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Metronomic buys land for first phase of Coconut Grove development
Phase 1 calls for 50 affordable housing units, 20 luxury apartments, retail, parking
UPDATED, July 1, 10 p.m.: Metronomic closed on land for the first phase of Grand Plaza, a major mixed-use project planned for Coconut Grove.
Ricky Trinidad’s firm paid $6.3 million for four lots at 3461, 3441, 3364 and 3384 Grand Avenue, totaling 33,750 square feet, according to a release. Toni Schrager of Brown Harris Stevens Miami represented the seller, B&B Properties, led by Bruce Berkowitz of Fairholme Capital Management.
Overall, the $74 million Grand Plaza development, will be comprised of 12 new buildings, containing nearly 300,000 square feet of space, including office and hotel components, community park plazas, and a farmers market. Burgos Lanza & Associates is designing Grand Plaza. Trinidad has said the project could include a rooftop landing pad for passenger drones.
Phase one of the project calls for the construction of two five-story buildings — one that features 50 affordable housing units and another containing 20 luxury apartments. The buildings will have a combined 11,000 square feet of ground-floor retail space, and underground parking for residents and the public.
The luxury apartment building will have units ranging from 995 square feet to nearly 2,500 square feet, a pool deck, 49 parking spaces, and two retail spaces ranging from 2,533 square feet to 2,744 square feet.
The affordable housing building will have units ranging from 570 square feet to about 1,200 square feet, 65 parking spaces, and three retail units sized from about 1,300 square feet to 1,412 square feet.
Metronomic is embarking on a number of projects in the West Grove, a historically black and Bahamian area of Coconut Grove. The developer plans to break ground on the three-phase Grand Plaza later this month.
The firm is also building Metronomic Place, a boutique office and hotel building at 3280 Grand Avenue, and has projects in Little Havana, Little River/Upper East Side, Kendall and Dadeland.
Trinidad said the company focuses on middle income and urban communities with “near zero vacancy rates” and building on land containing older housing stock that needs to be torn down.