Starwood, Mast Capital Break Ground On Oceanfront Condos With Private Dining From Michelin-Starred Chef
Starwood Capital Group and Mast Capital began construction of a luxury condo tower in Miami Beach that is set to include a resident-only restaurant helmed by a Michelin-starred chef.
The Miami-based firms broke ground Tuesday on The Perigon Miami Beach, a 17-story tower at 5333 Collins Ave. that will have 73 residences, with list prices starting at $4.5M, according to a release. Shaun Hergatt, an Australian chef whose New York restaurants have collected four Michelin stars, will run a private restaurant and speakeasy at the beachfront property.
“We’ve partnered with some of the most brilliant visionaries in the world to create a new marvel located within the most coveted destination in the market,” Mast CEO Camilo Miguel Jr. said in a statement. “It’s evident by our tremendous sales that the concept is resonating with today’s discerning buyers.”
A spokesperson for the developer declined to disclose how many of the property’s units had pre-sold. Douglas Elliman is handling unit sales, which were initially priced at $3M when the project was first announced in March 2022, the South Florida Business Journal reported at the time.
The tower is scheduled to deliver in 2026 and will be the first Miami Beach project for Rem Koolhaas’ OMA, a Dutch architecture firm with offices and projects around the globe. The award-winning firm designed the tower to appear as a series of buildings converging into one, with each condo positioned to maximize ocean views, according to the release.
London-based Tara Bernerd & Partners designed the project’s interiors, with landscape architecture from Gustafson Porter + Bowman, the London-based firm known for redesigning the green space around the Eiffel Tower.
The luxury tower has yet to secure a construction loan, but the spokesperson said news about financing would be forthcoming.
The development from Starwood, led by billionaire Barry Sternlicht, and Mast will have condos ranging from two to four bedrooms with wraparound terraces as deep as 12 feet. The units are described as “estates in the sky” and will range from 2,100 SF to 6,700 SF. The most expensive units haven't been listed publicly, but the priciest listing on the market is a $37M penthouse.
In addition to the resident-only restaurant, The Perigon will include a private beach club, a pool deck, spa, fitness center, children’s playroom, screening room, wine room and guest suites.
The developers recently completed the demolition of a 15-story condo tower that had sat on the 2.4-acre site since 1964. 5333 Collins Acquisitions LP, an entity controlled by Mast and Starwood, bought 104 of the building’s 120 units in 2021 and terminated the building’s condo association, the SFBJ reported.
The joint venture secured a $75M mortgage for the property in July 2021 from an entity controlled by New York-based Ares Management Corp., according to the SFBJ.
Miami-Dade County’s luxury condo market continues to post gains as more moderately priced unit sales have slowed, according to sales data from Douglas Elliman. There were 26 condos priced above $5M that went under contract in March, a 136% increase from a year earlier.
Condo contracts for units under $1M declined year-over-year in March, while contracts above the $1M mark rose, even as the growth of new listings skews toward properties priced below seven figures.
Mast also secured $600M from two lenders in February to build Cipriani Residences in what the developer said was the largest loan ever provided for a single tower in Florida.
The 80-story luxury tower in Brickell is slated to deliver 397 condos in 2028, with financing from Los Angeles-based Ascendant Capital Partners and Banco Inbursa, a Mexico City-based firm run by Carlos Slim, Latin America’s richest person.
The Perigon’s groundbreaking comes as Starwood makes much larger real estate investments, including an $850M stake in Ireland-based Echelon Data Centres and the consolidation and expansion of its luxury hotel holdings, which Starwood plans to take public via a special-purpose acquisition company.
