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Terra buys another Coconut Grove site, plans second Bayshore tower

December 14, 2012 01:30PM

The Coconut Grove Bank site

The Terra Group, which is developing the Grove at Grand Bay project in Coconut Grove, has purchased the nearby five-acre site of Coconut Grove Bank on South Bayshore Drive, the Miami Herald reported. “We felt this is one of the best sites that could be developed in Miami-Dade County,” said Terra’s Pedro Martin. The project is zoned for around 700 units, but would likely include around 200, according to Martin, who co-founded Terra Group with son David. Construction is slated to begin on the bank site around 2014. “We think it will help the entire marketplace,” Martin said. “We’re very bullish on the area.” [Miami Herald]