Mast Capital and BH Group Tap Raffles for Its First Standalone Branded Residences in Coconut Grove

• Raffles is putting its name on 35 waterfront condos at 2545 South Bayshore Drive in Coconut Grove.
• Mast Capital and BH Group are developing the project and spent about $28 million buying out the 1960s condo that stands on the site.
• Residences range from two to 4.5 bedrooms and start at $4.5 million.
• This is the first time the 139-year-old hotel brand has done residences without a hotel attached.

Raffles' First Residences Without a Hotel

Raffles has been in business since Raffles Singapore opened in 1887. Until now it has never put its name on a building that has no hotel in it. That changes in Coconut Grove.

Raffles Residences Coconut Grove will have 35 homes on Biscayne Bay at 2545 South Bayshore Drive, across from Monty's and the marina. The mix runs from two to 4.5 bedrooms, topped by a small set of penthouses with private pools. Prices start at $4.5 million. According to Fortune, amenities include a restaurant, spa, fitness center and a rooftop pool deck with a bar. There are no hotel rooms or overnight guests.

Raffles' only other North American property is Raffles Boston, which combines a hotel with residences. Raffles CEO Omer Acar said Coconut Grove made sense for the brand's first purely residential project:

"As a neighborhood with a rich cultural heritage, a strong sense of community, and an effortless sophistication, Coconut Grove is a natural first for our first standalone, branded residences."

Raffles' parent company, Accor, is providing development and operations support through its Accor One Living platform. Owners also get Elite status in the ALL Accor loyalty program, which spans more than 5,800 hotels.

A $28 Million Condo Buyout Cleared the Site

The site used to be Bayshore Park, a 39-unit condo built in 1967. Mast Capital started buying units there in the mid-2010s; its first purchase was a two-bedroom for $240,000. In May and June 2025, Mast Capital and BH Group bought 32 units for $21.1 million, an average of about $662,000 each. They bought the last seven this March for roughly $6.9 million, close to $986,000 a unit, according to The Real Deal. The full buyout came to about $28 million.

To pay for it, the partners took a $28.2 million loan from BridgeInvest, arranged by Scott Wadler and Mitch Sinberg of Berkadia.

The developers told Fortune that the site could have held more units, but they capped it at 35. BH Group founder Isaac Toledano said the small count is the point:

"Homeowners can be known, their preferences understood and the experience shaped around the way they live. That level of recognition, service, and privacy is increasingly difficult to achieve, particularly in a market where opportunities for new waterfront residences are so finite."

The Team Behind the Building

Brandon Haw Architecture is designing the building. Haw spent 26 years at Foster + Partners, where he ran the firm's U.S. operations, and started his own practice in 2014. Douglas Elliman Development Marketing is handling sales, with Matthew Chook as sales director.

Mast Capital, led by Camilo Miguel Jr., is based in Coconut Grove and has completed more than $5 billion in transactions. BH Group, run by Isaac and Liat Toledano out of Aventura, has been developing luxury projects in South Florida for about 20 years. Miguel said Coconut Grove's history and discretion match what Raffles has stood for over nearly 140 years:

"Working with Raffles to bring their first standalone residential development to the Grove gives us a rare opportunity to create something truly singular: a new waterfront landmark that is unmistakably Raffles but could only exist in Coconut Grove."

Coconut Grove's Branded, Billionaire-Backed Waterfront

The Raffles project is a short walk from Four Seasons Residences Coconut Grove at 2699 South Bayshore Drive, developed by Fort Partners and CMC Group, and Terra's The Well on Tigertail Avenue. Branded condos are now going up along a stretch of the bay that has seen almost no new supply in years.

The single-family market around them has reached record prices. Ken Griffin paid $106.9 million for a Coconut Grove estate in 2022. Larry Page bought two estates in the neighborhood around the turn of 2026 for about $173.4 million combined.

What's Next

Sales are expected to launch this fall through Douglas Elliman. According to Fortune, about 40 prospective buyers have already registered interest in the 35 units, and construction is slated to begin next year.