Terra, Related target early 2015 for Grove condo construction

Developers began taking unit reservations for two of project's three towers

TRD MIAMI /
Jul.July 09, 2014 10:30 AM

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


Related Articles

arrow_forward_ios
(iStock)

Bargain shopping: Here’s where resi prices fell the most in Miami in Q2

Bargain shopping: Here’s where resi prices fell the most in Miami in Q2
3604 Matheson Avenue with Mike Komaransky and Corwynne Carruthers (Compass)

Crypto investor sells waterfront Coconut Grove mansion at a loss

Crypto investor sells waterfront Coconut Grove mansion at a loss
David Martin and a rendering of the project

David Martin’s Miami Beach Marina proposal heads to voters in November

David Martin’s Miami Beach Marina proposal heads to voters in November
From left: David Martin, Barry Sternlicht, Don Ghermezian, and Pedro Garcia

Triple Five, Terra, Starwood sue Miami-Dade property appraiser over tax bills

Triple Five, Terra, Starwood sue Miami-Dade property appraiser over tax bills
From left: Magnus Jennemyr, Timo Khammash, and Irving Padron

Engel & Völkers cuts ties with managing broker, expands to Coconut Grove

Engel & Völkers cuts ties with managing broker, expands to Coconut Grove
Charles and Daneen Stiefel with One Park Grove (Getty)

Pharma mogul Charles Stiefel buys Coconut Grove penthouse

Pharma mogul Charles Stiefel buys Coconut Grove penthouse
Alex Rodriguez, Tom Murphy, Jorge Pérez, Gil Dezer, and Jackie Soffer (Credit: Michael Loccisano/Getty Images)

Money in the bank: Here are the South Florida real estate players who got PPP loans

Money in the bank: Here are the South Florida real estate players who got PPP loans
David Martin, Rene Gonzalez and Glass 120 Ocean Drive (RGA, Google Maps)

Glass condo owners in South Beach sue Terra, architect and contractors, alleging construction defects

Glass condo owners in South Beach sue Terra, architect and contractors, alleging construction defects
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...