Terra buys parking garage, retail in Coconut Grove for $16M

Miami /
Jan.January 27, 2016 12:45 PM

David and Pedro Martin’s Terra Group has picked up a Coconut Grove parking garage with retail for $16 million. 

Miami-Dade County records show the city of Miami Parking Authority sold the Oak Avenue Parking Plaza at 2860 Oak Avenue. The garage was developed in 2000.

Terra is developing Park Grove and Grove at Grand Bay, two luxury residential projects in Coconut Grove. In December, Terra president and co-founder David Martin said two of Park Grove’s towers are more than 95 percent sold. The three-tower development, designed by OMA/Rem Koolhaas, will also include a 2-acre sculpture park and a Michael Schwartz-helmed restaurant. Terra is partnering with Related Group on the waterfront project.

Grove at Grand Bay broke ground in 2013.

The Coconut Grove-based developer agreed to keep 50 spaces available to the public for five years. Martin has said he will eventually renovate the ground-floor retail, remove a floor of parking and convert it to office space.

The Miami Herald reported in October that the parking authority said it will use the proceeds from the sale of the 402-space garage to build two new parking structures in other parts of Coconut Grove. The Herald reported that the garage was shut down in September.

In a statement, Martin said the garage will “remain open for public use for the indefinite future.”

“We are gratified that 100% of the proceeds generated by this purchase will be reinvested back into Coconut Grove through projects like the planned Coconut Grove Playhouse parking garage and other neighborhood improvements,” he said.


Related Articles

arrow_forward_ios
Fuse Group CEO Eyal Peretz and Metronomic's Ricky Trinidad with 3364 Oak Avenue (Photo via Google Maps; Fuse; Metronomic)

Bankruptcy judge paves way for Metronomic property auction

Bankruptcy judge paves way for Metronomic property auction
3608 Stewart Ave, Miami (Redfin)

Entity tied to private equity firm buys Coconut Grove spec home for $5M

Entity tied to private equity firm buys Coconut Grove spec home for $5M
David Martin, Central Shopping Plaza, and a rendering of the apartment complex

Terra proposes 1,384-unit apartment complex near Magic City Casino

Terra proposes 1,384-unit apartment complex near Magic City Casino
Terra CEO David Martin and 16000 Pines Boulevard, Pembroke Pines

Terra, Lennar’s Pembroke Pines townhome project advances

Terra, Lennar’s Pembroke Pines townhome project advances
David Martin and a rendering of the project

Voters reject Terra’s proposal to redevelop Miami Beach Marina with condo tower

Voters reject Terra’s proposal to redevelop Miami Beach Marina with condo tower
3187 Royal Road, Coconut Grove (Realtor)

Ransom Everglades sues developer Caroline Weiss over backyard boat dock

Ransom Everglades sues developer Caroline Weiss over backyard boat dock
Eighty Seven Park (iStock)

Eighty Seven Park’s priciest penthouse sells for $37M

Eighty Seven Park’s priciest penthouse sells for $37M
Matthew B. Gorson and One Park Grove (Google Maps)

Greenberg Traurig chairman pays $7M for One Park Grove condo

Greenberg Traurig chairman pays $7M for One Park Grove condo
arrow_forward_ios

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

Loading...