Riley Smith team takes over sales of the Fairchild in Coconut Grove

Five of 26 units are left to sell

Miami /
Apr.April 30, 2020 01:30 PM
From left: The Fairchild, Riley Smith, Oscar Rodriguez and Ricardo Vadia

From left: The Fairchild, Riley Smith, Oscar Rodriguez and Ricardo Vadia

The developers of the Fairchild in Coconut Grove hired a new brokerage to take over sales as they prepare to deliver the boutique bayfront condo project.

Berkshire Hathaway HomeServices EWM Realty’s Riley Smith took over sales of the 26-unit building at 3581 East Glencoe Street, replacing One Sotheby’s International Realty. Five three-bedroom units remain for sale, asking just below $2 million to about $2.8 million.

ROVR Development’s Oscar Rodriguez and Ricardo Vadia expect to receive a temporary certificate of occupancy from the city of Miami in about 10 days, Rodriguez said.

Fernando de Nuñez y Lugones, executive vice president of One Sotheby’s Development Marketing, said in a statement that the firm was proud to have sold more than 85 percent of the units.

Smith’s team was the third top producer for single-family home sales, with nearly $111.5 million in sales in 2018, according to The Real Deal’s ranking of on-market sales, released last year. His team has closed more than $800 million in sales spread across 1,200 deals, according to a press release.

“We went to Riley because of his track record and his accomplishments in Coconut Grove,” Rodriguez said.

The majority of buyers so far are local and end-users, according to Rodriguez, though some have come from the Northeast, Chicago and Colorado.

Smith said the project stands out from other recently completed Coconut Grove developments that are larger towers across the street from the bay. He said he has received interest from potential buyers in New York.

Ocean Bank provided a $27 million construction loan for the project in 2018. Alex Rodriguez’s A-Rod Corp is also an investor in two of Rovr’s projects, including the Fairchild.

The building includes a marina with boat slips for sale, a hydraulic platform to launch paddle boards, kayaks, canoes and windsurfers, a spa with a steam room, sauna and treatment rooms, a gym, rooftop deck with a pool and cabanas, and a bayside lounge. It was designed by Max Strang.


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