A joint venture between Lore Development Group and Element Development is moving forward with plans for the Lincoln Coconut Grove, a boutique condominium project.
Brickell-based Lore, a real estate firm that’s a partnership between Leste Group and the Brazilian real estate firm Opportunity Fundo de Investimento Imobiliário, teamed up with Miami-based Element on the planned eight-story, 48-unit building at 2650 Lincoln Avenue, which shares the same address as 3151 Southwest 27th Avenue in Miami.
Javier Lluch, president of Element, said the developers secured zoning approval and a height and density waiver for the Coconut Grove project last week. Next, they plan to secure construction permits and could break ground by June 2025. Sales will begin later this month with One Sotheby’s International Realty. Unit prices will start at about $1.5 million, Lluch said.
The condos will include a mix of one- to four-bedroom units, all with home offices or dens. Miami-based Paredes Architects and interior design firm Design Philosophy are designing the project, with a facade by the Brazilian firm Cité Arquitetura, according to a press release.
The 91,000-square-foot condo building will include a gym, owners’ lounge with a golf simulator, co-working space, a pool with cabanas and summer kitchens, and a dog park.
The developers tapped Berkadia to secure construction financing next year, Lluch said. He declined to disclose the loan amount they are seeking.
Records show an LLC named after the address paid about $8.6 million for the half-acre assemblage last year.
The property is north of a cluster of new condo towers that have recently been built in Coconut Grove, including Grove at Grand Bay, Park Grove and Mr. C Residences, which are all near the bayfront.
Lluch co-developed Glasshaus, the five-story, 23-unit condo building at 3161 Center Street, across the street from the Lincoln site.
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Just south of the Lincoln site, Fort Partners and Ugo Colombo’s CMC Group plan a Four Seasons-branded condo project.
Lore also plans to develop Summit Brickell, a 505-unit multifamily building at 1015 Southwest First Avenue in Miami, according to the release. The $340 million project will be built across from the Brickell Metrorail station.