Home inventory may be on the rise, but so are pricey luxury listings like this one.

Seaward Development’s momentum wasn’t slowed by a recent pivot from building a 10-story, mixed-use condo project that would have required the demolition of historic Mira Mar Plaza. In fact, the local development firm just listed a new-construction Siesta Key home—its most expensive right now—for $16.99 million. Seaward bought the one-acre land the home sits on last year for $3.4 million.

Once finished, the custom, two-story, waterfront home will span roughly 7,460 square feet and include a 1,500-square-foot rooftop terrace, plus an infinity edge pool that drops off into a water view.

Located at 4136 Higel Ave., it will overlook Big Pass, with views of the Gulf of Mexico and Lido Beach Park. Other than a dedicated two-bedroom, two-bathroom guest home, one of its most stand-out features is the eight-car garage that packs enough height to accommodate four car lifts, for a total of 16 vehicles.

“Most homes located on the keys can’t accommodate the number of vehicles a car enthusiast might have. Most of the time, they have to rent additional space off location to store them and that’s not always convenient. I don't know another property on the key where a homeowner will be able to do this,” says Patrick DiPinto, managing partner of Seaward Development. (Case in point: a car condo storage building just broke ground last weekend in Lakewood Ranch.)

The house will also have five en-suite bedrooms, seven-and-a-half bathrooms; an office, theater, gym and game rooms; a heated, salt chlorinated pool, spa and outdoor fire pit at the water’s edge; an outdoor kitchen; and a gated entry that opens to a motor court with extra parking for visitors.

Local firm DSDG Architects was commissioned to design the home, which is done in the sugar-cube style that’s all the rage right now. That gives the buyer the creativity put their personal stamp on some of the high-end interior finish work through customization.

Seaward Development, which has been in business for 32 years, is behind the 18-floor Epoch condominium in downtown Sarasota and “builds very custom properties, whether it's homes or condos,” says DiPinto.

The home broke ground on the lot roughly a month and a half ago, and Matt Leake, president of Seaward Development, says the company has already had interest and “may be under contract as early as next week.” Seaward expects completion in roughly 16 months.

Will the $16.99 million price point will be a tough sell? For comparison, current luxury listings on Siesta Key right now range from $8,999,000 to $12.6 million.

“This buyer won’t be shopping for the price, but for something no one else has," Leake says. "This buyer has the money, but may not want to invest the time in building a custom, luxury home like this."

Interested? Contact Patrick DiPinto of Ocen Real Estate at (941) 388-2021.