Billionaire Mike Fernandez buys penthouse at Park Grove

Fernandez also owns a large waterfront estate in Coral Gables

Dec.December 07, 2018 11:30 AM

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.

Related Article

Jon Paul Pérez, Jorge Pérez and the downtown Miami skyline (Credit: iStock)

Miami’s biggest condo developer is going micro

Jorge Pérez with renderings of the projects

Related Group, Atlantic Pacific seek approvals for mixed-use apartment projects

233 North Miami Avenue and Jorge Perez

Related Group picks up two lots next to Miami Dade College for $9M

The Gallery on the River and Jorge Perez of Related Group (Credit: Wikipedia)

Related Group moves forward with Gallery on the River project

(Credit: Getty Images)

All eyes on cranes during Hurricane Dorian

Construction of downtown Hollywood high-rise may start soon

Jeffrey Epstein commits suicide by hanging himself in his Manhattan jail cell

Ben Carson dismisses concerns about Opportunity Zones, private equity landlord pays $10M for Palm Beach Gardens properties: Daily digest