Terra, Grass River’s Coconut Grove project axes hotel plans

Developers want to build 288 apartments instead of a 206-room hotel

Miami /
May.May 01, 2018 08:45 AM


Renderings for Grove Central and David Martin (Credit: Terra and Grass River Property)

Terra and Grass River Property no longer plan to build a hotel as part of a mixed-use project at the Coconut Grove Metrorail station. Instead, the developers are opting for more apartments.

Preliminary development plans called for a 206-room hotel and about 134,200 square feet of commercial space, but recent plans filed by the developers to receive county bond funding describes Grove Central as consisting of 288 apartments and 135,000 square feet of commercial space, according to the South Florida Business Journal.

The application pegged the project’s cost at $162.3 million. Terra President David Martin told the publication at least 15 percent of the apartments at Grove Station would be workforce housing.

Units at the apartment complex will range from about 550 square feet to 880 square feet. Rentals would be made up of 96 two-bedroom units and 192 one-bedroom units, which would average $1,705 per month, according to the South Florida Business Journal. Features also include a parking garage with about 900 spaces, including 200 spaces dedicated for public use.

The 5-acre property, formerly a parking lot for the Metrorail station, sits on the northwest corner of Southwest 27th Avenue and South Dixie Highway.

The developers are seeking a $4.5 million bond through the Builder Better Communities bond program. They closed on the leasehold interest in 2016 for $196 million. Miami-Dade County Commissioners approved a development agreement that requires Grass River to pay Miami-Dade 3 percent of revenues.

Martin told the publication he hopes to break ground in late 2018 or early 2019. [SFBJ] – Amanda Rabines


Related Articles

arrow_forward_ios
From left: MHCommercial Real Estate Fund II's Jordan Paul, Dung Lam and Neil Merin along with the Yamato Office Center in Boca Raton and the Bridge Point Powerline Road in Pompano Beach (NAI Global, LoopNet, Getty Images)
Lease roundup: FirstService leases in Boca, PlantLab in Pompano Beach
Lease roundup: FirstService leases in Boca, PlantLab in Pompano Beach
Asia PH on Brickell Key (Fortune International Realty, Illustration by Priyanka Modi for The Real Deal with Getty)
Asia PH on Brickell Key tops Miami-Dade’s weekly condo sales
Asia PH on Brickell Key tops Miami-Dade’s weekly condo sales
From left: Lalo Durazo, Ricardo Dunin, Peacock Garden cafe, Gregory Galy and Mark Scheinberg (Getty, Peacock Garden)
Billionaire’s hospitality group buys Peacock Garden in Coconut Grove
Billionaire’s hospitality group buys Peacock Garden in Coconut Grove
Oceana Bal Harbour
Oceana Bal Harbour closing tops Miami-Dade’s weekly condo sales
Oceana Bal Harbour closing tops Miami-Dade’s weekly condo sales
A photo illustration of 18 La Gorce Circle (top) and 2000 South Ocean Boulevard (bottom) (Redfin, Realtor.com, Master Brokers Forum, iStock)
South Florida by the numbers: Local mega listings and sales
South Florida by the numbers: Local mega listings and sales
Hollywood Locations' Christopher Ursitti and 1400 Northwest 31st Avenue (Hollywood Locations, Google Maps)
Movie studio complex may rise on former incinerator site in Fort Lauderdale
Movie studio complex may rise on former incinerator site in Fort Lauderdale
MG Developer's Alirio Torrealba and rendering of Merrick Parc (MG Developer)
MG plans $204M luxury apartment project near Coconut Grove
MG plans $204M luxury apartment project near Coconut Grove
The development site with Peter Gardner and Abbhi Capital's Sankesh Abbhi (Google Maps, Longpoint, Abbhi Capital)
Abbhi Capital, Peter Gardner pay $19M for Coconut Grove apartments dev site
Abbhi Capital, Peter Gardner pay $19M for Coconut Grove apartments dev site
arrow_forward_ios

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

Loading...