Journal · Miami Pre-Construction Guides
By Josh Stein · Florida license SL3057661 · Updated 31 October 2026
On the record: Raffles Hotels & Resorts announced Raffles Residences Coconut Grove on 29 October 2026: 35 homes from $4.5 million at 2545 South Bayshore Drive, and the brand’s first building with residences and no hotel (Accor release, 29 October 2026). The Miami-Dade Property Appraiser shows what it took to get the land. The 39 apartments of a 1964 condominium were all deeded to the developer’s company over nine months.
From 39 condos to 35 homes
Bayshore Park Condo has 39 units with 24,051 heated square feet between them, completed in 1964, per the county record pulled 31 October 2026. Its owner of record on all 39 folios is now MC BH Bayshore Park Owner LLC, the company named as developer on the Raffles website. The first deed is dated 23 May 2025 and the last 23 February 2026. June 2025 alone accounts for 29 of them.
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Thirty-two deeds show a price. Added together they come to $20,330,333, or an average of $635,323 a unit, with the lowest at $340,333 and the highest at $830,700 (county record, 31 October 2026). The county codes these sales as atypical, which is how it marks transfers outside a normal open-market sale. Seven deeds from 20 to 23 February 2026 carry no recorded price.
Why buy a whole condominium
Fortune reported on 29 October 2026 that almost no vacant land remains on South Bayshore Drive, and that the developers negotiated the old association’s termination with its owners. Camilo Miguel Jr. of Mast Capital told Fortune the result will feel “almost like a waterfront village within a big city.”
The plan replaces 39 apartments with 35 homes. The developer’s site lists two- to four-bedroom layouts and Fortune reported layouts up to 4.5 bedrooms, while the old Bayshore Park units range from 356 to 736 heated square feet on the county record. Square footage for the new homes has not been published.
What has been announced, and what has not
Announced, per the Accor release and the developer’s website (29 and 31 October 2026): 35 residences, a limited number of penthouses, a starting price of $4.5 million, Brandon Haw Architecture as architect, Banda Studio for interiors and Enea Landscape Architects for the grounds. Fortune added a restaurant, spa, fitness center and rooftop pool bar, private pools for the penthouses, and Douglas Elliman Development Marketing as the sales team.
Not yet published as of 31 October 2026: the number of floors, unit sizes, a delivery date and a building permit for the new tower. Construction is expected to start “sometime next year,” Miguel told Fortune. The developer’s legal page notes that every design is subject to permits and approvals.
The Grove’s trophy buyers
The announcement lands in a neighborhood that has drawn some of the largest home purchases in Miami. Fortune reported that Ken Griffin paid $106.9 million for a Coconut Grove estate in 2022, and that Larry Page bought two Grove estates in December 2025 and January 2026 for about $173.4 million combined. Mast Capital’s Miguel told Fortune he expects many Raffles buyers to be full-time families.
Raffles without a hotel
Raffles dates to 1887 and the opening of Raffles Singapore, and its North American debut, Raffles Boston, combines a hotel with residences (Accor release, 29 October 2026). In the Grove the brand is attached only to the homes and the service. Raffles CEO Omer Acar told Fortune “No one is checking out.” The developer’s legal page states that Raffles is used under a license from Accor, which is not the developer and does not sell the units.
Where to go from here
Building facts, the full design team and a buyer FAQ are on the Raffles Residences Coconut Grove page. What Grove condos and homes have actually sold for is on Coconut Grove condos and Coconut Grove homes, and the other new construction nearby includes Four Seasons Private Residences Coconut Grove and Arbor Residences. Buying in Miami for the first time? The free Miami Buyer’s Guide shows what buyers paid on the county record.
Josh Stein is a sales associate with LoKation Real Estate. For the developer’s materials or a walk-through of the Grove record, call or WhatsApp (305) 695-8257.
Sources: Accor / Raffles Hotels & Resorts press release, 29 October 2026; Raffles Residences Coconut Grove developer website and legal page, read 31 October 2026; Miami-Dade County Property Appraiser, 2545 S Bayshore Dr, pulled 31 October 2026; Fortune, 29 October 2026. ORAL REPRESENTATIONS CANNOT BE RELIED UPON AS CORRECTLY STATING THE REPRESENTATIONS OF THE DEVELOPER. FOR CORRECT REPRESENTATIONS, MAKE REFERENCE TO THIS BROCHURE AND TO THE DOCUMENTS REQUIRED BY SECTION 718.503, FLORIDA STATUTES, TO BE FURNISHED BY A DEVELOPER TO A BUYER OR LESSEE. Renderings are artist’s conceptions supplied by the developer; prices and features are the developer’s and subject to change. Josh Stein is not the developer or its agent.
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