If you have ever browsed Brickell Avenue listings or weighed a Miami Beach pre-construction tower, the Malecon Miraflores will read like a familiar play with a steeper view: a 1.5-kilometer cliffside corridor between Armendariz and Balta where the Pacific drops 70 meters below your living room and the median price clears USD 3,100 per m² (S/ 11,500-14,000 per Urbania Index). Into that corridor steps Costa de Lima, the new boutique tower from Marcan rising at Av. 28 de Julio 320, two blocks from Malecon Cisneros. It joins a 2026 pipeline that also includes The Wave by Montecatini on Cisneros, Pacific Soul by Llosa Edificaciones on Malecon de la Reserva, Design Miraflores by Imagina, and Marcan’s own portfolio of award-winning assets. For Latin American investors and U.S.-based expats, the boardwalk mile remains Lima Top’s tightest premium inventory.

In this guide

• Costa de Lima: Marcan’s new boutique tower two blocks from the boardwalk
• Marcan on the mile: AVA 159, Pod La Mar and the boutique thesis
• Boardwalk price per m² in 2026
• 2026 pipeline: the projects reshaping the mile
• What to check before buying on the Malecon
• Costa de Lima vs The Wave and other peers
• Closing: why the boardwalk mile compounds

Costa de Lima: Marcan’s new boutique tower two blocks from the boardwalk

Costa de Lima is the project that opens Marcan’s 2026 pipeline along the Malecon Miraflores corridor. Construction is underway at Av. 28 de Julio 320, two blocks from Malecon Cisneros and a short walk from Parque del Amor, Larcomar and the Armendariz bypass that links Miraflores to Barranco and the Costa Verde expressway. The location is the thesis: Pacific proximity without paying the absolute premium of a direct cliff-front lot.

The building offers one- and two-bedroom layouts starting at 80 m² (about 861 ft²) plus duplex options with generous terraces aimed at buyers who want vertical separation between living and sleeping zones. Architecture is signed by 51-1 Arquitectos, a Lima-based studio with offices on Av. Armendariz itself and a portfolio that consistently weighs the relationship between building, landscape and city. Headlining the amenity package is an infinity pool on the upper deck framing the urban-coastal skyline.

Sales velocity supports the thesis. Marcan reports approximately 35% sold as of April 2026 according to the developer’s public communications. Units have been designed under spatial-efficiency criteria, with integrated living-dining areas, well-lit kitchenettes and primary bedrooms with walk-in closets depending on typology. For [TO VERIFY: current list pricing in May 2026, exact delivery date, and EDGE/LEED certification status], buyers should confirm with Marcan’s sales team since the project is in active pre-sale.

If you are tracking the corridor seriously, cross-reference this article with our Miraflores price-per-m² 2026 guide and our coverage of nearby projects such as The Wave by Montecatini and AVA 159 by Marcan.

Marcan on the mile: AVA 159, Pod La Mar and the boutique thesis

To understand Marcan on the boardwalk you start with track record. The firm has delivered more than fifty projects, with portfolio weight in Miraflores and San Isidro. Its calling card is AVA 159 at Av. Armendariz 159, winner of the People’s Choice A+ Architizer Award 2017, an award the building secured through international public voting and which placed it ahead of New York’s 432 Park Avenue in its category. Designed by Marsino Arquitectura, AVA 159 introduced to Lima a contemporary three-facade reading with setbacks engineered for natural light and unobstructed urban views.

Next on the list is Pod La Mar at Av. Mariscal La Mar 352, a mixed-use boutique building three blocks from Malecon Cisneros. The stack is purposeful: ground-floor retail, offices and medical suites on intermediate floors, and residential apartments above, with a separate lobby for the residential component and dedicated elevators. Units run one to three bedrooms, and the formula caters to a buyer who wants a professional address and a residence on the same axis.

For 2026, Marcan has announced three new launches with combined investment of S/ 340 million (about USD 91 million) per Gestion: two office towers (one in San Isidro, one in San Borja) and a mixed-use project in Miraflores, on top of Costa de Lima and Llanos Zapata 430 in delivery cycle. The firm projects 20% to 30% growth in 2026, mirroring its 2025 performance. The implication for the Malecon corridor is direct: more boutique inventory, contemporary design, and tight unit counts. That continuity matters for resale liquidity, which favors developers with depth on the same axis.

Boardwalk price per m² in 2026

Miraflores closed 2025 at an average sale price of S/ 9,850/m² per Urbania Index, a nominal year-on-year increase of 4.8%. That district average flattens a far more segmented reality. The Malecon belt — Armendariz, Cisneros, de la Reserva and Balta — trades between S/ 11,500/m² and S/ 14,000/m² (roughly USD 3,100-3,800), with peaks above the upper bound on units with direct ocean exposure and west-facing orientation.

Geography and scarcity drive the spread. The mile concentrates a small and protected inventory: limited lots, height regulated by the municipality, and a cliff that locks the view. Boutique buildings on Cisneros between Benavides and Pardo regularly quote above S/ 12,500/m², while one or two blocks inland — exactly where Costa de Lima sits on Av. 28 de Julio — pricing typically runs S/ 9,500-11,000/m², a meaningful discount versus the cliff-front premium. For a deeper neighborhood read see our Miraflores price guide and the broader Lima Top 2026 guide.

Monthly absorption in Miraflores averages 4.5%, against a Lima Top average of 3.8% per ASEI. The 2026 outlook for the corridor calls for nominal price increases between 3% and 6% in soles, weighted toward boutique towers and units with view. Rentals stay firm: rents along the Malecon strip are growing 5% to 8% per year, sustaining a competitive gross yield for investors targeting expat and diplomatic tenants. For a U.S.-based comparison, that yield profile reads similar to mid-tier Brickell condos with a fraction of the entry ticket.

2026 pipeline: the projects reshaping the mile

The Malecon mile enters 2026 with a deep pipeline. Alongside Costa de Lima, the corridor is absorbing launches and deliveries from several houses:

• The Wave (Montecatini): residential tower at Malecon Cisneros 1220 with wave-inspired facade architecture, modern lobby, game room, central courtyard, fitness, coworking, two BBQ areas and a swimming pool. Delivery scheduled around November 2026. Full coverage in our dedicated article.
• Pacific Soul (Llosa Edificaciones): project at Malecon de la Reserva 161, units engineered to LEED sustainability standards, with gym, coworking, lounge, pet-care zone, bike storage, pool, chef zone and bar. Architecture by Atelier Reusche Reyna.
• Design Miraflores (Imagina): 17 floors at Av. Malecon de la Reserva 431 corner with Calle Colon 765, one- to three-bedroom units in marble and porcelain, common areas curated by Mari Cooper. Pricing from S/ 1,997,000 (around USD 535,000).
• Marcan boutique pipeline: Costa de Lima, Llanos Zapata 430 and a new mixed-use project in Miraflores announced for the second half of 2026.
• Other peers: the corridor also welcomes smaller projects such as Constructora Mallorca’s 15-unit building (110-213 m², July 2026 delivery) and immediate-move-in inventory at Malecon de la Marina.

To frame the corridor’s premium portfolio, cross-reference with our Edifica coverage and our San Isidro Grand coverage to see how the mile prices against Lima Top’s other premium pole.

What to check before buying on the Malecon

Buying on the Malecon Miraflores has its own rulebook. Rule one is effective height. The municipality regulates floor counts and setbacks, and two buildings on the same block can deliver radically different views depending on the unit’s starting floor. Always ask from which floor the Pacific view is unobstructed and how neighboring lots are zoned for future construction.

Rule two is orientation. The Malecon strip runs southwest, defining afternoon sun exposure and ocean breeze. West-facing units capture the Pacific sunset — the emotional asset that drives long-term resale appreciation — but they also demand technical curtains and walls with proper thermal insulation. Rule three is structural. Buildings on cliff edge must show solid geotechnical studies, adequate drainage and compliance with coastal-zone code.

Rule four is commercial: pre-sale versus immediate delivery. Off-plan projects like Costa de Lima in its current phase offer a better entry price and staggered financing, but you take execution risk. Ready inventory limits risk and lets you rent from day one, but you pay a premium. Rule five, especially for U.S.-based or expat buyers, is documentation: review our guide for buying from abroad before signing a reservation. For a hyperlocal read on the neighborhood, this Miraflores walking guide saves you site visits.

Costa de Lima vs The Wave and other peers

The natural comparable for Costa de Lima is The Wave, and the contrast clarifies how the corridor breaks down. The Wave sits on the cliff (Malecon Cisneros 1220), bets on iconic wave-themed facade architecture and a deep amenity stack (pool, fitness, coworking, two BBQ zones). Costa de Lima sits two blocks inland, runs a more intimate program with layouts from 80 m², an upper-deck infinity pool and 51-1 Arquitectos as architect of record. The structural difference is the view premium: cliff-front m² opens above S/ 12,500, while the second-line block trades S/ 9,500-11,000.

Against Pacific Soul, Costa de Lima plays a different angle. Pacific Soul leads with LEED certification and wellness-heavy amenities (pet-care zone, chef zone, bar), while Costa de Lima pushes spatial efficiency and the upper-deck infinity pool. Against Design Miraflores the comparison shifts upmarket: Design Miraflores enters pure premium with pricing from S/ 1.997 million and Mari Cooper-curated common areas, while Costa de Lima offers relative accessibility within Miraflores premium.

For investors with U.S.-Hispanic or expat profile, the read is clean. The Malecon Miraflores mile delivers three product types. (1) Cliff-front with ocean view — The Wave, Pacific Soul, Design Miraflores — for the buyer chasing the emotional asset and the highest yield via corporate rental. (2) Second-line walking distance — Costa de Lima, Pod La Mar — for the buyer prioritizing m² value and architecture. (3) Consolidated boutique — AVA 159 — for the buyer who wants immediate move-in with a track record and international recognition. The 2026 thesis holds: the corridor is structurally under-stocked and external demand keeps prices firm.

Closing: why the boardwalk mile compounds

Costa de Lima enters a corridor where Marcan already has history (AVA 159 with Architizer 2017, Pod La Mar) and where 2026 brings a deep pipeline split between cliff-front (The Wave, Pacific Soul, Design Miraflores) and second-line discount product. The Malecon Miraflores mile — Armendariz, Cisneros, de la Reserva, Balta — consolidates as the most stable and most demanded corridor in Lima Top, with cliff-front pricing between S/ 11,500 and S/ 14,000/m² and absorption above the district average. The 2026 thesis is continuity: limited supply, firm external demand, nominal price increases between 3% and 6%.

Quick facts

• Costa de Lima (Marcan): Av. 28 de Julio 320, Miraflores. One- and two-bedroom from 80 m², duplex options. Architecture by 51-1 Arquitectos. Approximately 35% sold as of April 2026.
• Boardwalk price per m² 2026: S/ 11,500-14,000 cliff-front; S/ 9,500-11,000 second-line.
• 2026 pipeline: Costa de Lima, The Wave (Montecatini), Pacific Soul (Llosa Edificaciones), Design Miraflores (Imagina), additional Marcan boutique.
• Marcan 2026 investment: S/ 340 million across three new projects per Gestion.
• Miraflores monthly absorption: 4.5% vs 3.8% Lima Top average (ASEI).

Information about Costa de Lima and the boardwalk mile projects is sourced from public records and official communications from the developers (Marcan) as of May 2026. Specifications, pricing, and delivery dates may change. Always confirm current details directly with each project’s sales team.

Considering a purchase on the Malecon Miraflores mile? Penthouse.pe advises local and international investors through the 2026 pipeline with independent insight. Let’s talk.