Mast Capital scores approval for Miami Beach condo project

Developer had withdrawn height increase request due to neighborhood opposition

Miami /
Nov.November 19, 2020 04:30 PM
Camilo Miguel Jr. and rendering of 4000 Alton Road

Camilo Miguel Jr. and rendering of 4000 Alton Road

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.





    Related Articles

    arrow_forward_ios
    From left: Stephen Macricostas and Andre Branch in front of 4535 Nautilus Court (Getty Images, Redfin)
    Buyer of Andre Branch’s former Miami Beach house flips it for $7M
    Buyer of Andre Branch’s former Miami Beach house flips it for $7M
    Rise at Brickell City Centre at 88 SW 7 Street in Miami (Condos.com)
    Closing at Rise tops Miami-Dade’s weekly condo sales
    Closing at Rise tops Miami-Dade’s weekly condo sales
    Alex and Yanina Sapir (Getty, Instagram, Illustration by Kevin Rebong for The Real Deal)
    Developer Alex Sapir’s wife files for divorce, citing a “loveless” marriage
    Developer Alex Sapir’s wife files for divorce, citing a “loveless” marriage
    Pebb Capital's Todd Rosenberg with 4000 Collins Avenue (Loopnet, iStock)
    Pebb JV sells CVS-anchored retail space in Miami Beach for $18M
    Pebb JV sells CVS-anchored retail space in Miami Beach for $18M
    Black Lion Investments' Robert Rivani and the Ritz-Carlton Residences at 4701 North Meridian Avenue in Miami Beach (Ritz-Carlton Residences, Black Lion Investments)
    Black Lion’s den: Robert Rivani pays $8M for waterfront Miami Beach penthouse
    Black Lion’s den: Robert Rivani pays $8M for waterfront Miami Beach penthouse
    Emilio and Gloria Estefan with 444 West Rivo Alto Drive (Getty, Redfin)
    Gloria and Emilio Estefan sell waterfront Venetian Islands home
    Gloria and Emilio Estefan sell waterfront Venetian Islands home
    Michele and Kevin Segalla and Ilya Karpov with 320 Hibiscus Drive (LinkedIn, Craig Denis) Miami, Mansions
    Mobile gaming tycoon, investment manager wife pay $29M for Hibiscus Island spec mansion
    Mobile gaming tycoon, investment manager wife pay $29M for Hibiscus Island spec mansion
    The Villa Paradiso at 1415 Collins Avenue and The Orchid House Hotel at 1350 Collins Avenue with Randall Smith of Alden Global Capital and Joe Nakash (Getty, Wikipedia)
    Boutique South Beach hotels trade amid heightened demand
    Boutique South Beach hotels trade amid heightened demand
    arrow_forward_ios

    The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

    Loading...