Green Light for Mast Capital Miami Beach Condo Project

Coral_Gables-Pete_Waldman
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MIAMI, FL—The expertise of Weiss Serota Helfman Cole & Bierman P.L. in complicated land-use and real property matters was on display in the City of Miami Beach, where the firm represented developer Mast Capital in completing a property acquisition from the Florida Department of Transportation (FDOT) and obtaining city approval for a long-anticipated luxury condominium project. Mast can now move forward with the 175-unit development at 4000 Alton Road in the city’s growing Mid-Beach neighborhood.

Firm Partner Peter D. Waldman led negotiations with FDOT for the acquisition of surplus land located next to the project site, a process that started in August 2019 and culminated with the November 2020 project approval. The $1.99 million property transaction is expected to close by the end of 2020.

Firm Partner Edward Martos provided valuable assistance regarding the history of the project from a land-use perspective.

To facilitate the property transaction, Waldman had to persuade FDOT officials to designate the land as a surplus property, produce traffic and drainage studies and a market appraisal, resolve an environmental issue related to debris removal, and negotiate the purchase agreement.

The project had been held up in the planning and approval phase for more than six years before last month’s city approval. Mast is developing the 12-story building on 1.9 acres it previously purchased from Talmudic University in October 2014.

 

 

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