Miami Beach's Most Anticipated Oceanfront Residential Tower, The Perigon, Breaks Ground Directly on the Sands

Miami Beach, FL  – A joint venture between Mast Capital, one of South Florida’s most prolific real estate development and investment firms, and a controlled affiliate of Starwood Capital Group, a leading global private investment firm, announced on April 2, 2024 the groundbreaking of The Perigon Miami Beach, the most coveted luxury condominium tower and the area’s first residential project designed by world-renowned architectural firm, Rem-Koolhaas’ OMA. The building features expansive, coveted beachfront acreage and a premium, five-star amenity collection, including a residents-only restaurant and private speakeasy led by Michelin- starred Chef Shaun Hergatt. The milestone positions The Perigon as the only beachfront new development on the market in Miami Beach under active construction, with occupancy slated for late 2026.

“Breaking ground on The Perigon marks a new era for luxury living on Miami Beach - one that is characterized by sophisticated design and highly curated experiences,” said Camilo Miguel, Jr., CEO and Founder of Mast Capital. “We’ve partnered with some of the most brilliant visionaries in the world to create a new marvel located within the most coveted destination in the market. It’s evident by our tremendous sales that the concept is resonating with today’s discerning buyers.”

Offering panoramic views of the Atlantic Ocean, the Miami city skyline and Biscayne Bay, The Perigon will rise 17 stories to deliver 73 residences with interiors by inimitable interior designer Tara Bernerd. Situated at 5333 Collins Avenue, the bespoke two- to four-bedroom light-filled homes will range in size from 2,100 to 6,700 square feet with direct and dual waterfront views,

10-foot ceiling heights and 10- to 12-foot-deep wraparound terraces for year-round indoor- outdoor living. Taking inspiration from Europe’s famed rivieras, these estates in the sky will feature the highest-quality finishes including fluted natural stones, custom Italian cabinetry and a unique combination of refined materiality with a soft, natural color palette reflective of The Perigon’s prime coastal location.

“We are excited to celebrate the start of construction for our first residential project in Miami Beach,” said Jason Long, Partner of OMA. “While designing The Perigon, we shaped the building and its façade to bring both the ocean and the Miami cityscape into the building, opening waterfront vistas for every residence. To maximize its beachfront acreage, the building will also step upward to ‘hover’ above the lush gardens Neil Porter has designed.”

With an extended demolition driven by regulatory changes now complete and construction underway, The Perigon’s unique, cutting-edge architecture by OMA will soon come into view. The award-winning firm designed the tower as a “series” of buildings converged into one, rotated to orient and enhance views from all residences toward the Atlantic Ocean, while still optimizing the scenery of Biscayne Bay and the Miami city skyline overlooking Miami Beach. The building will appear to only gently touch the ground, maximizing space for the gardens below. The landscape design is envisioned by Gustafson Porter + Bowman, the firm responsible for redesigning the green space at the Eiffel Tower and delivering the powerful Princess Diana Memorial Fountain in London’s Hyde Park. “We are thrilled to mark the formal start of construction on The Perigon, which will become an iconic and unique landmark on Miami Beach that will elevate the standard for a beachfront residential experience,” said Andrew Coren, Managing Director of Starwood Capital Group. “Working with our partners at Mast Capital and other talented collaborators, like OMA, we look forward to bringing the area’s most anticipated address to life.”

In addition to impeccable design, The Perigon offers world-class service and more than 20,000 square feet of unrivaled private amenity spaces that encapsulate its idyllic waterfront setting. An oceanfront restaurant, intimate speakeasy and a conservatory with a daily breakfast bar led by Michelin-starred Chef Shaun Hergatt will be exclusively available to residents. Additionally, a sunrise lounge and terrace are accessible for private events and entertaining guests and loved ones. Residents can enjoy a beachfront 25-meter lap swimming pool, private beach club, and a fully landscaped deck complete with cabanas, sunbeds and poolside food and beverage service. Additional amenities include a spa with sauna and treatment rooms, private salon, ocean-view fitness center, children’s playroom, screening room, wine room, guest suites and a dramatic double-height lobby lounge. These spaces will be activated by a dedicated lifestyle concierge and residential butler. Residents can also take advantage of 24-hour security, valet, house car, pool and beach service, in-residence dining and more.

Located in the Mid-Beach neighborhood, residents at The Perigon will be situated just moments from its most exciting offerings, as well as nearby Brickell and Downtown Miami. This quiet enclave perfectly balances relaxation and exploration so that residents can appreciate moments of seclusion and the luxury of privacy while still enjoying close proximity to major art and cultural institutions like the Bass Museum and famous shopping destinations like Bal Harbour Shops. Famous for its iconic Art Deco architecture and annual events such as Art Basel Miami Beach that attract thousands of visitors to the city, The Perigon’s ideal location makes some of the most happening gastronomy and nightlife in the area easily accessible. Pricing starts at $4.5 million. Sales and marketing are exclusively handled by Douglas Elliman Development Marketing. For more information on The Perigon Miami Beach or to schedule a private preview, please visit www.theperigonmiamibeach.com, call 305-390-5333, or email [email protected].

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About Mast Capital
Established in 2006, Mast Capital is a value-oriented real estate investment company with integrated development and asset management teams. Mast Capital has made successful acquisitions in the residential, hospitality, office, retail and land sectors, and targets opportunistic and value-add investments in existing property, ground-up development, distressed real estate, and note purchases. The firm employs a sophisticated approach to structuring its acquisitions, maximizing value to its investors while providing creativity and flexibility to sellers and other third parties to execute highly complex transactions. Mast Capital is led by a senior management team with over 75 years of combined real estate experience and transactions totaling more than $3.5 billion. For more information on Mast Capital’s portfolio, visit www.mastcapital.com.

About Starwood Capital Group
Starwood Capital Group is a private investment firm with a core focus on global real estate, energy infrastructure and oil & gas. The Firm and its affiliates maintain 16 offices in seven countries around the world, and currently have approximately 4,500 employees. Since its inception in 1991, Starwood Capital Group has raised over $70 billion of capital, and currently has approximately $125 billion of assets under management. Through a series of comingled opportunity funds and Starwood Real Estate Income Trust, Inc. (SREIT), a non-listed REIT, the Firm has invested in virtually every category of real estate on a global basis, opportunistically shifting asset classes, geographies and positions in the capital stack as it perceives risk/reward dynamics to be evolving. Starwood Capital also manages Starwood Property Trust (NYSE: STWD), the largest commercial mortgage real estate investment trust in the United States, which has successfully deployed over $91 billion of capital since inception and manages a portfolio of $27 billion across debt and equity investments. Over the past 31 years, Starwood Capital Group and its affiliates have successfully executed an investment strategy that involves building enterprises in both the private and public
markets. Additional information can be found at starwoodcapital.com.

About Douglas Elliman Development Marketing (DEDM)
Douglas Elliman Development Marketing, a division of Douglas Elliman Realty, offers unmatched expertise in sales, leasing, and marketing for new developments throughout New York City, Long Island, Westchester, New Jersey, Florida, California, Massachusetts, and Texas. The company’s new development hybrid platform matches highly experienced new development experts with skilled brokerage professionals who provide unparalleled expertise and real time market intelligence to its clients. The firm is heralded for its achievements in record breaking sales throughout each of its regions. Drawing upon decades of experience and market-specific knowledge, Douglas Elliman Development Marketing offers a multidisciplinary approach that includes comprehensive in-house research, planning and design, marketing, and sales. Through a strategic global alliance with Knight Frank Residential, the world’s largest privately-owned property consultancy, the company markets properties to audiences in 53 countries, representing
an over $87 billion global new development portfolio. https://www.elliman.com/marketing.