Raffles Residences Coconut Grove is a 35-home waterfront condominium planned for 2545 South Bayshore Drive in Coconut Grove, Miami, with prices starting at $4.5 million. Developed by Mast Capital and BH Group, it is the first standalone residential building from Raffles, the Singapore-born luxury hotel brand owned by Accor, and sales are opening this fall through Douglas Elliman Development Marketing.
Raffles Residences Coconut Grove at a Glance
- Address: 2545 South Bayshore Drive, Coconut Grove, Miami, on Biscayne Bay
- Developers: Mast Capital and BH Group, with Accor One Living supporting development, design and operations
- Architect: Brandon Haw Architecture
- Residences: 35 private residences with a limited penthouse collection
- Layouts: Two to four-and-a-half bedrooms
- Pricing: From $4.5 million, as reported
- Sales: Launching fall 2026 with Douglas Elliman Development Marketing
- Construction: Expected to begin in 2027
What Is Raffles Building in Coconut Grove?
Raffles is bringing a residences-only building to the Coconut Grove bayfront, with no hotel rooms and no overnight guests. Every unit will be privately owned, a first for a brand whose nearly 140-year history is built on hotels such as the original Raffles in Singapore.
The brand's only other North American residential project, Raffles Boston, pairs a hotel with condos. In Miami, Raffles is applying its service model to a small building instead. Accor describes the goal as a staffed home rather than a hotel unit an owner happens to hold, with services shaped around each household's routine.
Owners also join the Accor Ownership Benefits Program, which includes VIP recognition and Elite status in the ALL Accor loyalty program, plus preferred rates across Accor's portfolio of more than 5,800 hotels and resorts.
Who Are the Developers and Architect?
Mast Capital, led by founder and CEO Camilo Miguel Jr., and BH Group, founded by Isaac Toledano, are both active Miami developers. To secure the site, they bought an older condominium on South Bayshore Drive and negotiated a condo termination with its owners, a path that has become common for bayfront redevelopment in Miami-Dade County.
Toledano has said the team could have fit more units on the lot but chose to cap it at 35. Miguel calls the setting "almost like a waterfront village within a big city."
The design comes from Brandon Haw, who led the U.S. operations of Foster + Partners during a 26-year tenure before starting his own firm in 2014. Renderings are by DBOX.
What Amenities Will Raffles Residences Coconut Grove Offer?
For a building of only 35 homes, the amenity list is substantial. Plans include a restaurant, a spa and a fitness center, plus a rooftop with a pool deck and bar. Penthouses are planned with private pools.
Residences are positioned for views across Biscayne Bay, over the Coconut Grove tree canopy and toward the Miami skyline. Square footage, the number of stories and a completion date have not yet been announced.
Why Coconut Grove? Miami's Wealth Migration Comes to the Bay
Coconut Grove is Miami's oldest neighborhood, and opportunities for new bayfront development there are scarce. Mast Capital's Miguel describes it as one of the hardest condo markets in Florida to enter, which helps explain early demand: about 40 prospective buyers had expressed interest in the roughly 35 homes before the launch.
The neighborhood has also drawn some of the country's wealthiest buyers. Citadel founder Ken Griffin, who relocated his firm to Miami in 2022, paid $106.9 million for a Coconut Grove estate that year. Google cofounder Larry Page bought two Coconut Grove estates for about $173.4 million combined around the turn of this year.
Those purchases fit a broader trend. A MIAMI REALTORS analysis of IRS data found Florida gained a net $137 billion in income from other states between 2019 and 2023, and proposed new taxes on high earners in states such as California and Washington are part of the backdrop.
Raffles also joins a growing group of hotel-branded condos in the Grove, including Four Seasons Private Residences Coconut Grove, part of a wider pattern of luxury buyers following the hospitality brands they already trust.
What It Means for Miami Real Estate Buyers and Sellers
For buyers, Raffles Residences Coconut Grove offers something Miami's branded-condo market rarely does: hotel-level service with no hotel guests and only 35 residences. Smaller buildings typically spread amenity and staffing costs across fewer owners, so buyers should ask early about projected association fees, the deposit schedule and the construction timeline.
For Coconut Grove sellers, a new branded building priced from $4.5 million adds another high-end reference point for bayfront condos in the neighborhood. Owners of older South Bayshore Drive buildings may also see continued developer interest in condo terminations as land on the bay remains limited.
For investors, the developers expect most owners to live in the building full time rather than resell before completion, and the limited supply supports long-term value. Still, no one can promise appreciation, and pricing at preconstruction projects can change during sales.
For a broader look at this price tier, see Anna's review of Miami's $5M+ coastal luxury market.
Frequently Asked Questions
Where is Raffles Residences Coconut Grove located?
Raffles Residences Coconut Grove is at 2545 South Bayshore Drive in Coconut Grove, Miami, on Biscayne Bay, just south of downtown Miami.
How much are condos at Raffles Residences Coconut Grove?
Residences at Raffles Residences Coconut Grove are reported to start at $4.5 million, with layouts from two to four-and-a-half bedrooms. Penthouse pricing has not been announced.
Who is developing Raffles Residences Coconut Grove?
Mast Capital and BH Group are developing Raffles Residences Coconut Grove with Raffles, part of Accor. Brandon Haw Architecture designed the building.
How many homes will Raffles Residences Coconut Grove have?
Raffles Residences Coconut Grove will have 35 private residences with a limited penthouse collection, and no hotel rooms.
When will Raffles Residences Coconut Grove be built?
Sales for Raffles Residences Coconut Grove are launching in fall 2026, and construction is expected to begin in 2027. A completion date has not been announced.
Who is handling sales for Raffles Residences Coconut Grove?
Douglas Elliman Development Marketing has exclusive sales and marketing rights for Raffles Residences Coconut Grove, led by sales director Matthew Chook.
Interested in new development in Coconut Grove? Contact Anna Sherrill, Top Producer at ONE Sotheby's International Realty, at 786.853.8484 or [email protected].
Sources: Fortune: Coconut Grove is Miami's billionaire enclave, drawing Larry Page and Ken Griffin; Profile Miami: Raffles Residences Coconut Grove, 35 homes by Mast Capital and BH Group; Hotel News Resource: Raffles Hotels & Resorts Announces Coconut Grove Residences.
Figures are as reported by the sources above and may change. This post is for informational purposes only.