Two large adjoining waterfront properties on the north barrier island of Vero Beach have been brought to market, offering a combined land area of roughly 30 acres with exposure to both the Atlantic Ocean and the Indian River Lagoon. Investor John Devaney has retained Cushman & Wakefield to oversee the marketing effort, with Cushman & Wakefield professional Virgilio Fernandez leading the assignment on his behalf.
The properties, which can be purchased together as a sizable assemblage or acquired separately, are being offered with a combined listing price reported as exceeding $60 million. The scale and continuous frontage across ocean and lagoon position the sites as a rare large-lot waterfront opportunity in this part of Vero Beach, with a mix of buildable upland and privately owned submerged land.
The first site, known as The Grand Oceanfront & River Estate, is located at 12906 Jimmy Buffett Memorial Highway. According to the marketing details, this property totals approximately 14.84 acres. Of that, about 8.63 acres consist of buildable upland that stretches from the Atlantic shoreline to the Indian River Lagoon, while another 6.21 acres comprise privately owned submerged land. This combination provides both developable area on dry land and control over adjacent submerged portions of the waterway.
Immediately neighboring it is the River Peninsula Estate at 12505 Jimmy Buffett Memorial Highway. This parcel is described as totaling approximately 15.44 acres, with around 8.33 acres of upland and 7.11 acres of privately owned submerged land. Together, the two properties form a substantial waterfront footprint that spans from oceanfront to lagoon-side areas and includes both terrestrial and submerged components.
The marketing materials note that the sites may present opportunities for condominium development, subject to receiving all necessary approvals and entitlements from the relevant authorities. Potential private marina uses are also mentioned as a possibility, again contingent on regulatory review and permitting. Any such development path would need to account for applicable land use regulations and environmental considerations tied to upland and submerged land ownership.
Additional density on the properties could potentially be pursued, according to the information provided, through a planned residential development approval process or a future land use amendment. Such strategies would seek to align any higher-intensity residential program with local planning frameworks and comprehensive plans, and would likely involve public and administrative review.
For now, the offering centers on the flexibility for a purchaser to acquire either one or both of these large-scale waterfront estates under a single marketing campaign. Cushman & Wakefield, led by Virgilio Fernandez for this assignment, is tasked with engaging prospective buyers and articulating how the combination of upland and submerged acreage, dual water exposure, and potential residential and marina uses could fit into a future development or estate-planning strategy, subject to the outcome of required approvals.
