Miami-based developer Mast Capital has closed on 2.8-acre site at 1420 S Miami Avenue for $103 million. The site is located on the southern edge of the Brickell Central Business District market and represents one of the area’s last raw parcels of land available for high-rise development.

Mast Capital partnered with private equity real estate firm Rockpoint for acquisition of the project’s multifamily component, the third joint venture between the two firms in 2021.

The site’s master-development plan totals 2.6 million square feet across three residential towers, including an 80-story condominium tower with 400 residences (targeting sellout near $1 billion), 50- and 60-story multifamily towers with a combined 850 units, and ground-floor retail.

According to Mast Capital, Brickell has achieved robust rent growth and outpaced the market at large in 2021. Since Q1 2021, rents for condos built in Brickell over the last five years increased over 30% through strong in-migration to Miami.