Terra Completes Mr. C Residences in Coconut Grove

David Martin’s Terra delivered Mr. C Residences in Coconut Grove, with an expected sellout of more than $500 million.

The developer partnered with Maggio Cipriani’s Mr. C on the luxury branded condominium project at 2678 Tigertail Avenue. Sales of the 20-story, 230-unit development launched in 2020, and the condos sold out during the pandemic.

The biggest sale to be recorded so far is former finance executive Stephen Robert’s $22.2 million purchase of penthouse 1, an 8,550-square-foot unit. Robert was chairman and CEO of Oppenheimer & Co. and a former chancellor of Brown University. That sale was recorded last week. It breaks down to about $2,600 per square foot. The penthouse also has additional terrace space, according to the developer.

The two towers are connected by a podium that includes ground floor retail space and Le Specialita Market and Cafe, which could open by the end of the year. Bernardo Fort-Brescia’s Coconut Grove-based Arquitectonica designed the project.

Terra Completes Mr. C Residences in Coconut Grove — 2678 Tigertail Avenue (Mr. C)

Property records show 107 deeds have been recorded since June. A spokesperson for the developer said 139 sales have closed so far and the rest of the unit sales should close by the end of the summer. Douglas Elliman led sales and marketing.

The project sold so quickly that Terra converted plans for the second building into condos instead of the initially planned rentals.

Martin has led the latest wave of redevelopment in Coconut Grove, where his firm is based. First, he developed the Bjarke Ingels-designed Grove at Grand Bay condo towers. Then Martin partnered on the development of the three-building Park Grove with the Related Group, which moved its headquarters to the neighborhood. Terra also plans to develop a Well-branded project on Tigertail Avenue and Mary Street.

Near Mr. C, Ugo Colombo’s CMC Real Estate and Nadim Ashi’s Fort Partners are in the process of demolishing the former Kaufman Rossin building, where they plan a Four Seasons-branded condo building.

The Coconut Grove Mr. C is the first residential project for the hospitality company. Last year, Martin announced a partnership with the Palm Beach-based Morrison family’s Sympatico Real Estate to build a 25-story Mr. C Hotel & Residences West Palm Beach. Also designed by Arquitectonica, the building would include110 hotel keys and 146 branded condos that owners can rent out through the hotel operator. Elliman is also leading sales of the West Palm Beach project.

The Cipriani family also has the Mr. C hotel in Coconut Grove and is branding Mast Capital’s Cipriani Residences, a condo tower in Miami’s Brickell neighborhood.