Development site in Coconut Grove hits the market

A vacant property zoned for commercial development in west Coconut Grove is on the market for $4.2 million, The Real Deal has learned.

The 14,953-square-foot lot, at 3280 Grand Avenue, comes with plans for a 44-unit hotel and wellness center with 9,000 square feet of retail space. Peter Andolina of Metro 1 and Maria Elena Alvarez of Beachfront Realty are marketing the property, according to Metro 1.

L G 2 LLC owns the development site, which is one block west of CocoWalk. The Miami-based company paid $1.5 million for it in 2006, according to Miami-Dade property records. The lot, zoned T5-O, can be built up to five stories tall with 22 residential units.

Coconut Grove has seen an influx of new tenants and developments. In May, CocoWalk sold for $87.5 million to Federal Realty Investment Trust, Grass River Property and the Comras Company, with plans to change the tenant roster.

“We are seeing a definite trend of reemerging interest in Coconut Grove and are excited to bring this site to the market,” Andolina said in a statement. “This site is in a premiere location and ideally situated to become an iconic property in this exciting neighborhood.”

New tenants to the neighborhood include Ergon Greek Deli & Cuisine, Büro Group, Harry’s Pizzeria and Panther Coffee. Earlier this month, the Related Group and Terra Group announced that Michael Schwartz will open a 3,500-square-foot restaurant at Park Grove, a planned condominium.

The Grand Avenue listing marks the last vacant development site in the “main Coconut Grove commercial core,” according to Metro 1.