MIAMI BEACH, FL—Mast Capital has acquired a nearly two-acre parcel at 4000 Alton Road in mid-Miami Beach and plans to build a luxury residential development at the site, according to its CEO Camilo Miguel, Jr.

No purchase price was disclosed for the 1.87-acre parcel. The transaction closed on Oct. 3, according to Miami-based Mast Capital. The property has existing approvals for the development of approximately 162,000 square feet of floor area ratio (FAR).

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