The Real Deal Miami

Terra, Related target early 2015 for Grove condo construction

Developers began taking unit reservations for two of project's three towers
Jorge Perez and Pedro Martin

Jorge Perez and Pedro Martin

A joint venture between Terra Group and the Related Group hopes to start building a three-tower luxury condo project in Coconut Grove by early 2015.

Park Grove is the first development partnership for longtime buddies Pedro Martin and Jorge Perez. Plans call for two 20-story, 72-unit condo towers and a third 20-story building with 140 units. The development site at 2701 South Bayshore Drive includes the longtime home of Coconut Grove Bank, which is getting a new headquarters as part of the project.

Terra and Related expect to obtain LEED Silver certification for Park Grove, according to the Miami Herald. Other planned features include a large pool with cabanas, a wine cellar and lockers, concierges and valet and butler service.

One of the two 72-unit towers is available for reservations, with about 30 percent of the units reserved since May. About 20 percent of the 140-unit tower is reserved. Prices in the 72-unit towers range from $2.1 million to $4.6 million, not including penthouses. [Miami Herald]Eric Kalis