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 presents a compelling opportunity for a thoughtful renovation or reimagining, allowing buyers to enhance and customize the current structure while capturing significant upside. Whether renovating to create a refined waterfront residence or building a new signature estate, the flexibility of this offering is unmatched. 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 property combines location, scale, and lifestyle in a way that is increasingly rare. An exceptional acquisition for end users, visionary builders, or developers seeking long-term value, prestige, and the opportunity to create a standout waterfront residence. Listing broker is an owner of the property.