Developer plans $74M mixed-use project along Grand Avenue in Coconut Grove
Metronomic is under contract to buy 12 properties for $25M
A Miami developer is under contract to purchase a large assemblage in the West Grove where it’s planning a $74 million, mixed-use project.
Ricky Trinidad’s Metronomic announced plans for Grand Plaza, a 12-building development on Grand Avenue in Coconut Grove. Trinidad’s firm isn’t the first to try to purchase the properties. In 2016, David Martin’s Terra canceled a $35 million offer for the buildings.
Metronomic is set to close Feb. 11, paying $25 million for the 12 lots at 3280 to 3461 Grand Avenue, Trinidad said. The sellers are entities led by Orlando Benitez Jr. The properties were tied up in litigation due to infighting among partners, litigation that Trinidad said has been resolved.
The 297,000-square-foot project, planned for the historically black and Bahamian neighborhood in the Grove, would include luxury apartments, affordable housing, retail and office space, community park plazas, underground public parking and a 44-key hotel, according to a release.
Trinidad is also a big proponent of passenger drones – a.k.a flying cars – as a solution to Miami’s traffic issues. He’s pursuing building a helipad on top of the project if and when the Federal Aviation Administration approves them.
The developer is starting with Metronomic Place, a boutique office and hotel building at 3280 Grand Avenue. Trinidad said he plans to break ground in about two weeks and secured a $6.8 million loan from Fuse Funding to fund construction of the five-story building. It will have about 5,000 square feet of Class A office space, 3,200 square feet of ground floor retail space, and the 44-key hotel.
Metronomic is also planning to break ground on the rest of the project in March and complete the entire development within two years of the start date. It’s being designed by Pablo Burgos of Burgos Lanza & Associates and Carl Levin of CLAD Architects. Trinidad said he is in talks with local lenders and will also finance construction with private foreign investors.
The residential component of Grand Plaza would include 38 furnished micro units, 82 luxury apartment rentals and roughly 40 affordable housing units. Trinidad said he’s working with the community and Miami-Dade commissioner Xavier Suarez and Miami commissioner Ken Russell to find current tenants new places to live.
The project would also include a farmers market with a stage for free and public live performances.
The Miami Herald first reported plans for Grand Plaza.