The Real Deal Miami

David Martin drops price of his Grove at Grand Bay PH

Martin redesigned the unit to include more bedrooms, wine room, home theater and more
By Katherine Kallergis | April 16, 2018 05:30PM

Renderings of the penthouse and David Martin (Credit: ArX Solutions)

Developer David Martin is relisting his penthouse at Grove at Grand Bay at a reduced asking price.

Martin’s unit, a 12,000-square-foot condo at the Bjarke Ingels’ designed building, is back on the market for $25 million, about 10 percent off the $28 million preconstruction price. Eloy Carmenate and Mick Duchon of Douglas Elliman are now listing the unit. Philip Freedman, previously of Cervera Real Estate, handled sales of Grove at Grand Bay and put the penthouse on the market in 2016, before the twin-tower development was completed later that year.

Carmenate said Martin had the walls ripped out and completely redesigned the penthouse to include more bedrooms, a screening room, a 3,000-bottle wine room, sports bar, home theater, a rooftop pool and more amenities. It will be completed in the first quarter of next year.

Property records show a Terra affiliate sold the unit to GBPH Investments LLC, another Terra company, in July. A price was not available online.

Martin hired Catalina Echevarria of CEU Studio to redesign the five-bedroom unit. It’s the most expensive condo on the market in Coconut Grove and tied for the most expensive residential listing in the neighborhood, according to Realtor.com.

In 2015, Martin and his wife paid $14 million for a 2-acre estate at 2999 Brickell Avenue.