Miami-based developer Mast Capital has acquired the 2.8-acre vacant development site addressed as 1420 South Miami Avenue for $103 million from Rega Center Miami Holdings. The site is located on the southern edge of the Brickell Central Business District and represents one of the last remaining raw parcels of land available zoned for rapid transit-oriented high-density development in the area. The developer submitted site plans for a massive master-planned project yielding 2.6 million square feet across three soaring towers, including an 80-story luxury condominium tower with 400 residences, and two multifamily towers of 50 and 60 stories with a combined total of 850 luxury apartments. Mast Capital partnered with private equity real estate firm Rockpoint for the acquisition, the third joint venture between the two firms this year.
A representative of Mast Capital provided YIMBY with a rendering of the three towers that are planned, depicted below sporting glass and metallic finishes enveloping smooth curving superstructures. The tallest of the three features a stepped crown wrapped in continuous balconies oriented towards the north, where as the smaller tower to the west features elevations that are broken up into sub-sections by a white concrete frame. All of the structures appear to be connected via bridges at the top podium level. The architect has not been named, but the aesthetic of the buildings in the rendering share a strong resemblance to the works of Arquitectonica, the design firm behind 3900 Alton Avenue – another one of Mast Capital’s major projects in South Florida.
“We are excited by the potential to create a thoughtful, iconic project that will define and anchor south Brickell. This project will transform the character of the neighborhood and it is a great privilege to be given this rare opportunity,” said Camilo Miguel, Jr., CEO and founder of Mast Capital. “We believe Brickell will continue to outperform from the ongoing demographic shift. Our vision is to offer a differentiated product that stands out from the current offerings and appeals to a wide variety of residents.”
”While South Florida was seeing strong growth prior to the pandemic, it became evident to us early on that the pandemic would result in further tailwinds for South Florida. We worked hard to identify attractive investment opportunities and as a result have had a very active 18 months. The closing of the Brickell site is the culmination of a very exciting 2021 for Mast Capital,” added Camilo Miguel, Jr.
The development site has a long history of highly anticipated projects dating back as far as 15 years ago. In the mid-2000s, “Capital at Brickell” was once planed for the site, which was a two-tower mixed-use project that would have risen 53 and 57 stories. Foundation work began in 2007, but the project was abandoned during the Great Recession. In 2014, a China-based corporation acquired the site and received plan approvals for a project that included two towers spanning 75 and 73 stories. However, this development was also canceled after years of uncertainty regarding the future of the project. Despite the tainted track record for the property, Mast Capital has timed the planning of the project accordingly with Brickell achieving robust rent growth and outpacing the market at large in 2021. Since Q1 2021, rents for condos built in Brickell over the last five years increased over 30% on the back of strong in-migration to Miami.
The condominium tower will be affiliated with a luxury lifestyle brand with plans to provide resort-style amenities, including food and beverage services exclusively for resident use. The development will also include 1,650 parking spaces and ground-floor retail on South Miami Ave.
YIMBY expects the developer to break ground in 2022.