Raffles Hotels & Resorts is building 35 waterfront condos in Coconut Grove starting at $4.5 million, marking the first time in the brand's history it will put its name on a residential project with no hotel attached.

The 10-story building will rise at 2545 South Bayshore Drive, across from Monty's restaurant and Dinner Key Marina, as Fortune first reported Oct. 29. Developers Mast Capital and BH Group are partnering with the Singapore-founded hotel brand on the project, called Raffles Residences Coconut Grove.

Founded in 1887, Raffles is owned by Paris-based hospitality company Accor and operates 25 hotels worldwide. Its only North American hotel, Raffles Boston, opened in 2023 as a mixed-use development combining a hotel and residences. The Coconut Grove project takes a different approach: every unit is a private home.

"Coconut Grove is a natural first for our first standalone, branded residences," Raffles CEO Omer Acar said, according to Coconut Grove Magazine.

Camilo Miguel Jr., founder and CEO of Mast Capital, told Fortune the building will still have the trappings of a luxury hotel, including a restaurant, spa, fitness center and a rooftop with a pool deck and bar. "If anything, for only 35 unit owners, it's going to be over amenitized," he said.

The unit mix ranges from two to four-and-a-half bedrooms, plus four penthouses, according to The Real Deal. Brandon Haw Architecture is designing the building. Cohen Freedman Encinosa is the architect of record, according to Florida YIMBY.

How the site came together

Assembling the land required buying out the residents of Bayshore Park, a 39-unit mid-century condo on the site. Mast Capital and BH Group paid $28 million total, the Miami Herald reported. Most owners received about $718,000 for their unit. The handful that held out were paid more, the Herald reported.

The condo association was disbanded in July, and the building will be demolished to make way for the new development, according to the Herald.

Isaac Toledano, founder of BH Group, told Fortune there is almost no vacant land left along South Bayshore Drive, so acquiring an older building was the path forward. He said the partners could have fit more units on the site but capped it at 35.

"You want to meet some people, but on the other hand, you don't want to be with another 300 neighbors," Toledano told Fortune.

Sales and what comes next

Douglas Elliman Development Marketing is handling sales, led by sales director Matthew Chook. Sales are anticipated to launch in fall 2026, according to the developers' announcement. Miguel told Fortune about 40 people had already expressed interest before the project was announced. The developers plan to collect presales this season and start construction sometime in 2027, he said.

Residents will also have access to the Accor Ownership Benefits Program, which includes VIP recognition and preferred rates at more than 5,800 Accor hotels and resorts worldwide, according to the announcement.

The project joins a growing list of branded luxury developments along the Coconut Grove waterfront. Fort Partners and CMC Group are building Four Seasons Residences at 2699 South Bayshore Drive, and Terra is building the Well at 2855 Tigertail Avenue, according to The Real Deal.