Mast Capital scores approval for Miami Beach condo project
Developer had withdrawn height increase request due to neighborhood opposition
Developer Mast Capital can now move forward with its plans for a luxury condo project in mid-Miami Beach.
The Miami Beach City Commission unanimously approved three ordinances tied to the redevelopment of 4000 Alton Road at Wednesday’s commission meeting. The developer agreed to limit the number of units to 175 condos and the height to 85 feet.
Mast Capital, led by Camilo Miguel Jr., had previously sought a height increase to 290 feet for the project near the Julia Tuttle Causeway, but decided against it due to backlash from residents in the community. Though the Miami Beach Planning Board had unanimously voted against the rezoning for a 12 story-tower in August, the board recently recommended approval of the three ordinances that the commission then approved this week on second reading.
The commission approved changing the zoning to residential multifamily from government use for the adjacent 17,860-square-foot plot of land next to the site, which the Florida Department of Transportation sold to Mast Capital.
The developer purchased Talmudic University’s 1.9-acre parking lot and basketball court for $17.1 million in October 2014, eight months after the city agreed to increase the site’s height limit from 60 to 85 feet. In February 2016, Mast Capital launched sales for what was then planned as an eight-story, 78-unit condo called 3900 Alton. Those plans were eventually scrapped.
At Wednesday’s meeting, Douglas Elliman Florida CEO Jay Parker and Miami Real Estate Group broker Andres Asion were among those who spoke in favor of Mast Capital’s latest plans for the site.