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

Miami /
Apr.April 16, 2018 05:30 PM

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.


Related Articles

arrow_forward_ios
Terra’s David Martin and 1177 Kane Concourse (Google Maps)
Terra paid $32M for Bay Harbor Islands development site
Terra paid $32M for Bay Harbor Islands development site
 Adam Neumann (Getty, Bal Harbour Florida)
Ex-WeWork CEO Adam Neumann inks $44M deal for Bal Harbour properties
Ex-WeWork CEO Adam Neumann inks $44M deal for Bal Harbour properties
Developers David Martin, Russell Galbut and renderings of the project.
David Martin and Russell Galbut start sales of Five Park condo tower in South Beach
David Martin and Russell Galbut start sales of Five Park condo tower in South Beach
Alex Sapir and Giovanni Fasciano with Arte by Antonio Citterio in Surfside (Photos via Arte by Antonio Citterio/PR Newswire)
Miami penthouse sets cryptocurrency sale record: $22.5M
Miami penthouse sets cryptocurrency sale record: $22.5M
Terra’s David Martin and the site now at 1177 Kane Concourse, Bay Harbor Islands (Google Maps)
Terra puts Bay Harbor Islands mixed-use dev site under contract
Terra puts Bay Harbor Islands mixed-use dev site under contract
Related's Jorge Perez, Metro's Daniel Hughes and Terra's David Martin with Two Park Grove
Commercial brokerage chief buys PH at Two Park Grove for $10M
Commercial brokerage chief buys PH at Two Park Grove for $10M
(iStock)
South Florida resi construction starts soar in March
South Florida resi construction starts soar in March
Eden Multifamily heads Jay Massirman and Jay Jacobson with Cypress Equity Investments CEO Michael Sorochinsky (rendering courtesy of MSA Architects)
Eden Multifamily, Cypress Equity score $24M construction loan for Tamarac apartments
Eden Multifamily, Cypress Equity score $24M construction loan for Tamarac apartments
arrow_forward_ios

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

Loading...