Mast Capital Plans West Palm Beach Condo Tower

Camilo Miguel’s Mast Capital is getting into the condo game in West Palm Beach, Fla.

The Miami-based developer has proposed a 25-story high-rise with 86 units at 400 Hibiscus Street in the city’s downtown. The project would include a 5,701-square-foot private club and 6,384 square feet of ground-floor retail space.

Last year, Mast Capital paid $5.2 million for the 0.8-acre property, adjacent to South Dixie Highway, a block east of the mixed-use CityPlace campus, according to property records. The site holds a 11,934-square-foot office building, which was completed in 2001.

West Palm Beach’s Plans and Plats Committee will review the application Thursday. 

The development is the latest condo tower proposed in West Palm Beach. Since the pandemic, when droves of wealthy Northeners relocated South, housing supply on the uber-wealthy Palm Beach island dried up. Developers have since turned their attention across the Intracoastal Waterway to West Palm Beach.

More recently, as developer Stephen Ross convinces high-profile companies such Wells Fargo and J.P. Morgan Chase to open offices at his West Palm properties, condo builders are seeing a new source of demand.

Last month, Ross’s firm, Related Ross, landed a $157 million construction loan to build a 28-story, 98-unit tower along the city’s waterfront. Ross has another condo development under construction after scoring a $600 million debt package last year.

In Downtown West Palm Beach, Terra is building a Mr. C-branded condo and hotel development with a $285 million construction loan that Tyko Capital provided last year. 

Most of Mast Capital’s condo projects have been confined to Miami-Dade County, where the developer is building a Cipriani condo complex in Brickell and a OMA-designed building along Miami Beach’s waterfront. 

Representatives for the developer did not immediately respond to a request for comment.

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