Miami-based developer Mast Capital, led by Camilo Miguel Jr., is planning to build a 19-story luxury condo tower at 5333 Collins Avenue in Miami Beach, the site of the recently evacuated La Costa of Miami Beach Condos. The new building is projected to yield approximately 318,000 square feet of space including 100 residential units, 183 parking spots and offering unobstructed views of the oceanfront. According to The Real Deal, the developer has tapped OMA to design the building with ODP Architecture & Design as the architect of record.
Mast Capital recently completed a bulk buyout at the current 15-story condo building, scooping up roughly 87% of the 120 units, and having spent north of $100 million on buying out the previous owners; sales averaged approximately $1 million per unit. 16 units remain occupied, but just recently the city order an evacuation of the tenants at La Costa, who have until August 16th to leave the premises. The 57-year-old building has not completed its 50-year recertification, which is a requirement in Miami-Dade County. Now deemed unsafe, it was made apparent that the building needed concrete restoration on various sections of the structure. Miami Beach is being extra cautious with the use of unstable buildings following the condo collapse in Surfside.
Very few clear renderings are available for the time being, but the ones that are reveal a structure with multiple connected slender volumes pointing towards the oceanfront. Units will have access to wrap-around terraces that curve on corners in many instances.