Mast Capital has applied for permits to begin vertical construction on a massive three-towered mixed-use complex planned for 1420 South Miami Avenue in Brickell. As per the permit applications submitted on the 1st and 4th of May, the Miami-based developer is preparing to build a complex comprised of 856 multifamily rental units and 394 condominium residences. Plans for the site include two apartment towers of 50- and 60-stories and a branded 80-story condominium tower in collaboration with luxury leisure brand Cipriani, featuring Arquitectonica as the design architect and ArquitectoniaGEO as the landscape architect.
The filing that occurred on the 1st of this month, although appears to pertain to one edifice, may in fact be a filing for the two rental towers. Only one 60-story structure is listed at 672-feet-tall, but contains 1,763,373 square feet of space across 856 units and estimated to cost the developer $310 million. Site plans for the project indicated there would be 425 rental units in each rental building, which roughly adds up to the unit count in the permit filing. The second filing is in connection to a 908-foot-tall building, further recognized as Cipriani Residences, and is estimated to contain 1,629,335 square feet of space across 394 condo units at the cost of $286 million. The heights listed in both filings differ from the heights found in the pending FAA building permit applications, which lists the towers at 693-feet and 940-feet; the smaller 50-story tower has not been filed as of yet.
Fortune Development Sales will handle sales and marketing. The 80-story Cipriani Residences has started taking reservations for units priced from $1.1 million.
Mast Capital is inching closer to breaking ground with both FAA permits and construction permits awaiting approval. Ground breaking on the first tower is expected towards the end of the year. Completion of the development is scheduled for the end of 2025.