Mast Capital acquired a majority of the units at La Costa on Miami Beach for more than $100 million in May before the order to evacuate the unsafe structure.
Mast plans to build a luxury tower on the site of the oceanfront condo building that was ordered evacuated by the city.
Only 16 units were occupied, records filed with the city show. The oceanfront La Costa building was built in 1964 and did not complete its 50-year recertification. The building required concrete restoration on the framing of the tower and parking garage/pool deck structure, according to a July 8 structural engineer’s report.
The new tower, yet to be named, is being designed to appear like a series of slender towers angled towards the ocean. There will be a total of 100 condo units in the nearly 318,000 square-foot building and 183 parking spaces. The proposed condo is lower and has fewer units than zoning allows.
Since the collapse of the Champlain Towers South in Surfside, cities throughout South Florida have been reviewing older buildings, especially those that have not completed their recertifications.
“These bulk buyouts are going to create more opportunity for the condo market,” said Carlo Dipasquale, Realtor at Cervera Real Estate. “Older buildings right on the beach that can’t pass their recertifications without major special assessments to the homeowners will be prime candidates for bulk buyouts. The developers will build with the new code and buyers will feel safe to buy them.”
Miami Beach recently declared another building, Devon Apartments, at 6881 Indian Creek Drive, unsafe and required residents to evacuate within a week. In that case, the owner was already planning to tear down the 1939 building and replace it with townhouses.
These evacuations followed the immediate evacuation of Crestview Towers, a condo complex in North Miami Beach, which was judged by engineers to be unsafe about a week after the Surfside collapse.