A Miami developer with a billion-dollar portfolio just proposed replacing a 2001 office building with luxury condos one block from CityPlace. The project is still early in the approvals process, but the location and the developer behind it make this one worth watching.
Key Takeaways
- Mast Capital proposed an 86-unit condo tower at 635 S. Dixie Highway, one block east of CityPlace.
- The 25-story project would replace an office building completed in 2001 on a 0.85-acre site.
- This is Mast Capital's first condo project in West Palm Beach.
The project went before West Palm Beach's Plans and Plats Review Committee on March 12, 2026. It's a preliminary review, meaning there are additional steps before this moves to construction. But the developer, the location, and the pattern it represents are all significant.
Mast Capital isn't a small player. This is a Miami-based firm with over $1 billion in portfolio capitalization. The same week this project went before West Palm's review committee, its 17-story Perigon tower in Miami Beach topped out.
What is Mast Capital proposing?
The project would rise 25 stories at 635 S. Dixie Highway, on a 0.85-acre site currently occupied by an 11,934-square-foot office building from 2001. Mast Capital paid $5.2 million for the site last year.
The program: 86 condo residences, a 5,700-square-foot private club, and 6,400 square feet of ground-floor retail. Corwil Architects designed the building.
What we don't know yet: Unit layouts and square footage have not been disclosed. Mast Capital declined to provide further details at the time of the PPRC review.
The location: One block east of the CityPlace mixed-use campus, in the South Dixie Highway corridor between downtown and the southern residential neighborhoods.
Watching the South Dixie corridor for opportunities? Talk to a West Palm Beach real estate agent who tracks infill development and pre-construction projects. Reach out to The Mastropieri Group or call (561) 556-9853.
Why tear down a building from 2001?
As Larry Mastropieri explained on the Discover South Florida Podcast: "This office building was only built in 2001, so it's not that old. But we're seeing the same pattern play out in Miami, where developers are bulldozing low-rise commercial to make room for residential. My expectation is that this gets approved. It fits with the direction the city is heading: more residential density in downtown West Palm, more walkability."
The economics are straightforward. Replacing a low-rise office building with a residential tower in a market this tight is a land value play. The city has been actively encouraging densification along South Dixie Highway, and Mast Capital is responding to that signal.
Who is Mast Capital?
Mast Capital is a Miami-based real estate investment and development firm with over $1 billion in portfolio capitalization. They focus on luxury residential, hospitality, and mixed-use projects.
Active projects: The Perigon in Miami Beach (17 stories, topped out March 2026), Cipriani Residences in Brickell (397 units, slated for 2026), and a 320-unit luxury rental community in Fort Myers.
This would be Mast Capital's first condo project in West Palm Beach. The fact that a developer of this caliber is expanding north from Miami signals confidence in the market.
What else is happening in this corridor?
The South Dixie Highway corridor has been quietly absorbing development pressure for several years. This isn't an isolated project.
We've covered similar patterns in the Northwood corridor and with The Breakers workforce housing further north. Institutional money is targeting West Palm Beach infill sites from multiple directions.
A project from a developer of Mast Capital's caliber signals that the South Dixie stretch is now viable for luxury residential, not just commercial.
What does this mean for West Palm Beach buyers?
For buyers watching the southern edges: Infill projects like this one tend to accelerate the repricing of surrounding properties as new residential density arrives. If you're considering the area, the time to evaluate is before construction starts, not after.
For condo buyers: Unit details haven't been released yet, but the private club and ground-floor retail suggest Mast Capital is targeting a specific resident profile. Expect pricing to reflect the developer's luxury positioning in Miami.
For investors: The top-floor retail component is an interesting design choice. It suggests the developer is thinking about destination amenity space rather than just ground-floor activation. That kind of programming tends to attract residents who drive demand in surrounding blocks.
For homeowners nearby: More residential density means more foot traffic for local businesses, but also more competition when you eventually sell. Positioning ahead of these projects has historically been rewarding in Palm Beach County.
FAQs about the Mast Capital West Palm Beach project
How many units will the Mast Capital condo tower have?
The proposed project includes 86 condo residences across 25 stories, along with a 5,700-square-foot private club and 6,400 square feet of ground-floor retail.
Where is the Mast Capital condo project located?
The project is proposed for 635 S. Dixie Highway in West Palm Beach, one block east of the CityPlace mixed-use campus. The site is currently occupied by an office building completed in 2001.
Is the Mast Capital project approved?
Not yet. The project was presented to West Palm Beach's Plans and Plats Review Committee on March 12, 2026, for a preliminary review. Additional approval steps are required before construction can begin.
Who is Mast Capital?
Mast Capital is a Miami-based real estate investment and development firm with over $1 billion in portfolio capitalization. They focus on luxury residential, hospitality, and mixed-use projects. This would be their first condo project in West Palm Beach.
What is replacing the office building at 635 S. Dixie Highway?
Mast Capital proposes replacing the 11,934-square-foot office building with a 25-story luxury condo tower featuring 86 units, a private club, and ground-floor retail.
Local help for buyers in West Palm Beach
If you're buying, selling, or investing in West Palm Beach, Palm Beach Gardens, or anywhere in Palm Beach County, understanding how infill development shapes property values matters. Reach out to The Mastropieri Group, Realtors®.
For practical, hands-on support across West Palm Beach, call (561) 556-9853.
Posted by Larry Mastropieri
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