Coconut Grove Newest Condo Project: Raffles

Raffles Coconut Grove: 35 Bayfront Residences

Raffles Residences Coconut Grove is a 35-residence waterfront tower at 2545 South Bayshore Drive, across from Monty’s, with residences from 2,400 to 4,200 square feet, 12-foot ceilings, prices starting at $4.5 million and delivery in 2029. Announced on October 29, 2026, it is the first standalone residential development in Raffles‘ history, and its 01 line is the largest new-construction floor plan in Coconut Grove since Grove at Grand Bay. With Four Seasons Coconut Grove 64 of 70 units sold and Park Grove topping out at about 3,250 square feet, Raffles is now the only real option for buyers who want a large, brand-new home on Bayshore

What Raffles Offers

Raffles Residences Coconut Grove is a boutique building of just 35 private waterfront residences, including a limited number of penthouses. Homes range from two to four and a half bedrooms and 2,400 to 4,200 square feet in the 01 line, all with 12-foot ceilings. Units can be combined for buyers who need even more space.

The design is by Brandon Haw Architecture. Haw spent 26 years alongside Lord Norman Foster at Foster + Partners, where he directed the firm’s U.S. operations, before founding his own practice in 2014. The site sits where Biscayne Bay meets the Grove’s tree canopy, with sweeping views across the bay, over the Grove’s private residential enclaves and toward the Miami skyline.

This is also a first for the brand. Raffles was born with the opening of Raffles Singapore in 1887 and today operates in cities including Paris, London, Dubai, Istanbul and Boston. Its North American debut, Raffles Boston, combines a hotel with residences. Coconut Grove is different: it is built entirely around private ownership, with no hotel attached. In Miami, branded residences have consistently held value better than unbranded product in the same submarket.

Raffles Service, at Home

With only 35 residences, homeowners will be known personally, and service will be shaped around how each family lives, including the brand’s famous Raffles Butler Service. Through the Accor Ownership Benefits Program, owners also receive global VIP recognition and Elite status in the ALL Accor loyalty program, with preferred rates at more than 5,800 Accor hotels and resorts worldwide.

The Location: North Coconut Grove, Across From Monty’s

The tower sits on the north end of Bayshore ( 2545 South Bayshore Drive), opposite Monty’s and the Dinner Key marinas, within walking distance of Kennedy Park and the Grove village. It is also the fastest stretch of the Grove for reaching Brickell, Miami International Airport, Coral Gables and Key Biscayne. For buyers who want the Grove’s tree canopy and village feel without giving up quick access to the city, this is the most practical address on Bayshore. It is also the quickest stretch of the Grove for reaching Brickell and the airport.

The Developers: Mast Capital and BH Group

Raffles Residences is developed by Mast Capital and BH Group in partnership with Raffles Hotels & Resorts, part of Accor. Mast Capital, led by Camilo Miguel Jr., is behind Cipriani Residences Miami in Brickell (backed by a record $600 million construction loan), The Perigon Miami Beach and Banyan Tree Residences West Palm Beach. BH Group, led by Isaac and Liat Toledano, is one of South Florida’s most active developers. As Isaac Toledano put it, the project combines “an extraordinary brand, an irreplaceable site, and a level of intimacy that simply cannot be replicated at a larger scale.”

How Raffles Stacks Up Against Park Grove and Four Seasons

Park Grove is the current top dog, with the highest price per square foot in the Grove at about $3,890. It also has 12-foot ceilings, but its largest units are the 3,250-square-foot A line unless combined.

Four Seasons Coconut Grove is the best new condo at this level, but it is nearly sold out. The last units, such as 1403 at $10.7 million and 1903 at $11.7 million, come in around $2,500 per square foot. Only three-bedroom units remain, and nothing large.

The big difference with Raffles is scale. At 37 residences it is far more boutique, meaning more privacy and fewer shared spaces. And at 4,200 square feet, the 01 line offers size that buyers would previously have sought at Four Seasons, where that option is now gone.

How the Coconut Grove Condo Market Has Evolved

Coconut Grove has always been different from the rest of Miami. It is mostly a single-family neighborhood, so condo options have always been limited, and very little new supply is coming. Fewer than 400 new condos are expected between 2026 and 2028.

That scarcity has shaped a market built on end users, not investors. Most owners in the Grove’s best buildings live there full time, rental turnover is minimal, and owners rarely sell. Buyers are mainly local families downsizing from large homes and families relocating from New York and California, drawn by the Grove’s tree canopy, walkability, waterfront parks and village feel.

That is why the Grove’s top condos have held and grown their value through every cycle. When owners don’t sell and new buildings are rare, the best residences seldom come up, and when they do, buyers compete for them.

Why This May Be the Last New Bayshore Condo for a Decade

New luxury condos on Bayshore have severe limits on replicability. Buildable land is nearly gone, and the remaining sites are older condo buildings that require owner buyouts to redevelop. Attempts to assemble The Mutiny, for example, did not happen.

Our view is that the next new Bayshore condo after Raffles is, in all likelihood, about a decade away. That scarcity is exactly what has pushed Park Grove resales to $3,890 per square foot. For buyers, it means the choice is simple: buy new on Bayshore now, or compete for limited resale inventory for years to come.

Our Take: What to Do Now

If you need 3,500 to 4,200+ square feet in the Grove or missed the large units at Four Seasons, our advice is direct: secure your preferred line at launch and look at the 01 line first. In a 35-residence building the largest homes sell first, and there is little room for second choices. If you are weighing a Park Grove resale, compare size, ceiling height and price per square foot side by side with Raffles before you commit.

About the Author: David Siddons

David Siddons is the founder of the Siddons Group, with more than $4 billion in career sales. Nearly $1 billion of that is in Miami new construction. RealTrends ranks his team #4 in Florida by sales volume.

Few people study new construction the way David does. He has walked more than 60 Miami projects and reviewed their contracts line by line. He scores every building with his seven-category DSG Scoring Framework, which covers developer track record, supply pipeline, unit-level analysis, contract structure and resale exit. His conclusion: only about 20% of Miami new construction condos are a strong buy.

In Coconut Grove, David publishes quarterly market reports and tracks every key Bayshore building, from Park Grove resales to Four Seasons and now Raffles. His analysis reaches more than 160,000 YouTube subscribers, listeners of his Better Decisions podcast and readers of more than 2,000 published articles.

If you’re considering Raffles Coconut Grove, David offers what a developer’s sales center can’t: an independent, numbers-first opinion on which unit to buy and which to skip.

Talk to David Siddons About Raffles Coconut Grove

Get the floor plans, pricing and our honest take on which Raffles line fits your goals. Email: [email protected] or call: 305.508.0899. You can also book a call or meeting with us via this Calendar Application: Book a 30-Minute Call