MIAMI BEACH, FL—Mast Capital has acquired anearly two-acre parcel at 4000 Alton Road in mid-Miami Beach andplans 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. Thetransaction closed on Oct. 3, according to Miami-based MastCapital. The property has existing approvals for the development ofapproximately 162,000 square feet of floor area ratio (FAR).

“The Miami Beach for-sale residential market is driven by a mixof international and domestic buyers who are attracted to thearea's lifestyle, culture, and business-friendly investmentclimate,” says Miguel. “Extensive recent investment in mid-MiamiBeach has made this area one of the most desirable places to liveon the island. A shortage of developable land and high barriers toentry limit the potential for future supply, and the near-termcompletion of the Faena district, Marriott Edition, and RitzCarlton Residences will further increase the area's appeal.”