Miami billionaire Mike Fernandez flips PH in Coconut Grove

Miami /
Oct.October 03, 2019 11:30 AM
Mike Fernandez and Park Grove (Credit: Wikipedia)

Mike Fernandez and Park Grove (Credit: Wikipedia)

Less than a year after buying a luxury penthouse in Coconut Grove, billionaire and health care mogul Mike Fernandez has flipped the unit.

In December, Fernandez paid $6.44 million for upper penthouse 1 at Two Park Grove at 2821 South Bayshore Drive. Now, he’s sold the condo to 2PG UPHB LLC, a Delaware company, for $6.58 million, a difference of about $142,000. The profit wouldn’t cover the fees associated with selling a condo, including paying the standard 6 percent commission.

The Related Group and Terra developed the three-tower, 297-unit condo complex. The second tower, where Fernandez purchased his penthouse, is 23 stories tall with 67 units. It was completed in June 2018.

Fernandez, a Coral Gables businessman who made his money in the healthcare industry, 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 Park Grove include Brahman Capital Management founder and principal Peter Hochfelder and Ryder System executive Eugenio Sevilla-Sacasa.

Park Grove includes Tigertail + Mary, 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.


Related Articles

arrow_forward_ios
David Martin, Central Shopping Plaza, and a rendering of the apartment complex

Terra proposes 1,384-unit apartment complex near Magic City Casino

Terra proposes 1,384-unit apartment complex near Magic City Casino
Terra CEO David Martin and 16000 Pines Boulevard, Pembroke Pines

Terra, Lennar’s Pembroke Pines townhome project advances

Terra, Lennar’s Pembroke Pines townhome project advances
David Martin and a rendering of the project

Voters reject Terra’s proposal to redevelop Miami Beach Marina with condo tower

Voters reject Terra’s proposal to redevelop Miami Beach Marina with condo tower
3187 Royal Road, Coconut Grove (Realtor)

Ransom Everglades sues developer Caroline Weiss over backyard boat dock

Ransom Everglades sues developer Caroline Weiss over backyard boat dock
Eighty Seven Park (iStock)

Eighty Seven Park’s priciest penthouse sells for $37M

Eighty Seven Park’s priciest penthouse sells for $37M
Matthew B. Gorson and One Park Grove (Google Maps)

Greenberg Traurig chairman pays $7M for One Park Grove condo

Greenberg Traurig chairman pays $7M for One Park Grove condo
Kelly Beam, Ricky Trinidad , and 3265 Bird Avenue (Credit: Google Maps)

Miami developer Metronomic files for bankruptcy

Miami developer Metronomic files for bankruptcy
Mike Fernandez and Grove at Grand Bay unit 1901S (Getty, Lifestyle Production Group)

Miami billionaire Mike Fernandez sells Grove at Grand Bay condo

Miami billionaire Mike Fernandez sells Grove at Grand Bay condo
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...