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La Costa oceanfront condominium gets bought out and ordered to be vacated!

Cashflow In Miami
August 17, 2021

5333 Collins Ave, Miami Beach, FL

An affiliate of Mast Capital purchased nearly 90 percent of the condos at La Costa at 5333 Collins Avenue for more than $100 million beginning in May, according to property records and information from a company spokesperson. Only 16 units are occupied, records filed with the city show. As i drove by today-August 15th, there were a few cars in the front and a few U-Haul trucks parked outside.

Proposal is replacing La Costa with a 19-story, nearly 318,000-square-foot building. Mast Capital wants to build a 100-unit luxury tower on the site of an oceanfront condo building that was ordered evacuated by the city of Miami Beach.

The beachfront property, developed in 1964, did not complete its 50-year recertification, a requirement in Miami-Dade County. The building required concrete restoration on the framing of the tower and parking garage/pool deck structure, according to a report from a structural engineer dated July 8. The development would have a pool deck and a garage with 183 parking spaces and two loading spaces. No variances are being asked for -developer would be building a much less dense project than what zoning allows.

Gustafson Porter + Bowman, together with Architectural Alliance Landscape are handling the landscaping.

Mast Capital will go before the Miami Beach Design Review Board to seek approval to demolish the existing building and replace it with the as-yet-unnamed project designed by Rem Koolhaas’ OMA along with O’Donnell Dannwolf & Partners Architects.

For more information, contact Andrey today!

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