Mast Capital brings on JV partner Rockpoint to develop Miami Beach condo project

Mast Capital won approval in November for a reduced version of the project, up to 175 units and 85 feet in height

Miami /
May.May 25, 2021 12:30 PM
Mast Capital's Camilo Miguel Jr. and Rockpoint Group's Keith Gelb. (Getty, Mast Capital)

Mast Capital’s Camilo Miguel Jr. and Rockpoint Group’s Keith Gelb. (Getty, Mast Capital)

Rockpoint Group bought a stake in Mast Capital’s long-planned Miami Beach condo project.

An affiliate of Mast Capital sold the property at 4000 Alton Road to the joint venture for $18.2 million, records show. Coconut Grove-based Mast Capital, led by Camilo Miguel Jr., secured approval from the Miami Beach City Commission in November for a modified version of its project. It is headed to the Miami Beach Design Review Board next.

Miguel was not immediately available for comment. A spokesperson for Mast Capital said that the firm was staying in the project as a partner.

Rockpoint, a multibillion-dollar private equity firm based in Boston, has partnered with Mast Capital in the past on a Key West apartment complex the two firms sold in 2017.

At the Miami Beach commission meeting in November, Mast Capital agreed to limit the number of units at its latest project to 175 condos and the height to 85 feet. The developer had previously sought a height increase to 290 feet.

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 lot for $17.1 million in 2014, eight months after the city agreed to increase the site’s height limit to 85 feet from 60 feet. In 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.






    Related Articles

    arrow_forward_ios
    Daisy Chaplin and Charles Prince with the property at 6000 North Bay Road (Getty, Google Maps)
    Late Broadway legend Harold Prince’s children settle dispute over family’s North Bay Road mansion
    Late Broadway legend Harold Prince’s children settle dispute over family’s North Bay Road mansion
    Entrepreneur Adam Arviv pays $8M for Palazzo Della Luna unit
    Entrepreneur Adam Arviv pays $8M for Palazzo Della Luna unit
    Entrepreneur Adam Arviv pays $8M for Palazzo Della Luna unit
    I’ll take it: David Martin sells waterfront Miami Beach home to his listing agent
    I’ll take it: David Martin sells waterfront Miami Beach home to his listing agent
    I’ll take it: David Martin sells waterfront Miami Beach home to his listing agent
    Surfside site’s stalking horse bidder signed contract, auction slated for February as claims could reach $1B
    Surfside site’s stalking horse bidder signed contract, auction slated for February as claims could reach $1B
    Surfside site’s stalking horse bidder signed contract, auction slated for February as claims could reach $1B
    South Florida residential sales rose in August, but single-family closings fell across the tri-county region. (iStock)
    South Florida single-family home sales decline in August as inventory shrinks
    South Florida single-family home sales decline in August as inventory shrinks
    Waterfront condo project approved for Fort Lauderdale’s barrier island
    Waterfront condo project approved for Fort Lauderdale’s barrier island
    Waterfront condo project approved for Fort Lauderdale’s barrier island
    Eighty Seven Park and the lot where the Champlain Towers South once stood (Douglas Elliman)
    Italian investor sells Eighty Seven Park unit to hedge funder in first closing since deadly condo collapse next door
    Italian investor sells Eighty Seven Park unit to hedge funder in first closing since deadly condo collapse next door
    A unit in Continuum South Beach was the top sale last week (Luxhunters for ONE Sotheby’s International Realty)
    Tech entrepreneur’s purchase of Continuum unit leads Miami-Dade weekly condo sales
    Tech entrepreneur’s purchase of Continuum unit leads Miami-Dade weekly condo sales
    arrow_forward_ios

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

    Loading...