Mast Capital, a prominent Miami-based real estate developer, has embarked on an ambitious endeavor with the groundbreaking of the Cipriani Residences Miami, poised to become an iconic 80-story condominium tower in the vibrant Brickell neighborhood of Miami. In a significant show of market confidence and financial backing, Mast Capital has successfully secured a monumental $600 million construction loan from Banco Inbursa and Ascendant Capital Partners.
This record-setting financial package is not only the largest for a single-tower residential project in Florida's history but also underscores the strong investor belief in the viability and future success of the Cipriani Residences Miami.
Located strategically at 1420 South Miami Avenue, this luxury development is set to redefine the standards of high-end living in the Brickell area, bringing the Cipriani brand's first-ever ground-up residential project to the Americas. The tower's 397 residences are designed to offer residents breathtaking views of Biscayne Bay, the Brickell skyline, and beyond, situating it as a cornerstone of luxury within Miami’s fastest-growing district. The proximity of the site to the dynamic centers of Brickell, along with its easy access to quieter, less congested parts of the area, adds a unique appeal to the future residents, blending urban convenience with tranquil living spaces.
The significance of this development is further amplified by the pedigree of its design and project team. Architectural design by the renowned firm Arquitectonica and interior concepts by the prestigious 1508 London promise to deliver a living space that is both aesthetically pleasing and functionally superior. Camilo Miguel, CEO of Mast Capital, has articulated a vision for the Cipriani Residences Miami that encapsulates the essence of ultra-luxury condominium living, aimed at attracting both domestic and international buyers with its sophisticated architecture, cutting-edge design, and unparalleled amenity offerings.
The Cipriani Residences Miami not only promises luxury living spaces but also a comprehensive lifestyle experience. The development plans to feature an array of exclusive amenities, including a private speakeasy, global concierge services, and custom-designed interiors and furniture packages by 1508 London for the Canaletto Collection penthouses. These six penthouses, starting at $17 million, will offer direct elevator access and a limited number of residences per floor, ensuring utmost privacy and exclusivity.
Additionally, all residents will enjoy access to 24-hour dining services by Cipriani, multiple swimming pools, a state-of-the-art fitness center, a holistic spa, and more, setting a new benchmark for luxury living in Miami.
The project's financing and development process has been meticulously managed, with Mast Capital purchasing the prime 2.8-acre site in December 2021 for $103 million. This acquisition represented one of the last opportunities to develop a large-scale, high-rise project in the sought-after Brickell area. The financial arrangements and legal counsel for this ambitious project have been expertly handled by industry-leading firms, ensuring a solid foundation for its success.
With sales and marketing exclusively managed by Fortune Development Sales and construction by Moss & Associates LLC, the Cipriani Residences Miami is on track for its grand unveiling in 2028, promising to be a transformative addition to Miami's luxury real estate landscape.
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