Mast Capital Brings Banyan Tree's First US Tower to West Palm Beach
A Miami luxury developer imports a hospitality brand from Brickell's playbook and plants it in downtown West Palm Beach first.
Miami-based Mast Capital and partner Curated JCZM Development won unanimous approval August 12 from West Palm Beach’s Downtown Action Committee for Banyan Tree Residences, an 88-unit condominium tower at 400 Hibiscus Street that will be the Banyan Tree brand’s first residential project anywhere in the United States, Florida YIMBY reported.
Why it matters
Branded residences have been a South Florida story told almost entirely in Miami and Brickell, and Mast Capital has been one of the developers telling it, most recently with the Cipriani-branded tower it is finishing there now. This approval moves that playbook north. Mast Capital and Curated JCZM Development are the first to land a hospitality-branded tower through West Palm Beach’s downtown approval process with Banyan Group attached, ahead of any competing branded project in the pipeline there. For developers pricing downtown West Palm Beach sites, that first-mover status resets the comparable set: buyers who wanted a name-brand address used to have to look south to Miami, and now they do not.
The numbers
The approved tower rises 25 stories with 88 residences in one- to four-bedroom layouts plus a penthouse collection, built at a 5.5 floor area ratio using transferred development rights, according to Florida YIMBY. Bisnow reported units start at $1.9 million, with sales handled exclusively by Douglas Elliman Development Marketing. The design team pairs architect OMA, Rem Koolhaas’s firm, with interior designer Yabu Pushelberg and landscape architect Enea. Delivery is targeted for 2029.
What’s next
The Downtown Action Committee’s sign-off, which came over objections from a local group pressing to slow downtown approvals, clears the project’s path toward final city sign-off. Sales are already underway through Douglas Elliman, ahead of any building permit filing. Watch the West Palm Beach city commission calendar and the county’s permit records for the next procedural steps toward groundbreaking.