Mast Capital Buying Out Coconut Grove Condo With BH Group

Two high-profile developers, Mast Capital and BH Group, are nearing a buyout of a condo building in Miami’s coveted Coconut Grove neighborhood, with plans to redevelop it into a luxury condominium, Commercial Observer has learned. 

Next month, Mast Capital is expected to close on the purchase of about a dozen units within the Bayshore Park condominium at 2545 South Bayshore Drive, a three-story building near the waterfront Bayshore Landing retail complex, said sources with knowledge of the deal. 

The Miami-based developer, led by Camilo Miguel Jr., has brought in Isaac Toledano’s BH Group as a minority partner to launch the redevelopment project. 

Since 2015, Mast Capital has been buying condos at the 39-unit property, which was built in 1964. So far, the assemblage amounts to 16 units, for which Mast has paid a combined $5.1 million, according to property records. 

It’s unclear whether the future acquisition will add up to enough units for the developers to terminate the condo association — a critical move to control the entire property before redevelopment. Buyouts and terminations are notoriously hard to accomplish since they require most, if not all, condo owners to agree to sell. 

Still, Mast Capital has come out victorious in the past. In Miami Beach, the developer terminated the La Costa condo building at 5333 Collins Avenue and replaced it with an OMA-designed condo development, which is now under construction after securing $390 million in financing in January.

The Coconut Grove project would partner two of South Florida’s most prominent condo developers. In Brickell, Mast Capital landed a $600 million construction loan for the Cipriani-branded complex, where soccer star Lionel Messi owns units. 

Across the Biscayne, BH Group is building a condo development on Fisher Island, one of the wealthiest zip codes in the country, after landing a $400 million construction loan last year, among other projects. 

Coconut Grove remains one of the most expensive residential neighborhoods in Miami. Other high-profile projects include Fort Partners and CMC Group’s Four Seasons condo and hotel project. 

Representatives for Mast did not respond to requests for comment, while a spokesperson for BH Group declined to comment.

Julia Echikson can be reached at jechikson@commercialobserver.com.