Mast Capital Sets 2027 Construction Start for Banyan Tree Residences, the Brand's First U.S. Condo Tower in West Palm Beach

Mast Capital now has a construction timeline for its first condo in West Palm Beach.

The Miami developer expects to break ground on Banyan Tree Residences West Palm Beach in 2027, chief investment officer Jordan Kornberg said in a recent interview. The 26-story tower at 400 Hibiscus Street, at the corner of South Dixie Highway in downtown West Palm Beach, will hold 88 residences and marks the first residential project in the United States under Banyan Group's flagship Banyan Tree brand. Mast is developing it with Curated JCZM Development.

The timeline follows a unanimous vote by the city's Downtown Action Committee on August 12, which approved a transfer of development rights allowing the tower to proceed at a 5.5 floor area ratio with its design intact. Mast says it launched sales in the first quarter of 2026, and a sales gallery is open by appointment. Douglas Elliman Development Marketing is handling sales.

Pricing and buyers

One-bedroom residences start at $1.9 million, a figure Kornberg acknowledged would have been unthinkable in West Palm Beach not long ago. He said buyers will pay that premium for hotel-level service paired with the privacy of a residential building. Early interest has come from South Florida locals, a large group from the Northeast and a growing number of West Coast buyers, many of them downsizing from large estates or adding a second home.

Kornberg said the firm is studying additional West Palm Beach opportunities it is not ready to name, and stressed that the city's buyers differ from Miami's.

The building

OMA designed the tower as two interlocking volumes above a multi-level podium, with Yabu Pushelberg handling interiors and amenity spaces and Enea Landscape Architecture on the grounds. Every one of the one- to four-bedroom homes is a corner unit with wraparound terraces, and the top floors hold a limited penthouse collection. Residences feature 10-foot ceilings, floor-to-ceiling impact glass, direct elevator entry in most units, Sub-Zero and Wolf kitchens and primary baths with Banyan Tree's signature rain showers.

An entire floor is devoted to wellbeing, built around a full-service spa with a hammam, steam room, sauna, soaking baths, cold plunge, cryotherapy and a meditation dome and garden. Other amenities include a serviced pool with cabanas, an open-air cinema, a golf simulator and screening room, a speakeasy, indoor and outdoor fitness, a children's discovery garden, a pet retreat, a putting green and a rooftop deck. Owners join The Sanctuary Club, which gives priority access and preferred rates at more than 100 Banyan Group properties in over 20 countries.

The site sits a block east of CityPlace, close to Royal Poinciana Plaza, Worth Avenue and the Intracoastal Waterway. Mast is also completing the 80-story Cipriani Residences in Miami's Brickell district.