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
Hassan Whiteside and 528 Lakeview Court in Miami Beach (Getty, Joe Azar/Compass)
NBA’s Hassan Whiteside lists Miami home for $23M, triple what he paid for it
NBA’s Hassan Whiteside lists Miami home for $23M, triple what he paid for it
(ONE Sotheby's Realty)
Former mayor George “Bud” Scholl’s waterfront home hits market for $13.9M
Former mayor George “Bud” Scholl’s waterfront home hits market for $13.9M
A rendering of Related Group and Alta Developers’ Casa Bella Residences by B&B Italia tower (The Related Group)
Supply chain issues — not oversupply — could slow Miami’s condo boom
Supply chain issues — not oversupply — could slow Miami’s condo boom
Home prices notched record-shattering growth in 2021, but slowdown is likely
Home prices notched record-shattering growth in 2021, but slowdown is likely
Home prices notched record-shattering growth in 2021, but slowdown is likely
6315 11th Ave Gulfport (iStock, Heckler Realty Group, Illustration by Shea Monahan for the Real Deal)
Tampa-area home billed as first in US to be sold as an NFT
Tampa-area home billed as first in US to be sold as an NFT
From left: David Martin, Terra; Oscar Rodriguez and Jon Paul Perez, Related Group (Getty Images, Related Group, Terra, ROVR)
Related, ROVR rank ahead of Terra and Apollo in bid to redevelop downtown Miami garage
Related, ROVR rank ahead of Terra and Apollo in bid to redevelop downtown Miami garage
David Martin of Terra and an aerial shot of 1177 Kane Concourse in Bay Harbor Islands, FL (Terra, Google Maps)
Terra nabs $141M construction loan for Bay Harbor Islands mixed-use project
Terra nabs $141M construction loan for Bay Harbor Islands mixed-use project
Surfside collapse defendants deflect responsibility in new court docs
Surfside collapse defendants deflect responsibility in new court docs
Surfside collapse defendants deflect responsibility in new court docs
arrow_forward_ios

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

Loading...