The Real Deal Miami

Emerson Fittipaldi paying $4.5M for Park Grove penthouse

Coconut Grove luxury development 80 percent sold in six months

January 28, 2015 03:45PM
By Ina Cordle

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Emerson Fittipaldi

Emerson Fittipaldi, the Brazilian race car driver, is plunking down $4.5 million for a penthouse at Park Grove in Coconut Grove.

As The Real Deal reported, Fittipaldi is planning to move his family from Key Biscayne, where he has lived since 1992, to a condo at the planned Park Grove. His 3,000-square-foot penthouse will have three bedrooms and three-and-a-half baths, according to the project’s developers.

Park Grove, developed in a partnership between Terra Group and The Related Group, is now 80 percent sold, six months after its launch, the developers said.

Fittipaldi, 68, who was inducted into the Motorsports Hall of Fame of America in 2001, will have healthcare billionaire Mike Fernandez as a neighbor. Fernandez, who has just written the book “Humbled by the Journey,” is purchasing two units — one for himself and another for his daughter, for a total purchase price of more than $10 million, the developers said. The home Fernandez is buying for himself is a two-story, 5,000-square-foot condo with four bedrooms, five-and-a-half baths and a private swimming pool. His daughter will live in a nearly 2,000-square-foot condo, with two bedrooms and two baths.

Park Grove, at 2701 South Bayshore Drive, is the first development partnership for Pedro Martin of Terra Group and Jorge Perez of The Related Group. The luxury condo project is being designed by OMA/Rem Koolhaas. Plans call for three residential towers, including two 20-story towers with 72 units each, and a third 20-story building with 140 units. Features include kitchens and baths by William Sofield, a two-acre sculpture park designed by Enea Landscape Architecture, public spaces filled with world-class art and recreational amenities that include swimming pools and raised decks. Groundbreaking is expected in March, with completion of Phase I projected for spring 2017, the developers said.