The Perigon, a venture between developers Starwood Capital Group and Mast Capital, is set to become the newest and only active ground-up condominium project in Miami Beach's main hotel area after a drawn-out buyout and demolition at the site that lasted years.

The developers said they started building the 17-story condo after launching sales in 2022 and an "extended demolition driven by regulatory changes." The new condo is in the barrier island's Mid-Beach neighborhood.

The project, located at 5333 Collins Ave., is located in the city's Mid-Beach neighborhood, an area known for its Art Deco hotels built throughout the 1950s and 60s that includes the Fontainebleau, Faena and the Cadillac. The area is about three-and-a-half miles north of Ocean Drive and South Beach.

The project reflects the development going on in an area known for some of the world's wealthiest individuals. It's a stone's throw from Indian Creek Village, the enclave known as Billionaire Bunker and home to the likes of Amazon founder Jeff Bezos; Ivanka Trump, the eldest daughter of former President Donald Trump; and former professional football quarterback Tom Brady.

The new condo is the first in the area designed by global architecture firm OMA and its initial residential project in Miami Beach. It's set to include 73 two- to four-bedroom residences between 2,700 square feet and 6,700 square feet, with prices starting at $4.5 million. Developers declined to provide details regarding how many units had been sold at The Perigon, and a spokesperson for the developers told CoStar News that an announcement regarding construction financing would be "forthcoming."

Mast Capital is negotiating a contract with Moss Construction, the firm expected to be the general contractor for the new condo, the spokesperson confirmed.

The building will come with 20,000 square feet of amenity space, with an ocean front restaurant and speakeasy led by the Michelin-starred chef, Shaun Hergatt, available exclusively to residents. Additional features include a private salon, fitness center, wine room, children's playroom and guest suites. A 24-hour security, valet, and residence service will also be available.

The project is one of the latest from Mast Capital. The real estate investment and development company, led by Camilo Miguel Jr., has been active across Florida with projects that include garden-style apartment communities in the Tampa Bay area and Palm Beach County, luxury Miami Beach apartments and the 80-story Cipriani Residences in Miami’s Brickell Financial District.

Starwood Capital, founded by billionaire Barry Sternlicht, is headquartered in Miami Beach after moving from Connecticut in 2018. The company has approximately $125 billion in assets under management, and has invested in "virtually every category of real estate" across the globe, the statement reads.

Douglas Elliman Development Marketing is leading sales and marketing.

Development in Miami Beach has been a tricky process for years, and it was only until earlier this year that developers were either forced to navigate a swathe of historic protections that limited development options, or pursue aging condo buildings for redevelopment, a drawn-out process that often entailed working with residents.

Condo safety regulations passed by the state legislature in the aftermath of the Champlain Towers South collapse led to increased scrutiny on older buildings and condo associations that failed to maintain the necessary cash reserves to fund repairs and maintenance.

Buildings designated unsafe by city inspectors have led to evacuations, and in many cases, residents have opted to simply sell their units rather than deal with the headache and cost of repairs.

Mast Capital acquired the site of what is to become The Perigon in 2021, after spending $100.8 million for 108 units, at La Costa, a 124-unit condo originally built in 1964. The remaining residents were ordered to evacuate by the city of Miami Beach after the aging structure was deemed unsafe and then demolished between 2022 and 2023.