Mast Capital Turns Attention to West Palm Beach With Banyan Tree Residences

Mast Capital, which is finishing the 80-story Cipriani Residences in Miami's Brickell district, is now focused on West Palm Beach. The firm is marketing the 26-story Banyan Tree Residences, an 88-unit condo project on Hibiscus Street that is expected to begin construction in 2027. Prices start at $1.9 million for a one-bedroom unit.

Jordan Kornberg, chief investment officer at Mast Capital, said the city's growth is hard to ignore, pointing to its walkable streets, dining options and residential base. He said the firm arrived at its decision through its own analysis rather than following other large investors active in the city, including Steve Ross.

Kornberg described condo development as a highly local business and said the firm works closely with local brokers. He cautioned against applying the Miami playbook directly, noting that buyers and conditions differ between the two cities. He said the project's units are designed as corner residences with terraces and hotel-style services. Buyers have included South Florida residents, Northeast buyers and some West Coast purchasers, often downsizing or seeking second homes.

For developers, the takeaway is that West Palm Beach condo pricing is rising, and projects there will need local market knowledge and a product tailored to local buyers.