Terra bows out of joint venture with Related in Coconut Grove office project

Related plans to break ground on the 8-story building in Q1

Jan.January 24, 2019 03:30 PM

David Martin, Jorge Perez and 2850 Tigertail Road (Credit: Google Maps)

Terra is no longer partnering with the Related Group to develop a new office building in Coconut Grove.

Related is moving forward with the project without Terra, according to spokespersons for both developers. Records filed with the city of Miami show 2850 Tigertail Investments LLC is seeking a permit to build the 195,575-square-foot office building at 2850 Tigertail Road in Miami.

In 2017, the city of Miami rezoned that property and the one at 2765 South Bayshore Drive from T5-O and T6-12-O to T6-8-O to allow for an eight-story office building with ground-floor retail space and parking.

A spokesperson for Related said the firm will break ground on the project in the first quarter of this year, with tenants moving in in late 2020.

The building permit pegs the project cost at about $34 million.

Records show the joint venture between Related and Terra paid $5.8 million in 2014 for the property, which currently has a low-rise office building.

Nearby at 2860 Oak Avenue, Terra and Mayfair Real Estate Advisors are building a 78,000-square-foot mixed-use office building called Mary Street, at 2860 Oak Avenue. Other developers are building boutique office buildings in the Grove, including Optimum Development USA and the owners of CocoWalk.

Terra and Related are partners on Park Grove, a three-building luxury condo development on South Bayshore Drive in Coconut Grove. The first two towers opened in October.

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