David Martin slashes ask of Grove at Grand Bay PH

Martin joins a list of other developers who dropped prices of penthouses they own

Dec.December 04, 2019 01:30 PM
The penthouse at Grove at Grand Bay and David Martin (Credit: Douglas Elliman, iStock)

The penthouse at Grove at Grand Bay and David Martin (Credit: Douglas Elliman, iStock)

Developer David Martin dropped the price of his Grove at Grand Bay penthouse to $19.8 million, a 29 percent cut from the original preconstruction price.

Martin has the unit listed with Eloy Carmenate, Mick Duchon, John Gomes, Fredrik Eklund and Pietro Belmonte of Douglas Elliman. The 10,118-square-foot, six-bedroom condo, at 2675 South Bayshore Drive, was relisted in 2018 with Carmenate and Duchon for $25 million.

Martin’s Terra developed the Bjarke Ingels-designed project, a pair of 20-story twisty towers overlooking Biscayne Bay in Coconut Grove. Martin said he originally planned to live in the unit before listing it for sale while it was under construction. Property records show he transferred ownership of the condo to another Terra entity in 2017.

The penthouse features a rooftop pool, 12-foot ceilings, and floor-to-ceiling windows that wrap around the unit. The listing includes plans to build out the penthouse with a movie theater, 3,000-bottle wine room, service quarters, summer kitchen and more.

Buyers at Grove at Grand Bay include Alex Rodriguez’s A-Rod Corp., which is building out its unit as an office and creating a ground-floor event space, and Progressive Insurance Co. heir Joseph M. Lewis.

Martin isn’t the only developer to adjust his pricing amid a glut of luxury condos in Miami.

Ian Bruce Eichner, who built the Continuum South Beach in the early 2000s, recently cut the price of his 11,031-square-foot, seven-bedroom unit at the development to $39.9 million, 20 percent below the original $50 million ask. Carmenate and Duchon have that listing as well.

Earlier this year, Related Group CEO Jorge Pérez dropped the listing price of his penthouse nearby at One Ocean, a building he developed in South Beach, to $10.95 million. That’s a 45 percent discount off the original asking price.

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