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Developer had withdrawn height increase request due to neighborhood opposition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
    Renderings of the Sunset Harbour project with Marc Rowan and Deco Capital Group's Bradley Colmer (Linkedin, Getty)
    Deco Capital moves forward with new version of long-planned Sunset Harbour mixed-use development
    Deco Capital moves forward with new version of long-planned Sunset Harbour mixed-use development
    1260 Washington Avenue and 1234 Washington Avenue with Location Ventures CEO Rishi Kapoor (Google Maps, Location Ventures)
    Location Ventures buys South Beach office, retail property for $20M
    Location Ventures buys South Beach office, retail property for $20M
    Don Peebles, Jorge Perez and Barry Sternlicht with the Clevelander hotel (Getty, iStock)
    Alcohol rollback on Ocean Drive pits developers against business owners
    Alcohol rollback on Ocean Drive pits developers against business owners
    O. Dean Jernigan and 1325 North Venetian Way, Miami Beach (Google Maps)
    Former self-storage CEO sells Venetian Islands home for $18M
    Former self-storage CEO sells Venetian Islands home for $18M
    Jessica Goldman Srebnick with 6686 Roxbury Lane and 4511 Lake Road (Google Maps)
    Jessica Goldman Srebnick trades Miami Beach home for Bay Point mansion
    Jessica Goldman Srebnick trades Miami Beach home for Bay Point mansion
    Joseph Chetrit and a rendering of the Collins Park project (Getty, Kobi Karp)
    Chetrit scores $63M construction loan for long-planned Collins Park hotel in Miami Beach
    Chetrit scores $63M construction loan for long-planned Collins Park hotel in Miami Beach
    Fontainebleau Miami Beach, Jeffrey Soffer and former President Donald Trump (Ebyabe/Wikipedia, Getty, iStock)
    Gambling portability a no-go in Florida this year for Jeffrey Soffer, Trump
    Gambling portability a no-go in Florida this year for Jeffrey Soffer, Trump
    Andres Isaias and Alejandro Diaz-Bazan with 6385 Pinetree Drive Circle, Miami Beach (Google Maps)
    Andian Group buys waterfront Miami Beach estate for $19M
    Andian Group buys waterfront Miami Beach estate for $19M
    arrow_forward_ios

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

    Loading...