the project.

Simplifying Life, Expanding Vision

South Florida developer Armando Codina, known for large-scale suburban projects, is selling his Gables Estates waterfront mansion for $45 million, a significant increase from the $1.2 million he paid for the property three decades ago. The six-bedroom home includes a library, a 2,000-bottle wine cellar, and a private dock for a 90-foot yacht.

Codina and his wife plan to relocate to the top floor of Regency Parc, a 126-unit luxury rental building that Codina Partners is developing in downtown Coral Gables. The move reflects a shift toward maintenance-free living among affluent residents looking to simplify their lifestyles.

Big Bet on the Ultra-Luxury Rental Market

Despite initial hesitation from lenders, Codina secured a $115 million loan from Goldman Sachs and contributed $89 million in equity to fund the Regency Parc project. Construction began in 2024, and the building is expected to open in early 2026.

Rents will range from $8,200 to $30,000 per month, with unit sizes between 2,000 and 12,000 square feet, averaging about $5 per square foot. Around 80% of pre-leases have been signed by local couples whose children have moved out, while the rest are primarily wealthy out-of-state residents establishing Florida residency. One notable future tenant is Royal Caribbean chairman Richard Fain, who leased an entire floor.

Avoiding Condo Drama, Emphasizing Control

Codina markets Regency Parc as an alternative to condominium ownership, emphasizing that residents avoid condo fees, board disputes, and legal complications. Codina Partners will remain the sole landlord, managing the property directly with on-site engineers, managers, and security staff—some of whom will live in staff apartments. Codina has described the approach as offering ownership-level service without the administrative burden.

Why It Matters for Investors

Codina’s strategy highlights a growing trend in South Florida: affluent homeowners are liquidating highly appreciated estates and transitioning to flexible, high-end rental living. Regency Parc’s early leasing success suggests strong demand for large, luxury apartments managed under a single ownership structure. The development could serve as a model for future multifamily projects targeting wealthy downsizers and high-net-worth individuals relocating to Florida.