Here’s what Mast Capital plans for La Costa’s evacuated, oceanfront Miami Beach site

Mast Capital acquired majority of units for more than $100M in recent months

Miami /
Jul.July 16, 2021 06:00 PM
Here’s what Mast Capital plans for La Costa’s evacuated, oceanfront Miami Beach site

Renderings of 5333 Collins Avenue with Mast Capital’s Camilo Miguel Jr

Developer Mast Capital wants to build a 100-unit luxury tower on the site of an oceanfront condo building that was ordered evacuated by the city of Miami Beach, The Real Deal has learned.

An affiliate of Mast Capital purchased nearly 90 percent of the condos at La Costa at 5333 Collins Avenue for more than $100 million beginning in May, according to property records and information from a company spokesperson. Only 16 units are occupied, records filed with the city show.

Developers are expected to increasingly target bulk buyouts of older buildings in need of costly repairs, experts say. And unit owners will be more likely to sell in the wake of the deadly Surfside collapse. As of Friday, 97 are confirmed dead from the tragic event.

Coconut Grove-based Mast Capital, led by Camilo Miguel Jr., proposes replacing La Costa with a 19-story, nearly 318,000-square-foot building.

The oceanfront La Costa building, a 15-story building with about 120 units, received notice this week to evacuate by Aug. 16. The beachfront property, developed in 1964, did not complete its 50-year recertification, a requirement in Miami-Dade County. The building required concrete restoration on the framing of the tower and parking garage/pool deck structure, according to a report from a structural engineer dated July 8.

One report by engineering firm Thornton Tomasetti, dated July 10, found that parts of the recreational deck next to the building, with underneath parking, are “at risk of collapse and shall not be used any further.”

Since the collapse of the Champlain Towers South in Surfside in June, cities throughout South Florida have been reviewing older buildings, especially those that have not completed their recertifications.

Mast Capital will go before the Miami Beach Design Review Board to seek approval to demolish the existing building and replace it with the as-yet-unnamed project designed by Rem Koolhaas’ OMA along with O’Donnell Dannwolf & Partners Architects.

The new project is designed to look like a series of slender towers angled toward the ocean.

The development would have a pool deck and a garage with 183 parking spaces and two loading spaces. Mast Capital said it is not seeking variances and would be building a much less dense project than what zoning allows.

Gustafson Porter + Bowman, together with Architectural Alliance Landscape are handling the landscaping.

Miami Beach recently declared another building, Devon Apartments, at 6881 Indian Creek Drive, unsafe and required residents to evacuate within a week, TRD reported earlier this week. In that case, the owner was already planning to tear down the 1939 building and replace it with townhouses.

Both followed the immediate evacuation of Crestview Towers, a condo complex in North Miami Beach, which was deemed unsafe about a week after the Surfside collapse.






    Related Articles

    arrow_forward_ios
    Eighty Seven Park next to the collapsed Champlain Towers South (Getty)
    Condo tower Eighty Seven Park, Collins Avenue still closed amid concerns of possible street collapse
    Condo tower Eighty Seven Park, Collins Avenue still closed amid concerns of possible street collapse
    Ronny Finvarb with the proposed hotel (GEK Architecture)
    Sunset Harbour’s new zoning district bans Ronny Finvarb’s planned hotel, allows taller offices
    Sunset Harbour’s new zoning district bans Ronny Finvarb’s planned hotel, allows taller offices
    DataDirect Networks President Paul Bloch, Oceanfirst Realty principal Eddy Chabli and renderings of the house Bloch plans to build (DDN, Kobi Karp Architecture)
    Tech mogul Paul Bloch buys waterfront Miami Beach lot, plans mansion
    Tech mogul Paul Bloch buys waterfront Miami Beach lot, plans mansion
    800 Lincoln Road building and Restaurateur Gregory Galy (Tricap, LinkedIn)
    Mila restaurant to add entertainment venue on Lincoln Road
    Mila restaurant to add entertainment venue on Lincoln Road
    David Grutman and Pharrell’s Goodtime Hotel had received nearly 30 noise violations (Carma Connected, Getty)
    Too much of a good time? David Grutman and Pharrell’s Goodtime Hotel could lose entertainment permit
    Too much of a good time? David Grutman and Pharrell’s Goodtime Hotel could lose entertainment permit
    Grupo Marquise’s Jose Carlos Pontes with the property (Compass, Facebook via Grupo Marquise)
    Grupo Marquise co-founder sells waterfront Miami Beach mansion for $27M
    Grupo Marquise co-founder sells waterfront Miami Beach mansion for $27M
    Corey Dickerson, Mike Piazza and Derek Jeter with the Miami baseball stadium (Getty)
    South Florida by the numbers: Play ball
    South Florida by the numbers: Play ball
    Gabriele Braha and Avihai Daniell with the properties (Red Group)
    Family office buys South Beach short-term rental portfolio for $14M
    Family office buys South Beach short-term rental portfolio for $14M
    arrow_forward_ios

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

    Loading...