Cipriani is expanding its footprint in Miami with plans to brand Mast Capital’s luxury condo tower in Brickell, joining a handful of new projects in the neighborhood.
For the Cipriani family, the planned Cipriani Residences Miami adds to a growing portfolio of properties. The family operates the Mr. C Miami hotel and is branding the Mr. C Residences in Coconut Grove. It also operates the Cipriani Downtown Miami restaurant in Brickell.
The new 80-story condo tower, which will mark the first Cipriani-branded residential building, is expected to have 397 units, according to a press release. Cipriani is led by CEO Giuseppe Cipriani.
Edgardo Defortuna’s Fortune Development Sales will handle sales and marketing. The building is taking reservations and prices begin at $1.1 million, according to a spokesperson for the project. A groundbreaking is expected by the end of this year, and the building could be completed in 2025.
Mast Capital, based in Coconut Grove and led by Camilo Miguel Jr., paid $103 million for the land at 1420 South Miami Avenue in December. In addition to the Cipriani Residences tower, the developer plans two apartment high-rises on the site. Mast Capital partnered with Rockpoint Group as an equity partner on the rental component.
The 2.8-acre property is one of the largest vacant sites in the area. China City bought the land in 2014 for $74.4 million, and faced major legal challenges over the years until the property was ultimately transferred to an affiliate of Rega Group, which then sold the site to Mast. Prior to China City’s involvement, a mixed-use two-tower project was planned with residences, office space, a hotel and retail.
The Cipriani skyscraper’s amenities will include a residents’ restaurant and lounge, an elevated pool deck with two swimming pools, fitness center, private screening room, spa, dog park, salon, pickleball court and more, according to the release. Units will range from one to four bedrooms.
Arquitectonica is the architect, and Arquitectonica Geo is the landscape architect. The family that owns Arquitectonica, led by Bernardo Fort-Brescia, developed the Mr. C hotel in Coconut Grove and is designing Mr. C Residences.
Condo developers throughout the tri-county region have been launching sales of new projects over the past year due to heightened demand. In Brickell, new developments include the Related Group’s Baccarat Residences, Related and Integra Investments’ St. Regis Residences, and Harvey Hernandez’s Lofty project.
