Coconut Grove is about to get a new luxury condo building.
With city approvals in hand, developers Oscar Rodriguez and Ricardo Vadia have unveiled their plans for the Fairchild Coconut Grove, a boutique mid-rise condo project on the water.
The project, expected to break ground in early 2017, will be built on a one-acre parcel at 3581 Glencoe Street, which is the former site of the Bay Colony Condominiums. Rodriguez and Vadia’s company ROVR Development bought out the owners of all 18 units there for $12 million in January.
With 26 units, Rodriguez calls the Fairchild a boutique and “private” development. The residences will range in size from 1,700 square feet to 4,200 square feet, with prices starting at $1.4 million.
Designed by noted Grove architect Max Strang, the project will be split into two sections: one five stories tall and the other three stories. Rodriguez told The Real Deal that the construction schedule is set at 16 months after groundbreaking, so the developers hope to open Fairchild by spring 2018.
The Fairchild name is meant to evoke the nearby Fairchild Tropical Botanic Gardens in Coral Gables, one of Miami’s most famous and prized points of interest. A rendering for the condos show the building is to be wrapped in foliage with vines climbing up its sides.
“We wanted to build something that was within context of the neighborhood,” Rodriguez told TRD. “Some sites are born to be condominiums and this is one of them.”
The developers are marketing their project toward end-users, not investors or renters, he said. As for worries about the much-talked about market slowdown in Miami, Rodriguez said he feels the Fairchild will be insulated because of its size and location.
“This is a highly exclusive private area; you walk out the front door of the building you’re in a beautiful single-family neighborhood,” he said. “It’s not an urban setting.”
Sales for the development will launch in the fall, with ONE Sotheby’s International Realty handling all marketing.
Rodriguez and Vadia, both born in Miami, are veterans of the Related Group who met during their time at the development firm. The two met up again last year to launch their company ROVR Development, and with it the Fairchild condominiums.
The two started seeking approvals for reduced waterfront setbacks and a rezoning last year, and have since gotten them approved, Rodriguez said.
Once known mainly for its wealthy residents and pricey single-family estates, Coconut Grove has seen a new wave of development in recent years, the largest being Terra Group’s twisting Grove at Grand Bay towers.