Raffles Residences Coconut Grove: 35 Waterfront Homes From $4.5M on Bayshore’s Last Great Site

Inside Raffles Residences Coconut Grove

This is a deliberately small building. Only 35 private homes are planned, a handful of them penthouses, ranging from two to four and a half bedrooms. Interiors run from about 2,400 square feet to 4,200 square feet in the 01 line, every residence has 12-foot ceilings, and buyers who want more room can combine units.

Brandon Haw Architecture is designing the tower. Brandon Haw worked alongside Lord Norman Foster at Foster + Partners for 26 years, running the firm’s U.S. operations, before opening his own studio in 2014. The site is where Biscayne Bay meets the Grove’s green canopy, so homes will look out over the water, across the neighborhood’s private estates and toward the Miami skyline.

It is also new territory for Raffles. The brand started with Raffles Singapore in 1887 and now has hotels in places such as Paris, London, Dubai, Istanbul and Boston. In Boston, its first North American property, residences share the building with a hotel. In Coconut Grove there is no hotel at all: everything is designed around owners. And in Miami, branded residences have a track record of holding value better than comparable unbranded buildings.

Five-Star Service Where You Live

In a building of 35 homes, staff can get to know every resident. Raffles plans to tailor its service to each household’s routines, including its well-known Raffles Butler Service. Owners are also enrolled in the Accor Ownership Benefits Program, which brings global VIP recognition, Elite status in ALL Accor and preferred rates at more than 5,800 Accor hotels and resorts.

The Setting: Bayshore’s North End, Facing Monty’s

Raffles occupies 2545 South Bayshore Drive at the northern end of the Grove’s waterfront, directly across from Monty’s and the Dinner Key marinas. Kennedy Park and the Grove village are an easy walk, and this end of Bayshore offers the fastest drive to Brickell and the airport.

Who Is Behind It: Mast Capital and BH Group

Mast Capital and BH Group are developing the project together with Raffles Hotels & Resorts, part of Accor. Mast Capital, founded by Camilo Miguel Jr., is the developer of Cipriani Residences Miami in Brickell, which secured a record $600 million construction loan, as well as The Perigon Miami Beach and Banyan Tree Residences West Palm Beach. BH Group, run by Isaac and Liat Toledano, is among the most active developers in South Florida. Isaac Toledano describes the project as bringing together “an extraordinary brand, an irreplaceable site, and a level of intimacy that simply cannot be replicated at a larger scale.”

Raffles vs Park Grove vs Four Seasons

Park Grove sets the price ceiling in the Grove today at roughly $3,890 per square foot. It shares Raffles’ 12-foot ceilings, but its biggest standard homes, the A line, stop at 3,250 square feet unless two are combined.

Four Seasons Coconut Grove has been the leading new project in the neighborhood, but only 6 of its 70 homes are left. Remaining units such as 1403 at $10.7 million and 1903 at $11.7 million work out to roughly $2,500 per square foot, and all of them are three-bedroom layouts.

Where Raffles wins is intimacy and size. Half the number of homes as Four Seasons means more privacy and fewer shared spaces, and the 4,200-square-foot 01 line gives large-home buyers an option that no longer exists at Four Seasons.

What Makes the Coconut Grove Condo Market Different

The Grove is, first and foremost, a neighborhood of houses. Condos have always been the exception rather than the rule, and the pipeline remains thin, with fewer than 400 new units expected from 2026 through 2028.

That shortage has produced a market of owners, not speculators. In the Grove’s top buildings, most residents live there year-round, few units are rented and sellers are rare. Demand comes largely from local families trading a big house for a condo and from families moving in from New York and California, drawn by the shaded streets, walkability, waterfront parks and small-village atmosphere.

The result is a condo market that has protected its value through every cycle. When owners stay put, buyers compete for whatever does come up.

Raffles Residences Coconut Grove

Why Bayshore May Not See Another New Condo for Years

Very little land remains on Bayshore for new towers. The sites that are left hold older condo buildings, and redeveloping them means persuading existing owners to sell, which often fails. The attempt to assemble The Mutiny is a recent example that went nowhere.

We believe the next new condo on Bayshore after Raffles is likely about ten years away. Buyers face a clear choice: buy new now, or compete for scarce resale homes for the foreseeable future.

Our Advice for Buyers

If you are looking for 3,500 to 4,200+ square feet in the Grove, or you missed out on the larger homes at Four Seasons, act early and start with the 01 line. In a 35-home building, the biggest residences always sell first. If a Park Grove resale is on your list, put its size, ceiling height and price per square foot next to Raffles before deciding.

For our full independent breakdown, read our in-depth Raffles Residences Coconut Grove review on LuxLife Miami.

Common Questions

What is the starting price?

Homes start at $4.5 million, and completion is planned for 2029.

Who is building it?

Mast Capital and BH Group, together with Raffles Hotels & Resorts (Accor). Brandon Haw Architecture designed the tower.

What extras do owners receive?

Personalized Raffles service, including Butler Service, plus Accor Ownership Benefits such as global VIP recognition, ALL Accor Elite status and preferred rates at 5,800+ hotels.

Where is it located?

At 2545 South Bayshore Drive in north Coconut Grove, facing Monty’s and the Dinner Key marinas.

Will more new condos be built on Bayshore?

Unlikely in the near term. We expect about a decade before the next one.