Opportunity to build up to and potentially subdivide three homes with 150' linear feet of waterfrontage. Spectacular and premier downtown Miami skyline views. Half acre (150' wide by 140' deep) on newly restored 24 hours and 7 days guard gated Palm Island. Two homes, with 276 S Coconut currently long-term leased at $15K/month. Sale includes both 266 and 276 S Coconut Lane. 266 has a double-sized lot, 100 feet water frontage with newer Dock, open floorplan, high ceilings and a Grand Master Suite. Zoned RS-4: Options are a) build a single home up to 10,500 Square Feet or b) divide lots and build three new separate homes, or c) keep as is and renovate the two existing homes.