Developer Alex Pirez buys waterfront Gables Estates teardown for $24M

Luxury home developer Alex Pirez paid $24.3 million for a waterfront home in Gables Estates, adding to recent deals in the gated community, The Real Deal has learned.  Pirez’s Mocca Group acquired the 7,100-square-foot home at 665 Leucadendra Drive in Coral Gables. Property records show the seller is Yrma Palenzuela, who bought the property with her late husband, Gonzalo Palenzuela. The house, with five bedrooms, five bathrooms and one half-bathroom, was built in 1999.  Pirez will likely knock the home down and build a new mansion.  The 1-acre property was on the market with Judy Zeder and Patricia Praca of […]This article originally appeared on The Real Deal. Click here to read the full story.