Mast Capital launched sales of the Cipriani Residences Miami condo in the Brickell Financial District.
The developer acquired the 2.8-acre site at 1420 S. Miami Ave. in December for $103 million. It is one of the largest development sites in Brickell.
Now, Miami-based Mast Capital has teamed with Cipriani, a 91-year-old name in Italian hospitality, to brand the Miami condo project. It’s aimed at the luxury market, where sales have been at a record pace in recent months as more wealthy people move to Miami.
The 80-story Cipriani Residences Miami will have 397 condos ranging from 1,213 square feet with one bedroom to 3,495 square feet with four bedrooms, plus 10,000 square feet of retail on South Miami Avenue. Prices start at $1.1 million.
“The migration of wealth and influx of Wall Street and Silicon Valley companies to the area – coupled with heightened expectations for premium lifestyle options — make it clear to us that the market is ready for an ultra-luxury, service-driven condominium project,” said Mast Capital CEO Camilo Miguel Jr. “As buyers increasingly demand more exclusive experiences, we are confident that they will recognize the value of the Cipriani name and our concerted vision to upend all expectations for the area.”
The developers plan to complete the condo by late 2025.
Miami-based Arquitectonica designed the project. Amenities would include a deck with two pools, cabanas and food service, a fitness center, a dog park, a screening room, a children’s playroom, a library, a spa with sauna and treatment rooms, a salon, a lounge, a pickleball court and a golf simulator.
Fortune Development Sales is the exclusive broker for the developer.
This would be the first phase of development for the site. The next phase could be two multifamily buildings of 50 and 60 stories, each with 850 apartments. Boston-based Rockpoint Group is a partner with Mast Capital on the multifamily buildings.
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