Camilo Miguel Jr.’s Mast Capital is planning its first West Palm Beach condo project.
The developer is proposing a 25-story, 86-unit project at 400 Hibiscus Street, according to city planning documents. The Plans & Plats Review Committee, the first stop in the planning and approval process in West Palm Beach, evaluated the proposal at its Thursday meeting this week.
The proposal includes a 5,700-square-foot private club and 6,400 square feet of ground floor retail. Records show Mast Capital acquired the 0.9-acre site at 635 South Dixie Highway from FLF Holdings for $5.2 million in April.
Spokespeople for Mast Capital declined to provide further details.
The project marks the latest addition to West Palm Beach’s deep bench of planned condominiums. There are more than a dozen projects totaling more than 2,000 units across the city. West Palm Beach has emerged as a hub of luxury condo development in recent years, fueled by a pandemic-induced wealth migration to South Florida.
Earlier this month, Jorge Pérez’s Related Group and Isaac Toledano’s BH Group landed $200 million in construction financing for their planned Ritz-Carlton Residences, West Palm Beach, a planned 27-story, 138-unit waterfront tower. Steve Ross’ Related Ross secured $157 million in construction financing for his second condo project in the city, Shorecrest, a planned 28-story and 98-unit waterfront tower.
Other recent additions to the pipeline include Great Gulf’s planned Mandarin Oriental Residences, West Palm Beach, which the Toronto developer launched last month. The waterfront project is set to include 87 units over 31 stories.
Miguel, whose firm is based in Miami, partnered with BH Group to buy out a 39-unit 1960s condominium in Coconut Grove for $28 million in an acquisition completed earlier this month. In 2024, Miguel secured a $600 million construction loan for his Cipriani-branded condo project in Miami’s Brickell.