Developers Unveil New Raffles Residences in Miami
Mast Capital and BH Group plan a 35-unit luxury condominium project in Coconut Grove.
Updated on Oct. 29, 2026 in Construction
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Mast Capital and BH Group have announced the development of Raffles Residences Coconut Grove, a project featuring 35 luxury condominiums. This development marks the first standalone residential project for the Raffles brand, which is owned by Accor Group.
Why it matters
The developers are launching this project to address a limited supply of luxury residential offerings in the Coconut Grove market. The site will leverage the high-end hospitality standards associated with the global Raffles hotel name.
The project consists of 35 luxury units starting at $4.5 million each. The developers secured the site at 2545 South Bayshore Drive by purchasing the existing building from 39 owners for $28 million.
The players
Mast Capital
This real estate development and investment firm is a lead partner on the project.
BH Group
This South Florida-based development company is collaborating on the Coconut Grove condominium project.
Raffles Hotels & Resorts
This luxury hospitality brand, owned by Accor Group, is providing the service standards and branding for the building.
Brandon Haw Architecture
This firm is serving as the project architect for the new residential tower.
Douglas Elliman
This real estate services company is the designated sales and marketing firm for the development.
The details
Designed by Brandon Haw Architecture, the project will include two- to four-and-a-half-bedroom layouts and four penthouses. Douglas Elliman will serve as the sales and marketing firm for the luxury development.
Timeline
The Raffles hotel brand was originally established in Singapore in 1887.
Developers completed the buyout of the 39 Bayshore Park owners in 2026.
Sales for the new condo project are scheduled to launch in the fall of 2026.
Market Landscape
This development aligns with the broader regional trend that has seen 15,000 branded condo units planned or built across South Florida. It positions the Raffles brand to compete directly with other luxury hospitality players entering the local residential market.
Prospective buyers can expect luxury pricing starting at $4.5 million for units within the new development. The project will bring new high-end service standards to Coconut Grove once sales officially open later this year.
The takeaway
This project highlights the growing trend of high-end hotel brands expanding into the residential sector to capture affluent buyers. Readers interested in the luxury market should monitor official sales launch timelines to assess availability and unit pricing.
What happens next
Sales for the luxury units are expected to launch in the fall of 2026.
Further reading
For more information on ongoing residential developments in the region, visit the Miami Construction section.
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