BH Group and Mast Capital have acquired all 39 condominium units at Bayshore Park Condominiums, a multifamily property located at 2545 S. Bayshore Drive. The buyers assembled the units through a buyout of existing condo owners totaling $28 million, which equates to approximately $718,000 per unit. With the transaction complete, BH Group and Mast Capital now control 100% of the units in the building.
Following the buyout, the partnership has terminated the building’s condominium association, consolidating control of the asset under a single ownership group. The property is a mid-century residential building dating back to the 1960s, and the partners intend to replace it with a new residential development.
According to reporting cited from the South Florida Business Journal, BH Group and Mast Capital plan to demolish the existing structure and develop a 35-unit luxury residential project on the site. The new development is scheduled for completion in the second quarter of 2029, positioning the property for delivery several years after the full condo buyout has been achieved.
The site occupies a prime location in Coconut Grove, directly across the street from the Monty’s Coconut Grove restaurant. It is also within walking distance of Grove Harbour Marina, placing the future residential property near waterfront amenities and established neighborhood dining options.
The Bayshore Park transaction is part of a broader pattern of condo buyouts in Coconut Grove. The article notes another recent deal in which Canero Group and 8K Capital purchased most of the units at the Virginia Pointe Condominium for $27.3 million. That acquisition closed last month and similarly involved the aggregation of individual condo interests.
By purchasing every unit at Bayshore Park Condominiums and dissolving the condominium association, BH Group and Mast Capital have cleared the way for a ground-up luxury residential project on S. Bayshore Drive. While specific details on project design, unit sizes, or amenities have not been disclosed, the planned 35-unit development and its targeted 2029 completion date indicate a long-term redevelopment timeline anchored by a fully controlled site.
Across Coconut Grove, these recent transactions underscore continued investor interest in aging condominium properties that can be repositioned or replaced with new residential product, particularly in well-located, amenity-rich areas near the waterfront.
