A rare generational waterfront opportunity on prestigious Prairie Ave, offering one of the last oversized waterfront parcels in this coveted Miami Beach residential corridor. Encompassing 12,150 SF with ocean access via canal, this exceptional property is ideally positioned for the creation of a world-class custom estate or luxury redevelopment in a setting defined by premier waterfront residences. The existing 4,400 SF home provides immediate utility while plans are finalized for a signature dream home tailored to the most discerning buyer. Property improvements include a newly constructed seawall cap, adding meaningful value for future waterfront development. Surrounded by multi-million-dollar estates and moments from beaches, houses of worship, elite schools, shopping, dining, and the best of Miami Beach living, this offering combines location, scale, and waterfront lifestyle in a way that is increasingly rare in today's market. An exceptional acquisition for end users, visionary builders, or developers seeking long-term value, prestige, and the opportunity to create a landmark waterfront residence. Listing broker is an owner of the property.