The Miami Herald reported November 5th that Coconut Grove is soon slated to have 3 snazzy new waterfront eateries (with soaring glass walls and views of Biscayne Bay … in glass and steel bay front structures designed by Arquitectonica). There are plans to create an pedestrian promenade as well as a new park…. turning the Grove into something Miami desperately needs: waterfront land that the public can access and enjoy.
The Grove Bay Investment Group is apparently ready to sign a 50 year lease with the city for the site just north of Miami City Hall all along the water, paying a minimum of $1.4 million a year for that … and spending an additional $18 million to refurbish the marina, add three new waterfront eateries, and create a pedestrian promenade extending from South Bayshore Drive all the way up to the new public pier over Biscayne Bay. This, combined with creating a 3 story parking garage with retail shopping at ground level, and green open spaces for the public to enjoy, will transform the Grove and the historic village bay front.
The site that the Grove Bay Investment Group will be refurbishing includes Grove Key Marina and two well-known existing restaurants that are tucked away behind sprawling parking lots and boat storage areas which block the view of the water. (Chart House and Scotty’s Landing will both be demolished and replaced by Shula’s Steak House and two more restaurants). And the two historic Pan Am hangars on the property will be restored, one for use as a marine-supply store … the other as a refurbished boat storage facility.
Demolition of the Coconut Grove Exhibition Center across from the new Grove Bay site began in early November.
The developers will pay $5 million towards the cost of the city-built 3-story parking facility and are apparently to manage 40,000 square feet of retail space at ground level of that parking structure. The waterfront promenade, new waterfront dining, accessible green open spaces, a new parking facility and snazzy retail space will be a shot in the arm for Coconut Grove.
If you are considering buying or selling or leasing a home or condo in Coconut Grove, it might be worth exploring the opportunities. The Restivo Hechtman Team at EWM Realty International … RestivoMiami@gmail.com 305 793-1365 Vicki Restivo … 305 632-0164 Alexandra Hechtman. Questions? Call us anytime. We would love to work with you ! Please visit our webpage and real estate blog for information on Miami neighborhoods … and for answers to many of your questions on buying and selling : MiamiRealEstateCafe.com