The collaboration between Starwood Capital Group, spearheaded by Barry Sternlicht, and Mast Capital has initiated the construction of the Perigon, a new luxury condominium tower situated on the shores of Miami Beach at 5333 Collins Ave. This 17-story development is set to feature 73 residences, varying in size from 2,100 to 6,700 square feet, all boasting ocean views and expansive terraces.
Initially introduced to the market in 2022 with starting prices at $3 million, the price floor for available units has since climbed to $4.5 million. Details on the number of units already sold remain undisclosed by the developers. Project completion is targeted for late 2026, although the developers have yet to secure a construction loan and have not revealed the appointed general contractor.
The Perigon is poised to offer exclusive amenities, including a private dining establishment and speakeasy helmed by Michelin-starred Chef Shaun Hergatt. Camilo Miguel, Jr., CEO of Mast Capital, emphasized that the project embodies a new pinnacle of luxury living in Miami Beach, promising an unparalleled blend of sophisticated design and bespoke experiences.
With over 20,000 square feet dedicated to amenities such as a sunrise lounge, beachfront pool, private beach club, and comprehensive wellness facilities, The Perigon aims to set a new benchmark for luxury beachfront living. The project is a testament to the vision shared by Miami Beach's Starwood and Miami's Mast Capital, who secured the site by acquiring and subsequently demolishing the La Costa condominium.
Andrew Coren of Starwood Capital highlighted the significance of beginning construction, anticipating The Perigon to become a distinguished landmark. The architectural design is led by OMA New York under the direction of Rem Koolhaas, with Tara Bernerd of London overseeing the interiors, and Douglas Elliman managing sales.
This venture is part of South Florida's surge in high-end condo developments, targeting affluent buyers with units predominantly priced above $1 million, reflecting the region's appeal among wealthy newcomers.
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