Mast Capital, together with its partner Rockpoint, has recently celebrated a significant achievement in their construction project at 3900 Alton Road. This new nine-story building in Miami Beach, a creation of renowned Arquitectonica with landscape design by Within Hults + Partners, introduces 178 upscale units to the market.
The project, managed by Kaufman Lynn Construction as the general contractor, was recently highlighted in a LinkedIn video marking its topping-off ceremony. JGR Construction, Inc. and US American Concrete are handling key structural and concrete aspects of the construction, with Coastal Metal and AKO Plumbing Corp contributing to the metalwork and plumbing, respectively. Additionally, two tower cranes from Morrow Equipment and formwork solutions from Doka USA are in place, while NV5, Inc. oversees construction materials testing.
Funded by a $64 million loan from PNC Bank in November 2022, the groundbreaking of this Miami Beach residential project set the stage for its anticipated completion. The first units are expected to be available by Fall 2024, in line with Mast Capital and Rockpoint’s aim to offer high-quality living spaces in a sought-after South Florida neighborhood.
Camilo Miguel Jr., CEO of Mast Capital, expressed his enthusiasm about the project, emphasizing its unique position in the Miami Beach real estate market, known for its limited availability of developable land. Unlike most new developments in the area that focus on properties for sale, this project targets the growing demand for luxury rental housing.
The building’s design features a blend of luxury and functionality, offering studio to three-bedroom apartments with high-end finishes like Italian cabinetry, porcelain flooring, and spacious balconies. The development also boasts amenities such as an elevated pool deck with bay views, BBQ and outdoor gaming areas, fitness and yoga studios, a resident lounge, co-working spaces, and a pet washing station.
Dan Domb, Managing Member at Rockpoint, also highlighted the importance of this development. He noted the strong demand for premium rentals in Miami Beach and the partnership’s strategy to invest in multifamily residences in the high-demand, limited-supply South Florida housing market.
Mast Capital’s significant role in Florida’s real estate scene is underscored by its diverse portfolio, which includes various residential and commercial properties across the region. The firm’s ambitious growth strategy involves acquisitions totaling over $3.5 billion in project capitalization and developing more than 4,000 residential units in South Florida’s Fort Myers and Tampa metro areas.
Sales Launch for Rivage Bal Harbour
In Bal Harbour, the Related Group, Two Roads Developers, and Rockpoint have started taking reservations for an opulent condo on the beach.
At 10245 Collins Ave., Rivage Bal Harbour will include 61 “sky villa” condos spread over 24 stories. By purchasing the Carlton Terrace condo building and ending its association, the developers, acting via Carlton Terrace Owner LLC, obtained the 2.55-acre site. The high-end skyscraper will take the place of the existing condo.
This is part of a pattern where developers are purchasing older condos along the ocean in South Florida since the property is now worth more than the older condo towers, which frequently need a lot of upkeep as they get older.
In the meantime, there is a significant demand for large condos on the ocean in Miami-Dade County due to an inflow of wealthy residents from high-tax areas.
The Rivage Bal Harbour will include apartments ranging in size from 3,300 square feet to 13,000 square feet for penthouses. Prices range from $8 million to $64 million for them.
In addition to a fitness pavilion, a hammam spa, and pickleball courts, the property will have more than 25,000 square feet of wellness-related activities. A pool, a cocktail lounge, a VR game simulator, and a kids’ playroom will all be available as extras.
CFE Architects in Miami Lakes and Skidmore, Owings & Merrill in New York collaborated to create Rivage Bal Harbour. The interior designer is Rottet Studio.
Before the end of 2023, the developer claimed they intended to start construction on the condo.
Mast Capital Unveils Plans for a 3 Tower Development in Brickell: Cipriani Residences Miami
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.
