A boutique condo project in Miami’s Coconut Grove that was expected to be completed in 2019 under its former owners secured a temporary certificate of occupancy.
Developer and real estate attorney Isaac Kodsi, who died unexpectedly last year at age 59, bought the Arbor Residences building out of foreclosure in 2023. He returned buyers’ deposits, and relaunched sales and construction of the 45-unit building at 3034 Oak Avenue in downtown Coconut Grove.
After Kodsi’s death, his daughter Camilla Kodsi worked to complete the project with her uncle, developer Dan Kodsi, who served as a mentor. It’s more than 70 percent presold, according to a press release.
Cervera Real Estate’s Sandra Masis has been leading sales and marketing of the property since Isaac Kodsi took over. Remaining units start at $1.7 million. They include two-bedroom condos with dens and three-bedroom, two-bathroom condos. Closings have not yet been recorded.
The five-story building was designed by Behar Font & Partners. It includes a rooftop terrace, pool deck, gym, valet and concierge. The building is just north of CocoWalk.
Camilla Kodsi now leads her father’s firm, Ark Capital Group, a Pembroke Pines-based real estate investment firm that specializes in debt and equity for projects that are under $50 million.
A partnership led by Nick Hamann sold the then-partially built building to Kodsi’s Arbor Grove Development three years ago. Hamann and his partners’ LLC was at the center of a foreclosure lawsuit filed by Trez Capital in 2022.
Since the original launch before the pandemic, home prices in Coconut Grove have skyrocketed, and luxury condo projects cropped up, including the completed two-tower Mr. C Residences and the under construction Four Seasons Private Residences.
Recent luxury buyers in Coconut Grove include billionaire Google co-founder Larry Page, who spent $188 million on three properties.
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Development
South Florida
The Weekly Dirt: What’s next for the late Isaac Kodsi’s Coconut Grove condo project
Development
South Florida
South Florida developer, real estate attorney Isaac Kodsi dies at 59