The Perigon Miami Beach

Building facts

Address

5333 Collins Avenue

Neighborhood

Miami Beach

Year built

2025

Floors

17

Residences

73

Status

Pre-Construction

Developer

Mast Capital, Starwood Capital

Architect

OMA by Rem Koolhaas

Pricing

Starting at $4.2 Million

The Perigon Miami Beach is the first new oceanfront residential tower of this cycle in Miami Beach to top out — 17 storeys and just 72 residences at 5333 Collins Avenue, designed by OMA, the practice founded by Rem Koolhaas, with interiors by Tara Bernerd & Partners. Mast Capital is developing it in a joint venture with Starwood Capital Group.

It is also a building whose delivery date has moved twice, from 2025 to 2027, and whose unit count has been cut twice. Both facts are on the record and both are below, dated.

By Josh Stein — Miami real estate associate, Florida license SL3057661. Selling Miami luxury property since 2002, with more than $1 billion closed.

What Is Actually Being Built

A 17-storey oceanfront tower at 5333 Collins Avenue holding 72 residences — a deliberately small building on a stretch of Collins where the alternative is 50 storeys and 400 units. The design architect is OMA, the Office for Metropolitan Architecture founded by Rem Koolhaas; interiors are by Tara Bernerd & Partners; Moss Construction is the general contractor.

The developers are Mast Capital in joint venture with an affiliate of Starwood Capital Group. The site was assembled the hard way — by buying out the La Costa condominium, with a Mast affiliate reported to have acquired 88.5 percent of units by summer 2021. Anyone who has watched a Florida condo termination knows what that process costs in time and legal exposure.

The unit count has been cut twice. The March 2022 launch marketed 82 residences. From 2023 through 2025 sources reported 73. As of the March 2026 topping-out it is 72. Fewer, larger homes is generally a sign of a developer reading its own absorption data — but if you contracted in 2022, you contracted against a different building.

Where Construction Stands

Reservations opened in March 2022. Ground did not break until 4 April 2024 — roughly two years later. The $390 million construction loan from Eldridge Real Estate Credit closed in January 2025, nine months after groundbreaking, with more than 75 percent of the building already sold.

The tower topped out in March 2026. Florida YIMBY described it as the first new oceanfront residential tower of this cycle in Miami Beach to reach that milestone, which is a genuine distinction on a coastline where several projects are still drawings. The developer described the building as “approaching sellout” at the same time.

Current delivery guidance is 2027.

Two Slips and Two Unit Cuts

The delivery record, dated:

• March 2022 — sales launch, completion promised 2025.
• April 2023 — 2026.
• April 2024 — groundbreaking, late 2026.
• January 2025 — construction loan closes, 2027.
• March 2026 — topping out, 2027 holds.

That is two full slips and roughly two years of total movement. It is not unusual — on the Miami Pre-Construction Delivery Tracker, 22 of 38 towers have slipped at least once and 33 slips are documented in total — but a buyer who reserved in March 2022 expecting to close in 2025 is now looking at 2027.

The pattern to notice is the same one visible across the market: the date became firm when the lender arrived. Between the March 2022 reservation launch and the January 2025 loan close, the promise moved twice. Since the loan closed, it has not moved at all.

What to Watch Before You Sign

• The building is financed, sold and topped out. On the three questions that matter most, this project answers well — a real $390M facility, 75%+ sold before it closed, and vertical work complete.
• Check what you contracted against. If you reserved in 2022, the building has since lost ten units and gained two years. Ask for the current floor plate and the outside date in your agreement.
• Oceanfront in Florida carries its own arithmetic. Insurance, reserve funding and structural-integrity milestone inspections are all governed by statute now. Ask for the projected association budget and the reserve study, not just the maintenance estimate.
• Small buildings concentrate cost. 72 units splitting the operating cost of an oceanfront tower with a full amenity programme is very different arithmetic from 400 units doing it. That is the trade for the privacy.

Mid-Beach Around It

5333 Collins sits in Mid-Beach, the stretch north of the Art Deco district and south of Surfside — the same corridor as the Faena District, which runs Collins Avenue between 32nd and 36th Street with the Faena Hotel, Forum, Bazaar and Theater. It is quieter than South Beach, denser than Bal Harbour, and the oceanfront lots are effectively finite.

That scarcity is the argument. New oceanfront supply in Miami Beach is constrained by the coastal construction control line, by the city’s height and setback regime, and by the simple fact that almost every parcel already has a building on it — which is why The Perigon exists only because its developer bought out an entire condominium to get the land.

Since2002Selling Miami luxury

Closed$1B+In career sales volume

Years24In this market

Buildings478Tracked across Miami

The Perigon Miami Beach — Frequently Asked Questions

Where is The Perigon Miami Beach?

5333 Collins Avenue, Miami Beach, FL 33140 — oceanfront in Mid-Beach, north of the Art Deco district and in the same corridor as the Faena District.

Who designed The Perigon?

OMA, the Office for Metropolitan Architecture founded by Rem Koolhaas, is design architect. Interiors are by Tara Bernerd & Partners. Moss Construction is the general contractor. The developers are Mast Capital in joint venture with an affiliate of Starwood Capital Group.

When will The Perigon be completed?

2027. The date has moved twice: 2025 at the March 2022 sales launch, 2026 by April 2023, and 2027 by the January 2025 construction-loan close. It has held at 2027 since the lender arrived, and the tower topped out in March 2026.

How many residences are there?

72. The count has been cut twice — 82 at the March 2022 launch, 73 from 2023 through 2025, and 72 as of the March 2026 topping-out. If you reserved in 2022, the building you contracted against was a different one.

Is The Perigon financed and how much has sold?

Yes — a $390 million construction loan from Eldridge Real Estate Credit closed in January 2025, with more than 75 percent of the building already sold at that point. The developer described the project as “approaching sellout” in March 2026.

How much do residences at The Perigon cost?

No pricing, deposit schedule or residence-size range has been published in any primary source located. Any figure circulating online came from a brokerage marketing page rather than the developer. Current pricing is available from the sales team.

Sources and further reading

• Mast Capital, Starwood launch sales of planned oceanfront condo project in Miami Beach — The Real Deal17 March 2022: the sales launch, the original 2025 completion promise and the 82-unit launch count.
• Mast Capital, Starwood get $390M loan for Miami Beach condos — The Real Deal17 January 2025: the $390 million Eldridge Real Estate Credit construction loan, the 75%-sold figure and the move to a 2027 delivery.
• The Perigon Miami Beach Tops Out at 5333 Collins Avenue — Florida YIMBY6 March 2026: topping out, the 72-unit count, and the note that this is the cycle’s first new oceanfront Miami Beach tower to reach the milestone.
• Developers break ground on 17-story The Perigon — Florida YIMBYApril 2024 groundbreaking, roughly two years after reservations opened, carrying a late-2026 delivery target.
• The Perigon Miami Beach takes shape at 5333 Collins Avenue — Florida YIMBYApril 2023: the first published move from 2025 to 2026 and the reduction to 73 residences.
• Miami Pre-Construction Delivery Tracker — Josh SteinOur own dated record of what 38 South Florida towers promised at launch versus what they promise now.

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