CLIENT NEWS: Miami Beach condo project moves forward after developer cuts height by one-third
November 30, 2020Miami Beach has approved plans for a luxury condo just east of 41st Street after the developer reduced the height by more than a third.
The Miami Beach City Commission has approved Mast Capital’s plan to develop the 2.3-acre site at 4000 Alton Road into a luxury condo with maximum height of 85 feet and 175 units. The city’s planning board last summer rejected plans for at 140-foot tower at the site because of its proximity to a single-family neighborhood.
The site — once home to a Howard Johnson’s restaurant — is located near the eastern end of the Julia Tuttle Causeway adjacent to Talmudic University. It is just steps away from 41st Street offices and eateries — including neighborhood favorite Bagel Time — and St. Patrick’s School and Catholic Church. Mt. Sinai Medical Center is just across Alton Road.
Mast bought the bulk of the property more than six years ago. Market conditions and a contract for an adjacent lot measuring nearly a half-acre made the timing right to move forward, said Camilo Miguel Jr., CEO and founder of the Coconut Grove-based Mast Capital.
“With the migration into Southeast Florida, there is an opportunity to capitalize, especially in a high-destination place like Miami Beach,” said Miguel. “That migration is going to continue in the following years and prop up our market. Many people from the northeast are looking for an improved lifestyle and tax efficiency. Miami offers all of those things.”
Last week, the commission also changed the zoning for the adjacent property from government to residential use, clearing the way for Mast to close on the purchase of the adjacent property from the Florida Department of Transportation for an undisclosed amount; closing is slated for early 2021. Together with its original 1.9-acre tract, Mast will have 2.3 acres for the project, allowing for greater setback from the street and from Talmudic University.
Project architect Arquitectonica will revise the original design to meet the new requirements.
“We are taking a breather over the holidays,” Miguel said, “and moving full speed ahead in January.”
While the number of transactions for single-family homes outpaced those of condos early on in the pandemic, more buyers are purchasing condos in South Florida.
Mast Capital bought the original site from Talmudic University, currently the university’s parking lot and basketball court, in 2014 for $17.125 million, according to property records. Prior to that it was home to a Howard Johnson’s restaurant and later, an IHOP. – Rebecca San Juan
