Miami Site Purchased For Proposed Three-Tower Project

Miami-based developer Mast Capital has acquired the 2.8-acre vacant site addressed as 1420 South Miami Avenue for US$103 million from Rega Center Miami Holdings, Florida YIMBY reports. Mast Capital has submitted site plans for a project yielding 2.6 million ft² across three towers that appear to be connected via bridges at the top podium level, according to renderings. Plans include 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 in 2021. 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 residents. The development will also include 1,650 parking spaces and ground-floor retail on South Miami Avenue. The source expects that the developer will break ground in 2022.