In Brief: Raffles Hotels & Resorts has announced the development of Coconut Grove Residences, expanding its branded residential portfolio and signaling continued investment in luxury hospitality-branded real estate projects.
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Rendering of the Raffles Residences Coconut Grove – Image Credit Accor
Raffles Hotels & Resorts, Mast Capital and BH Group announced plans for Raffles Residences Coconut Grove, a 35-unit residential development at 2545 South Bayshore Drive in Miami.
Raffles Residences Coconut Grove is planned as the first standalone Raffles residential development. Located along Biscayne Bay in Miami’s Coconut Grove neighborhood, the project will include 35 private residences, including a limited number of penthouses.
Mast Capital and BH Group are developing the project with Raffles Hotels & Resorts. Accor One Living will support the development, design and operation of the residential project.
Sales are expected to launch this fall, with residences starting at $4 million.
Brandon Haw Architecture will design the development. Brandon Haw founded the firm after 26 years at Foster + Partners, where he directed the firm’s U.S. operations before starting his own practice in 2014.
The site is positioned at the intersection of Biscayne Bay and Coconut Grove’s tree canopy. The development is planned to have views across the bay, over Coconut Grove residential areas and toward the Miami skyline.
Raffles previously made its North American debut with Raffles Boston, a mixed-use hotel and residential property. The Coconut Grove project is planned entirely around private residential ownership.
Residential owners will have access to the Accor Ownership Benefits Program, including global VIP recognition and Elite membership in the ALL Accor loyalty and rewards program. The program includes access to preferred rates at more than 45 brands and more than 5,800 Accor hotels and resorts worldwide.
Coconut Grove is Miami’s oldest neighborhood and includes waterfront properties, historic estates and tree-lined roads. Opportunities for new development in the area are limited.