Millionaires’ Row — the stretch of Collins Avenue between 44th and 59th Streets in Mid-Beach — has not seen a new oceanfront residential tower in over a decade. The Perigon at 5333 Collins Avenue is the only new development currently under construction on that stretch. That is not a marketing claim. It is a supply fact.

Developed by Mast Capital and Starwood Capital Group, the 17-story tower contains 72 residences designed by OMA, the architecture firm founded by Pritzker Prize-winning architect Rem Koolhaas. Construction began in April 2024. The building topped out in March 2026 and is targeting completion in 2027.

By the time the building topped out, more than 75% of residences had already been sold — with remaining inventory starting above $12 million. A $390 million construction loan from Eldridge Real Estate Credit was secured during the sales process, a signal of institutional confidence in both the project and the broader Mid-Beach market.

For buyers and advisors tracking ultra-luxury condos in Miami Beach, The Perigon represents a straightforward scarcity argument: one building, one location, no comparable new product on the same stretch of shoreline.