Mast Capital, in partnership with Rockpoint, has achieved a notable construction milestone by topping off 3900 Alton Road. This nine-story residential building in Miami Beach, designed by the esteemed Arquitectonica with landscape architecture by Within Hults + Partners, adds 178 new units to the city’s housing market, establishing it as a premier location for upscale rental accommodations. Kaufman Lynn Construction, serving as the general contractor, recently showcased a video on LinkedIn celebrating the topping ceremony. JGR Construction, Inc. oversees the structural work, and US American Concrete oversees concrete tasks. Coastal Metal is responsible for metalwork, while AKO Plumbing Corp is the plumbing contractor. Morrow Equipment has two tower cranes at the site. Doka USA provides formwork solutions, and NV5, Inc. handles construction materials testing.
With a $64 million construction loan secured from PNC Bank in November 2022, the groundbreaking for this project took place earlier this year, setting the pace for a new chapter in Miami Beach’s residential scene. The first units are projected to be ready for occupancy by Fall 2024, aligning with Mast Capital and Rockpoint’s vision to deliver high-quality living spaces in one of South Florida’s most desirable neighborhoods.
Camilo Miguel Jr., CEO and Founder of Mast Capital, shares his insight on the project, “Reaching this pivotal construction milestone brings us closer to presenting our luxurious rental community situated along the Alton Road corridor of Miami Beach. This endeavor is particularly noteworthy given the scarcity of developable land in Miami Beach. Most new developments in prime areas of Miami Beach are for-sale products. However, with this multifamily project, we are capitalizing on the opportunity to satisfy the considerable demand for amenity-rich and professionally managed rental housing.”
The property’s design encapsulates both luxury and practicality, offering a range of studio to three-bedroom apartments. These homes will feature finishes such as Italian cabinetry, porcelain flooring, floor-to-ceiling glazing, and spacious balconies with glass railings, providing an opulent living experience. The development is further enhanced by a suite of lifestyle amenities, including an elevated pool deck with bay views, a BBQ area, an outdoor gaming area, fitness and yoga studios, a resident lounge, co-working spaces, and a pet washing station.
Dan Domb, Managing Member at Rockpoint, comments on the significance of nearing the completion of this essential development. “As we approach the finish line for this project, we are keen to address the substantial demand for premium rental units in the Miami Beach submarket. The area continues to exhibit low vacancies and solid rental growth. Our investment reflects our strategy to invest in multifamily residences in the sought-after and supply-limited South Florida housing market. We look forward to extending our successful partnership with Mast Capital and leveraging their proven residential development expertise.”
Mast Capital’s presence as a major player in Florida’s real estate market is reinforced by a portfolio that includes a variety of residential and commercial properties across the region. The firm’s growth strategy encompasses acquisitions worth over $3.5 billion in total project capitalization and the development of over 4,000 residential units within South Florida’s Fort Myers and Tampa metro areas.
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I drive by this location 2-4 times a day. This location is bordered by 2-3 very busy roads. Maybe 100,000 vehicles a day use 41st Street? Who wants to live on a highway? Noise. Trucks… Traffic… And the north exposure faces another building… I hope the rents will be low.