Jul 11, 2023 - Real Estate

Hot Homes: Cipriani penthouse asks a record price per square foot

Cipriani Residences Miami. Rendering: Courtesy of The Boundary/Mast Capital

On a per-square-foot basis, a penthouse at Cipriani Residences Miami is asking more than anyone has ever paid for a condo in Brickell. If it actually sells for that amount, it will set a record.

What's happening: The full asking price of Penthouse 1, with four bedrooms and five and a half bathrooms, is $16.2 million — $3,333 per square foot.

  • Last November, a tri-level penthouse atop Una Residences sold for $17.75 million, setting a record for Brickell at $2,506 per square foot.

What they're saying: The developer of Cipriani, Mast Capital founder and CEO Camilo Miguel Jr., tells Axios that after the influx of former Wall Street and Silicon Valley firms to Miami, buyers now want services that rival a five-star resort, "with a particularly strong emphasis on world-class cuisine."

  • His latest projects are designed with high-end restaurants exclusively available for residents and their guests.

Details: The Cipriani project, which has launched sales but not yet broken ground, will have 397 homes on 80 stories. The top 18 floors will make up the exclusive Canaletto Collection (70 homes, six penthouses).

  • There will be a private restaurant and a speakeasy on the 37th floor, inspired by the Cipriani family's famous Harry's Bar in Italy, where stars like Ernest Hemingway and Truman Capote once hung out.
  • The building will also have a spa with an ice plunge and sauna, golf simulator, pickleball court, library, dog park and more.
  • It's expected to be complete in 2026.

Zoom out: Mast's portfolio includes projects such as The Conrad Brickell and 3900 Alton.

  • At The Perigon, a 72-unit oceanfront condo on Collins Avenue in Miami Beach that Mast is developing with Starwood Capital Group, Michelin-starred Australian chef Shaun Hergatt has been enlisted to run the kitchen.
  • Prices there start at $4.15 million. The existing La Costa condo is being demolished, and The Perigon is slated to complete construction in 2026.
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