Raffles Residences Coconut Grove 2026: Prices, Floor Plans & Residences

Coconut Grove is one of the hardest places in Miami to build a new condominium. The bayfront stretch of South Bayshore Drive is already built out, so a new tower usually means buying an older building and terminating its condominium, which takes years and the agreement of every owner. That is exactly what happened here. Mast Capital and BH Group paid $28 million to buy out the 39 owners of Bayshore Park, a 1960s building at 2545 South Bayshore Drive, and completed that buyout earlier in 2026, according to The Real Deal. Raffles Residences Coconut Grove is what replaces it.

The building is planned at 35 residences, in two to four-and-a-half-bedroom layouts plus four penthouses, with prices starting at $4.5 million. Brandon Haw Architecture is the designer. Mast Capital is led by Camilo Miguel Jr. and is itself based in Coconut Grove; BH Group was founded by Isaac and Liat Toledano and is based in Aventura. The project carries the Raffles name under a branding agreement with Accor, and it is the first standalone Raffles residential building anywhere, per The Real Deal. Raffles began with its Singapore flagship in 1887 and runs 25 hotels today.

One detail separates this from most branded residences in Miami: there is no hotel and no overnight guests, according to Fortune. The service comes from the brand, not from a hotel operation sharing the address. The published program is a restaurant, a spa, a fitness center and a rooftop with a pool deck and bar, with private pools in the penthouses. Camilo Miguel Jr. has also described plans for speakeasy bars, per The Real Deal.

Demand showed up before the price list did. Fortune reported on October 29, 2026 that roughly 40 people had expressed interest in the roughly 35 residences. That is the shape of the Coconut Grove market right now: Ken Griffin paid $106.9 million for a Coconut Grove estate in 2022, and Larry Page spent about $173.4 million on two Coconut Grove estates between late December 2025 and early January 2026, both per Fortune. Buyers at that level are competing for a neighborhood with almost no new supply.

What is not published yet matters too. There is no announced completion date, no released square footages, and no public deposit schedule, and construction is only expected to start sometime in 2027. I am the contact for all of it as it is released. If you want the price list, the floor plan package or the deposit terms, call me at 305-964-8614 or use the contact page. I can also set it next to the other Coconut Grove launches, including the Four Seasons Private Residences at 2699 South Bayshore Drive and Vita at Grove Isle, so you can see the full picture before you reserve.

The address did not come empty. 2545 South Bayshore Drive held Bayshore Park, a 1960s condominium, and Mast Capital and BH Group paid $28 million to buy out its 39 owners, completing the termination earlier in 2026, per The Real Deal. A condominium termination is slow and needs owner agreement, which is a large part of why new bayfront buildings in Coconut Grove are rare.

My read on the number: $28 million for the land across 35 future residences is a land basis of roughly $800,000 per residence before a single foot is built, so the $4.5 million entry price is not a marketing figure, it is arithmetic. That is the honest case for the price. The open question is the one no source can answer yet, which is what the deposit schedule asks of a buyer between a 2027 construction start and a completion date nobody has published. That is the first document I ask a developer for, and it is the first one I read with a client.