BH Group is mounting a $160 million bulk-condo buyout for Coconut Grove’s storied Mutiny condo-hotel.
Aventura-based BH, led by Isaac and Liat Toledano, recently notified owners of the 12-story high-rise’s 170 units that the firm is aiming to acquire the building, Coconut Grove Spotlight reported. BH is the latest developer to make a play for the waterfront property after prior bids failed.
Aging condos across South Florida face mounting repair costs and tougher reserve rules in the wake of the Champlain Towers South collapse, making buyouts tempting for sellers.
Built in the late 1960s, The Mutiny is a Miami landmark infamous for its run between the 1970s and 1980s as a celebrity and drug kingpin hangout before falling into disrepair and closing down. It reopened as a condo-hotel in 1998, featuring units ranging from under 600 square feet to a 3,300-square-foot penthouse, with many condo and hotel units having views of Biscayne Bay.
BH’s offer matched a previous offer by New York-based Slate Property Group last year, and the proceeds would be allocated by each owner’s pro-rata share. Miami-based DaGrosa Capital made an undisclosed offer that fell through in 2024.
BH’s Isaac Toledano did not respond to a request for comment.
The firm is among the most active buyers of potential South Florida development sites. BH teamed up with Mast Capital in targeting another Coconut Grove condominium last year. The joint venture paid $20 million for more than 75 percent of units at the 39-unit Bayshore Park, at 2545 South Bayshore Drive in Miami.
More recently, BH got into a legal tussle with developer Glenn Straub to force the sale of a shuttered golf course in Wellington. In a still pending lawsuit filed in Palm Beach County in December, BH alleged it was ready to close on the $21 million deal for the 150.5-acre site when Straub allegedly backed out.
– Francisco Alvarado