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

TRD 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
David Martin, Rene Gonzalez and Glass 120 Ocean Drive (RGA, Google Maps)

Glass condo owners in South Beach sue Terra, architect and contractors, alleging construction defects

Glass condo owners in South Beach sue Terra, architect and contractors, alleging construction defects
Todd Leebow and Glass in South Beach (Credit: AMM, Seaside Properties Group)

Ohio steel family sells South Beach condo for 48% off ask

Ohio steel family sells South Beach condo for 48% off ask
David Martin and Miami Beach Marina (Credit: Google Maps)

David Martin proposing mixed-use tower at Miami Beach Marina

David Martin proposing mixed-use tower at Miami Beach Marina
Gables Town Colony apartment complex, Sue Ansel of Gables Residential

Gables Residential scores $85M loan for Boca Raton apartment complex

Gables Residential scores $85M loan for Boca Raton apartment complex
Eighty Seven Park and David Martin

Eighty Seven Park condo sells for $18M to tax-motivated buyer

Eighty Seven Park condo sells for $18M to tax-motivated buyer
Daniel Glass and Eighty Seven Park (Credit: Charley Gallay/Getty Images for Citi)

Music exec, Goldman Sachs director snag condos at Eighty Seven Park

Music exec, Goldman Sachs director snag condos at Eighty Seven Park
Eighty Seven Park, David Martin of Terra

Terra, partners pay off Eighty Seven Park’s $155M construction loan

Terra, partners pay off Eighty Seven Park’s $155M construction loan
Rendering of Doral Square and David Martin

Terra boosts loan for Doral Square retail project by $19M

Terra boosts loan for Doral Square retail project by $19M
arrow_forward_ios

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

Loading...