Raffles Residences Project Planned for Coconut Grove
The new luxury condo development at 2545 South Bayshore Drive will feature 35 units starting at $4.5 million.
Updated on Oct. 29, 2026 in Construction
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Developers Mast Capital and BH Group have unveiled plans for the first standalone Raffles Residences in Coconut Grove. The project replaces the former Bayshore Park building, which was purchased from 39 individual owners for $28 million to clear the site at 2545 South Bayshore Drive.
Why it matters
The project targets a perceived shortage of luxury high-end housing in Coconut Grove, signaling a shift in the neighborhood's density and price point. With entry-level prices starting in the millions, it represents a continued push toward ultra-luxury branding in the local residential market.
Developers purchased the site at 2545 South Bayshore Drive from 39 owners for $28 million to make way for 35 units. Prices for the project, the first standalone residential development under the Raffles brand, will start at $4.5 million.
The players
Mast Capital
A Miami-based real estate investment and development firm co-developing the project.
BH Group
A real estate development firm partnering on the Raffles Residences project.
Raffles Hotels & Resorts
A luxury hospitality brand owned by Accor Group that provides branding and services for the project.
Douglas Elliman
The real estate brokerage firm managing sales and marketing for the new condo development.
Brandon Haw Architecture
The architectural firm responsible for the design of the 2545 South Bayshore Drive project.
The details
The project will feature units ranging from two to four-and-a-half bedrooms alongside four penthouses, with sales managed by Douglas Elliman. Brandon Haw Architecture designed the building, which will integrate service standards from the Accor Group-owned Raffles brand. Developers acquired the site in 2026 after completing the buyout of existing residents at the property.
Timeline
2026: Developers completed the buyout of Bayshore Park owners.
Fall 2026: Sales are expected to officially launch for the new condo project.
Beyond the 305
This project continues the local trend of 15,000 branded condos planned or built in South Florida. It mirrors the regional shift toward service-integrated high-end residential living that has already transformed portions of the downtown and Brickell skylines.
Residents of Coconut Grove will see the transition of an older residential building on South Bayshore Drive into a high-end luxury site. The project adds a new price tier to the neighborhood that may influence surrounding property values and interest in the area.
The takeaway
The transformation of the Bayshore Park site marks a shift in the Coconut Grove landscape toward luxury branded residential products. Residents should watch for the official sales launch in the fall of 2026 to gauge the local reception of this pricing model.
What happens next
Sales for the luxury units are scheduled to launch in the fall of 2026.
Further reading
For more local real estate developments, visit the Construction section.
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