Terra, Related target early 2015 for Grove condo construction

Jorge Perez and Pedro Martin
Jorge Perez and Pedro Martin

A joint venture between Terra Group and the Related Group hopes to start building a three-tower luxury condo project in Coconut Grove by early 2015.

Park Grove is the first development partnership for longtime buddies Pedro Martin and Jorge Perez. Plans call for two 20-story, 72-unit condo towers and a third 20-story building with 140 units. The development site at 2701 South Bayshore Drive includes the longtime home of Coconut Grove Bank, which is getting a new headquarters as part of the project.

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Terra and Related expect to obtain LEED Silver certification for Park Grove, according to the Miami Herald. Other planned features include a large pool with cabanas, a wine cellar and lockers, concierges and valet and butler service.

One of the two 72-unit towers is available for reservations, with about 30 percent of the units reserved since May. About 20 percent of the 140-unit tower is reserved. Prices in the 72-unit towers range from $2.1 million to $4.6 million, not including penthouses. [Miami Herald]Eric Kalis