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Mast Capital Faces Legal Challenges in Bid to Redevelop Miami Beach Amethyst Condo

Mast Capital, a Coconut Grove-based real estate investment firm, has sent out new offers to a group of 28 owners to sell their units at Amethyst Miami Beach condo, an 11-story, 120-unit condominium at 5313 Collins Avenue.

The offers come after Mast acquired a majority stake in the building in 2022. The company has been trying to buy out the remaining owners so that it can redevelop the property.

Redevelop Miami Beach Amethyst Condo
Redevelop Miami Beach Amethyst Condo

The offers are reportedly worth about $1 million per unit, which is significantly higher than the market value of the units. However, some owners have rejected the offers, saying that they are not fair.

The offers are also being challenged in court by a group of owners who are suing Mast, alleging that the company is trying to force them to sell their units at below-market value.

The litigation is ongoing, and it is unclear when it will be resolved. However, the new offers from Mast are a sign that the company is still committed to redeveloping the property.

Foreign National Loan Florida

The redevelopment plans for Amethyst Miami Beach Condo have not been made public. However, Mast has said that it plans to convert the building into a mixed-use property with residential, retail, and commercial space.

The redevelopment of Amethyst would be a major project for Mast. The company has a track record of developing successful real estate projects in South Florida. However, the litigation over the building could complicate the redevelopment process.

It remains to be seen whether Mast will be able to acquire the remaining units at Amethyst and redevelop the property. However, the new offers are a sign that the company is still committed to the project.

Foreign National Loan Florida


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