Mast Capital, BH Group Unveil Raffles' Coconut Grove Residences

Mast Capital and BH Group have unveiled Raffles’ first-ever standalone branded residences, a 35-unit project at 2545 South Bayshore Drive in Coconut Grove, Miami, with pricing starting at $4.5 million.

Why it matters

Raffles, the Singapore hospitality brand owned by Accor, has never put its name on a residential building without an attached hotel until now. Mast Capital CEO Camilo Miguel Jr. and BH Group founder Isaac Toledano are betting that a bay-front Coconut Grove address and the Raffles name alone can draw the ultra-wealthy buyers already flooding into Miami, including Ken Griffin and Larry Page, who have each bought Coconut Grove estates in the past several years. The project follows Mast Capital’s other active Miami luxury plays, including the Cipriani-branded tower in Brickell, and signals developers are racing to stack new brand partnerships onto South Florida’s limited waterfront inventory.

The numbers

The 35 residences range from two to 4.5 bedrooms, with a limited number of penthouses, according to Fortune and Luxury Travel Magazine. Units start at $4.5 million. Douglas Elliman Development Marketing is handling sales, with a formal launch following the late-October announcement and presales expected this season. Architect Brandon Haw designed the building, which sits on a site the developers assembled by acquiring an older condominium and terminating it. Toledano told Fortune the site could have held more units but was capped at 35.

What’s next

Construction is planned to start next year. Amenities will include a restaurant, spa, fitness center, rooftop pool deck, bar, and private pools for the penthouses. There is no hotel component and no overnight guests, distinguishing it from Raffles’ earlier residential projects, such as Raffles Boston, which were paired with a hotel. Buyers will receive Elite status in Accor’s ALL loyalty program. The launch adds to a wave of ultra-luxury branded product in South Florida, where developers are increasingly leaning on hospitality names to differentiate towers competing for the same pool of newly arrived billionaires.