Owners of the Mutiny condominium in Coconut Grove blocked a $160 million buyout attempt by BH Group after the developer's offer expired Sunday, Aug. 23, without reaching the 80% owner approval required under Florida law.

The failed bid marks the third time in less than two years that a developer has tried and failed to acquire the 12-story landmark on South Bayshore Drive. Miami-based Dagrosa Capital Partners and New York-based Slate Property Group previously made offers that also fell short.

The Coconut Grove Spotlight reported that BH Group is now on the sidelines, according to Greg Greer, the sales agent representing the developer. Greer said BH Group would revive the deal only if owners signaled interest in selling.

"The offer that we made was more than what the land was really worth for us in today's market," Greer told the Spotlight.

A disputed repair bill

A contested $30 million special assessment estimate played a central role in the standoff. Greer said BH Group had been told to expect that figure for the nearly 60-year-old building, which would have meant roughly $130,000 per unit in repair costs. A large assessment could have pressured owners to accept the buyout rather than shoulder repairs themselves.

But the condo board's actual assessment, shared with owners in July 2026, came in far lower. Many of the listed repairs amount to minor exterior work, including painting and resealing doors and windows, according to condo owner Alyn Pruett, an architect and urban planner who bought his second-floor unit in 2023.

Mayra Gomez, president of the Mutiny's condo association board, told the Spotlight the $30 million figure never came from the building. She said BH Group invented the number, possibly to pressure owners into selling.

Sabrina Wilkinson, a real estate broker who has owned her Mutiny unit for four years, said the inflated cost estimate felt like an attempt to scare owners into accepting the deal.

Affordability kept owners in place

Pruett said rising housing costs in Coconut Grove made many owners reluctant to sell even at a premium. He said neighbors told him they simply could not afford to stay in the area if they left the Mutiny.

"So you're evaluating not just the sale, but, 'Gosh, am I going to have to move to Oklahoma?'" Pruett told the Spotlight.

Greer called BH Group's offer generous, estimating that individual offers amounted to 70 to 100 percent above market value based on the last closed sale.

Grove's broader buyout wave

The Mutiny is not the only aging Coconut Grove condo drawing developer interest. Since 2025, three low-rise 1960s-era buildings have changed hands: Virginia Pointe Condo, Chateau Grove and The Bayshore Park. BH Group bought The Bayshore Park earlier in 2026 with Mast Capital.

Built in 1968 as Coconut Grove's first high-rise, the Mutiny became a celebrity gathering spot in the 1970s and '80s and later gained notoriety during Miami's cocaine-cowboy era.

For now, Wilkinson said the failed buyout has given residents breathing room. She told the Spotlight she finally feels comfortable fixing a cracked countertop, a broken microwave handle and a faulty faucet she had put off for fear the building would be demolished.

BH Group has not announced a new deadline or revised offer.