The Real Deal Miami

Billionaire Mike Fernandez buys penthouse at Park Grove

Fernandez also owns a large waterfront estate in Coral Gables
By Katherine Kallergis | December 07, 2018 11:30AM

Mike Fernandez and Two Park Grove (Credit: Wikipedia and Curbed)

Billionaire Mike Fernandez paid more than $6.4 million for a penthouse at Park Grove, a three-tower complex being developed by the Related Group and Terra.

Fernandez, a Coral Gables businessman who made his money in the health care industry, bought upper penthouse 1 at Two Park Grove at 2821 South Bayshore Drive in Coconut Grove.

The 23-story, 67-unit building is the second tower of the 297-unit development. It was completed in June.

Fernandez already owns a sprawling waterfront estate at 1 Arvida Parkway in the Gables Estates community of Coral Gables. His private equity firm, MBF Healthcare Group, is also based in the Gables.

Other unit owners at the Park Grove project include Brahman Capital Management founder and principal Peter Hochfelder and Ryder System executive Eugenio Sevilla-Sacasa.

The complex will feature a restaurant by Miami restaurateur and chef Michael Schwartz, a gym, spa, sauna and steam rooms and a wine tasting room. It was designed by Rem Koolhaas’ OMA and Arquitectonica with interiors by Meyer Davis Studio.

Terra and Related scored $112.1 million in construction financing for One Park Grove, the third and final tower of the project that includes Two Park Grove and the Club Residences.