Rockpoint Group bought a stake in Mast Capital’s long-planned Miami Beach condo project.
An affiliate of Mast Capital sold the property at 4000 Alton Road to the joint venture for $18.2 million, records show. Coconut Grove-based Mast Capital, led by Camilo Miguel Jr., secured approval from the Miami Beach City Commission in November for a modified version of its project. It is headed to the Miami Beach Design Review Board next.
Miguel was not immediately available for comment. A spokesperson for Mast Capital said that the firm was staying in the project as a partner.
Rockpoint, a multibillion-dollar private equity firm based in Boston, has partnered with Mast Capital in the past on a Key West apartment complex the two firms sold in 2017.
At the Miami Beach commission meeting in November, Mast Capital agreed to limit the number of units at its latest project to 175 condos and the height to 85 feet. The developer had previously sought a height increase to 290 feet.
The commission approved changing the zoning to residential multifamily from government use for the adjacent 17,860-square-foot plot of land next to the site, which the Florida Department of Transportation sold to Mast Capital.
The developer purchased Talmudic University’s 1.9-acre lot for $17.1 million in 2014, eight months after the city agreed to increase the site’s height limit to 85 feet from 60 feet. In 2016, Mast Capital launched sales for what was then planned as an eight-story, 78-unit condo called 3900 Alton. Those plans were eventually scrapped.