BH Group and Mast Capital bought out 39 condo owners in the Bayshore Park Condominiums at 2545 S. Bayshore Drive for $28 million, or about $718,000 per unit. The duo now own 100% of the units and has terminated the building’s condo association.
The South Florida Business Journal reports they plan to replace the building, which dates back to the 1960s, with a 35-unit luxury residential project, with completion slated for the second quarter of 2029.
The property’s in a prime location right across the street from the Monty’s Coconut Grove restaurant and within walking distance of Grove Harbour Marina.
Other recent condo buyouts in Coconut Grove include the $27.3 million purchase last month of most of the units at Virginia Pointe Condominium by Canero Group and 8K Capital.
The post BH Group, Mast Buy Out Coconut Grove Condo Owners, Redevelopment on Way appeared first on Connect CRE.
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