Terra Group and the Related Group have kicked off sales for One Park Grove after nearly selling out the development’s first two residential towers.
At a design talk on Thursday, David Martin told The Real Deal that One Park Grove is targeting empty nesters, young families and multigenerational buyers who have already purchased units at Park Grove’s two other towers. Martin said he isn’t worried about the slowdown in Miami’s residential market affecting sales.
“We see a big flight to quality,” Martin, president and owner of Terra Group, told TRD. “[Park Grove]” has a strong local demand.”
Prices at One Park Grove, a 20-story tower with 64 units, range from $4 million for a three-bedroom to $8 million for a five-bedroom with a terrace. Terra and Related closed on $174 million in financing for the waterfront development in December. At the time, Martin said more than 95 percent of the units are pre-sold in the first two towers.
Local restaurateur Michael Schwartz partnered with the developers to open a restaurant at Park Grove, which will be designed by New York-based Meyer Davis Studio. The 3,500-square-foot space will open on the corner of Tigertail Avenue and Mary Street into the project’s 2-acre sculpture park designed by OMA/Rem Koolhaas.
“The thing about the Grove that is really special is you have the marina, the business district and the residents,” Will Meyer, co-founder of Meyer Davis Studio, said.
Schwartz said he is also working with kitchen designer Russell Stilwell, which is part of his “design dream team.” He said functionality, efficient use of space, and cooking equipment technology are factors in the kitchen’s design. Like many of Schwartz’s restaurants, it will have a wood-fired oven. The restaurant will have an “old warehouse feel that the Grove is really about” and large doors that blur the lines between the indoor and outdoor spaces. The menu will be seasonal and feature local ingredients, he said.
Martin said he frequents Michael’s Genuine Food & Drink in the Design District about two to three times a week. He said the Grove demographics fit with the plans for the restaurant.
Schwartz, who will also run the catering and pool service, has a number of restaurants in Miami, including a Harry’s Pizzeria in the Grove and a planned eateries at SLS Hotel & Residences in Brickell and Paraiso Bay Restaurant & Beach Club in Edgewater, both Related Group developments. He said the partnership with Terra and Related is not a licensing agreement, but he would not disclose details.
Park Grove will be completed next year.