Expansion to Florida's east coast
As completion of the 80-storey Cipriani Residences in Miami's Brickell district approaches, US developer Mast Capital is increasingly turning its focus to West Palm Beach. On Hibiscus Street, the company is marketing the 26-storey new-build scheme Banyan Tree Residences. Construction of the 88-unit project is scheduled to begin in 2027. Guide prices for one-bedroom flats start at 1.9 million dollars.
Jordan Kornberg, Chief Investment Officer at Mast Capital, attributes the move to the city's dynamic growth. West Palm Beach is characterised by short walking distances, first-class dining, and a steady influx of office-sector jobs. While the substantial investment volumes of prominent figures such as Steve Ross play a tangible role in the urban transformation, Mast Capital takes its investment decisions based on its own analyses and fundamental data.
Specific market demands and changing buyer profile
The development of condominiums in West Palm Beach differs fundamentally from schemes in Miami. Kornberg stresses that buyer structures and municipal dynamics are by no means identical. Intensive integration with the local brokerage community is therefore a prerequisite for meeting the location's specific requirements and making a sustainable contribution to urban development.
A purchase price of 1.9 million dollars for a one-bedroom unit was long regarded as unusual in West Palm Beach. The scheme responds to these expectations with a hotel-like concept that combines comprehensive service and premium appointments with the privacy of a traditional residential building. Each of the 88 apartments is designed as a corner flat, features extensive terraces, and caters to elevated wellness and lifestyle standards.
- —Regional buyers from South Florida looking to downsize their existing homes and reduce the management burden of large villas.
- —Prospective buyers from the north-eastern United States and other key domestic markets seeking second homes.
- —A growing number of purchasers from the US West Coast attracted by Florida's economic and urban climate.
For Mast Capital, demand for Banyan Tree Residences confirms the trend towards exclusive residential formats in West Palm Beach, driven by an affluent clientele that appreciates bespoke service offerings in an urban setting.
