Another developer has stepped up to the plate to acquire the iconic Mutiny property on South Bayshore Drive. Will investor-owners and residents put tensions to rest and agree to the latest offer?
The Mutiny Condominium – a Coconut Grove landmark with a storied past – is the target of another buyout effort, as developer BH Group pursues a bid on the property overlooking Biscayne Bay.
Owners in the 12-story condominium-hotel at 2951 South Bayshore Drive received a letter this month from BH Group stating that the developer is aiming to acquire the building – the latest in a string of buyout proposals for the Mutiny.
BH Group told owners it plans to send out individual offers for their units this week.
In its heyday as a hotel and club in the 1970s and ’80s, the Mutiny earned a reputation for decadent, cocaine-fueled parties and as a frequent hangout for celebrities and Miami drug kingpins. The building lay dormant for several years in the early 1990s before reopening as a condominium-hotel in 1998.
The 170 units in the Mutiny range in size from less than 600 square feet to a sprawling 3,300-square-foot penthouse. Some are available to guests through a hotel program managed by Provident Resorts, while others are traditional condos rented or occupied by owners. Numerous units have pristine views of Biscayne Bay, commanding a higher price tag on the open market.
Developers have been circling the property for acquisition for more than a year. DaGrosa Capital and Slate Property Group previously made purchase proposals, though neither firm has consummated a deal to buy out the building.
DaGrosa – a Miami-based real estate and private equity firm – mounted its effort to acquire the property in December 2024.
Slate – a New York-based group – followed with a $160-million offer in early 2025.
BH Group’s letter courts unit owners with an assurance that the Aventura-based developer has the “financial capacity and experience to complete the transaction.”
“Our next step is to share a formal purchase offer, and following your review, we would welcome the opportunity to present our vision and plan directly to ownership,” BH Group stated, listing the purchase agent as Greg Greer.
Sabrina Wilkinson, a real estate broker who lives in the building, told the Spotlight that BH Group’s bid is on par with Slate’s prior offer, based on preliminary figures.
She said the new proposal is likely to be top of mind for owners during a condo association meeting scheduled for Wednesday.
“It appears to be a bulk offer for $160 million divided by pro-rata share of ownership in the building,” Wilkinson said of the BH proposal.
Special assessments for a new roof and rising maintenance costs have put financial pressure on Mutiny owners, many of whom are investors, not full-time residents.
Several residents who do live in the building previously told the Spotlight they were reluctant to sell, for fear they’d be unable to afford another idyllic waterfront apartment in the Grove – even if they were to make a solid profit off the sale.
“You have investors that are looking for the cash, but there are people like myself who’ve been living here for many years,” J.C. Digon, a longtime Mutiny resident, told the Spotlight shortly after DaGrosa extended its proposal. “No matter how much they offer you, will it even be enough to go to some building next door?”
Tension among residents at times has bubbled up in months past as some disagreed over what constitutes a fair purchase price for the Grove icon built in the late 1960s.
Among other points of contention, debate played out over the extent to which owners with bayfront views should receive a premium for their units.
By all accounts, the property sits on a coveted location, a few hundred feet from Biscayne Bay, across from Kenneth Myers Bayside Park.
BH Group declined to make a statement when reached by the Spotlight via email about the buyout letter. Several members of the Mutiny’s condo association board did not respond to requests for comment.
Run by Miami couple Isaac and Liat Toledano, BH states on its website that it has completed more than 1,000 units and has more than 10,000 units under development.
The development group’s portfolio contains primarily South Florida properties, with high-profile projects under construction, such as the 138-unit Ritz-Carlton in West Palm Beach and The Residences, a 50-unit development on Fisher Island.
BH has been active in Grove acquisitions, participating alongside Mast Capital in consolidating ownership of units in Bayshore Park condominium, a half-mile down the street from the Mutiny.
Older condos like the Mutiny have been prime targets for developers looking to demolish existing structures and build out high-rises in the Grove and nearby Miami neighborhoods.
The cost of maintaining aging buildings, combined with Florida’s new maintenance and reserve requirements enacted in the wake of the Champlain Towers South condo collapse, have placed owners in many South Florida condos, especially retirees, in a difficult position as they weigh whether to sell their properties.
In step with a cool down in Miami’s real estate market, sales have slowed in the Coconut Grove and Coral Gables submarket, according to real estate group Blackbook Properties.
Blackbook reported the submarket experienced a seven percent decrease in median sale price for luxury condo units, down to $1.71 million, in the third quarter of 2025 as compared to the prior quarter.
According to Fla statutes, the purchaser, has no obligation to pay 20% of the unit owners more than assessed value, with the purchaser picking the assessor.
From Personal experience, these individual offers to unit owners are subject to immediate cancellation without any rhyme or reason at any time.
Therefore, the purchasers could make a premium offer to those that have the best views and largest units, but will not be obligated to include them in the 80% of the unit owners that they need to agree to the sale.
Of course it is contingent on the percentage value of each unit owners’ vote when making a decision.
The Condominium in which I reside, each unit has an equal vote, one vote per unit, no matter its square footage or quality of the view.
So why would a purchaser choose to pay a premium to those with the best views and largest square footage when all they need is 80% of the votes from those Units that they can purchase for less.