Florida maintained its status as an outlier market in 2023 — office shrugging off the national doom and gloom, apartment rents rising (albeit more slowly) — even as other Sun Belt markets saw their own pandemic booms dissipate. What’s more, the past 12 months witnessed a slew of projects getting shovels in the ground and cranes shooting skyward over them, despite one of the toughest lending markets in recent history.

That’s not to say it hasn’t been a challenging time with higher costs, tighter margins and fewer lenders willing to play ball. But it’s during such times that the real players show up.

This collection of investors, owners, builders, brokers, developers, architects, legislators and just plain dealmakers on Commercial Observer’s annual Power South Florida list have positioned themselves successfully to capitalize on opportunities — and leveraged a mix of hustle and creativity to get things done.

No South Florida list would be complete without a lineup of condo developers, who are reshaping the skyline from Miami to West Palm Beach with a collection of gleaming branded towers, boutique beachfront residences, and seemingly endless indulgent amenities (amenities curated, shall we say, by some of the names on this list).

In fact, the Miami brand itself is taking on new currency. It wasn’t too long ago that iconic New York brands and restaurants were rushing to open outposts in South Florida. Now, it’s the Miami brands that are making bank in New York and Las Vegas, including the extravagant Club ZZ’s, and seminal brands like the Fountainbleu and LIV. Even New York staples now have Miami rivals: El Bagel and Miami Slice are two more Florida exports.

Of course, with great growth comes greater impact. South Florida has plenty of runway, and that means policy and planning decisions made now will have tremendous influence on where the region goes next. That’s true for climate resiliency, affordable housing and creating a livable, accessible 21st century region that continues to make New Yorkers (if not Los Angelenos and the rest of America) envious — one that makes the best of everything South Florida has to offer, from the ocean to the Everglades.

Camilo Miguel Jr.

Founder and CEO at Mast Capital

By Nick Trombola

Camilo Miguel Jr. enjoys the challenging projects.

Everyone loves a slam dunk, but the Mast Capital founder and CEO said he finds the most satisfaction in putting puzzle pieces together on complex developments. Take Saddlebrook Resort, a faltering 500-room condo/hotel north of Tampa that features 100,000 square feet of meeting space, more than 40 tennis courts (part of its legacy as a tennis academy) and an 18-hole golf course, all spread over 480 acres. Mast Capital purchased the property in 2022 with the idea of conducting major renovations and expanding the property with more residential space, more commercial space and more golf.

“Being able to think through all those moving parts … what may sound like complexity to others is just a fun exercise for me and my team,” Miguel said.

Miguel has long been fascinated by the many ins and outs of commercial real estate, a trait honed throughout his entrepreneurial endeavors. After studying business administration at the University of Miami and a brief stint working for his family’s business, Miguel followed the example set by a number of friends who worked in the industry and went into real estate. In 2004, he founded and served as president for investment and development firm Vertica Group, overseeing acquisitions, entitlements and asset management.

But it was in founding Mast Capital in 2006 that all the pieces truly came together. In the nearly 20 years since, Miguel has leveraged his diverse experiences and interests to help cultivate a portfolio worth more than $3.5 billion. Latest on deck is Cipriani Residences, a planned 80-story, 397-residence condominium tower in Miami’s Brickell neighborhood. Mast Capital announced in early February that it had secured $600 million in construction financing for the project, the largest construction loan ever obtained for a residential tower in the Sunshine State.

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