Mast Capital and Starwood Capital Group launched sales of The Perigon, a luxury condo development planned for an oceanfront site in Miami Beach.
Coconut Grove-based Mast, led by Camilo Miguel Jr., formed a joint venture with Barry Sternlicht’s Starwood to develop the 17-story, 82-unit building at 5333 Collins Avenue.
An affiliate of Mast Capital bought out the majority of units at the site’s existing La Costa condo building last summer. The city of Miami Beach declared the building unsafe, following the deadly collapse of the Champlain Towers South building in Surfside.
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Selling out post-Surfside collapse
The developer owns 88.5 percent of La Costa’s condos, leaving 14 units that it does not control, a spokesperson for Mast Capital said. Last summer, the Mast affiliate filed plans for the property, revealing the Rem Koolhaas-designed project. Koolhaas’ OMA New York is the architect and Tara Bernerd is the interior designer, according to a release.
Mast and Starwood are beginning sales by opening reservations to buyers. Units will range from 2,100 square feet to 6,700 square feet, and from two to four bedrooms. Douglas Elliman is handling sales and marketing. Units start at $3 million.
The Perigon is expected to include a restaurant, speakeasy-style bar and a conservatory with a breakfast bar, a sunrise lounge and terrace, a pool and hot tub, spa, fitness center and more. The building is expected to be delivered in 2025.
The project adds to a growing list of new luxury condo developments launching sales in South Florida. Developers and brokers have been rushing to complete their marketing materials and hit the market to capture as many buyers as possible. In Miami’s Brickell, Mast Capital recently unveiled the Cipriani-branded 80-story condo tower it has planned.
Fortune International Group and Château Group this week began sales of their oceanfront St. Regis Residences in Sunny Isles Beach, where unit prices start at about $3 million, as well.