Raffles Residences Coconut Grove: What Buyers Should Know

Raffles Residences Coconut Grove

A new name arrived on Coconut Grove’s waterfront last week, and the questions I expect from buyers are not about the lobby.

Quick answer: Raffles Residences Coconut Grove, announced in late October 2026, will have 35 waterfront homes at 2545 South Bayshore Drive, with prices starting at $4.5 million. It is a branded residence: you own the home, and a hospitality company lends its name and services. That can be wonderful, but it comes with documents, fees and rules you should read before you fall for the brand.

What has been announced

According to Florida YIMBY, Coconut Grove Magazine and Resident, the developers are Mast Capital and BH Group, with Brandon Haw Architecture as designer. The residences range from two to four-and-a-half bedrooms, plus a limited number of penthouses. Services include Raffles Butler Service and Accor ownership benefits. Sales were expected to launch in fall 2026, and registration is open. As of the published reports, construction start and completion date had not been announced.

Highlights from the residence and amenity details

From the developer’s materials, a few features stand out:

• Arrival: a private elevator into a dedicated foyer, plus a discreet service entrance.
• Outdoor space: wraparound terraces up to ten feet deep and roughly 35 to 50 feet long, with views of Biscayne Bay, the treetops and the Miami skyline.
• Inside: twelve-foot floor-to-ceiling glass, family rooms in nearly every residence, dens in many layouts, and Sub-Zero and Wolf appliances.
• Rooftop: a pool overlooking Biscayne Bay and Coconut Grove, private cabanas, and two quiet clubrooms (The Drawing Room and The Writer’s Room).
• Extras: a speakeasy with a lounge terrace, a screening room, a children’s lounge with an outdoor garden, and secure bicycle storage.

These come from marketing material, so treat them as the developer’s plans, not final specifications. Layouts, finishes and amenities can change, and what is actually delivered is governed by the purchase contract and offering documents.

Branded does not mean simple

A branded residence has a hotel company’s name and standards on a building that residents own. What you are buying is real estate, with layers around it. Before I would sign anything, I would ask:

• Who runs the building, and under what agreement? The brand usually operates through a management or licensing contract. Read how long it lasts and what happens if it ends.
• What do the services cost? Butler service and amenities show up in dues. Ask for a projected budget and what is included.
• What are the rental rules? If you want to rent when you are away, ask early. Many luxury buildings restrict it.
• What does the pre-construction contract say? Deposit schedules, delivery dates and what happens if timelines slip.

How it compares in the Grove

Coconut Grove buyers at this level have other choices: a waterfront house with land and a dock, a condo in an established building, or new construction. A house gives you land and control but also its own maintenance, insurance and flood questions. A branded condo trades that for services and shared costs. Neither is better. They suit different lives.

Here is my own take, after living in the Grove for more than 26 years. I am still a little shocked by today’s price points. It was hard to imagine we would have a condo project like the Four Seasons selling in pre-construction at upwards of $3,000 per square foot and practically sold out. Now Raffles is coming in strong at similar prices. It will be interesting to watch how sales move forward. I expect it to do well, especially because new bayfront product is so limited in the Grove.

That is my opinion, not a forecast or a guarantee. The published news reports on Raffles do not include square footage or price per square foot, which is why I’d rather you see the actual floor plans and pricing than rely on headlines.

Brand names sell. Documents decide whether you are happy five years later. Read the budget, the rental policy and the management agreement if one is available before signing on the dotted line.

Now is the time to ask questions, but it is also the time to think about reserving. In new construction, the launch is usually where you will find the lowest pricing, and the best choice of floor plans and views, so waiting for answers has a cost too.

Curious how a new waterfront residence compares with a Grove house or an established condo? I’m glad to walk you through the trade-offs.

Contact me for floor plans and pricing and I’ll help you compare them against other options in the Grove.  In the case Raffle catches your interest, I can send you all the information on that project as well.

FAQs:

• How many homes are planned? 35 residences, plus a limited number of penthouses (per published reports).
• Where is it? 2545 South Bayshore Drive, on Biscayne Bay.
• What is the starting price? $4.5 million, per all three reports.

Nayla Benitez,                                                                                                             Broker-Associate, Berkshire Hathaway HomeServices EWM Realty.