Mast Capital, led by Camilo Miguel Jr., announced on Mar. 12 plans for its first condominium development in West Palm Beach. The proposed project would be a 25-story building with 86 units located at 400 Hibiscus Street, according to city planning documents. The Plans & Plats Review Committee reviewed the proposal at its meeting this week, marking the initial step in the city’s planning and approval process.
The development is set to include a private club spanning 5,700 square feet and an additional 6,400 square feet of retail space on the ground floor. Records indicate that Mast Capital purchased the nearly one-acre site at 635 South Dixie Highway from FLF Holdings for $5.2 million in April. Spokespeople for Mast Capital declined to provide further details about the project.
This new proposal adds to a growing list of planned condominiums in West Palm Beach, where more than a dozen projects totaling over 2,000 units are currently in various stages of development. The city has become a center for luxury condo construction in recent years, driven by an influx of wealth into South Florida during the pandemic.
Other notable developments include Related Group and BH Group’s Ritz-Carlton Residences—a planned waterfront tower with $200 million in construction financing—and Related Ross’s Shorecrest project, which recently secured $157 million for its second condo tower in the area. Great Gulf also launched sales last month for its Mandarin Oriental Residences, another waterfront high-rise slated to offer 87 units across 31 stories.
Miguel’s firm is based in Miami and has been active elsewhere as well; earlier this month he partnered with BH Group to acquire a Coconut Grove condominium complex for $28 million. In 2024, Miguel also secured a $600 million loan for his Cipriani-branded condo project in Miami’s Brickell neighborhood.
