Mast Capital Unveils Plans for a 3 Tower Development in Brickell: Cipriani Residences Miami

February 14, 2022

Another development has just been announced and this one is massive. Coming in at 2.6 million square feet, plans for this 3 tower development in Brickell have been revealed: Cipriani Residences Miami. Developer, Mast Capital paid $103 million mark this transaction as one of the largest in Miami-Dade in 2021.

Mast Capital’s proposal for the site involves a master-planned development that will comprise of 400-unit condominium tower and two more high-rises totaling 850 premium apartment rentals, created in collaboration with Rockpoint Group.

The property located at 1420 S. Miami Ave, has been inactive for over 15 years following two failed development initiatives. This property is one of the last remaining raw pieces of land accessible in the vicinity to undertake a project of this magnitude.

Development Information:

• One 80 story condo tower
• Two multifamily towers (one at 50 stories and one at 60 stories)
• 1,250 residential units
  • 400 condo units
  • 850 rentals
• 1,650 parking spaces
• Ground floor retail

For this specific project, Mast Capital has partnered with a private real estate equity firm, Rockpoint, which will be responsible for the multifamily component. Mast Capital will be utilizing MSD and CanAm for financing. Arquitectonica will be the architect for the proposed tower.

The developer is expecting a sellout of approximately $1 billion. The groundbreaking is anticipated for the end of 2022 with a top-off date in 2025.