Mast Capital JV pays $103m for luxury condo-retail complex in Miami

Miami-based developer Mast Capital and its partner Rockpoint Group have acquired the 2.8-acre vacant development site at 1420 South Miami Avenue in Miami, 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 site’s project will total approximately 2.6 million square feet, spanning up three towers, consisting of 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. Plans will also include 1,650 parking spaces and ground-floor retail space.

Recently, Mast Capital entered the Tampa market with its partner Rockpoint Group, acquiring more than 16 acres of vacant land in Wesley Chapel. Mast Capital and Rockpoint plan to develop a 248-unit luxur