If you’re thinking of investing, it might be worth keeping an eye on the Grove. Coconut Grove’s waterfront revitalization plan, and recent real estate developments have put Coconut Grove on our radar screen (again).
The Convention Center was demolished a few months ago, with plans approved to transform Coconut Grove’s waterfront area…Dinner Key Marina and Sailboat Bay … into pedestrian-friendly public park areas with water-front promenades, new marinas, restaurants & shops. The 3 new waterside restaurants are likely to include Don Shula’s … a revamped Scotty’s Landing … and a seafood spot.
2 mega-luxury spiraling-condo-towers (where the former Grand Bay Hotel stood, at 2675 South Bayshore Drive) broke ground earlier in 2014. What’s now under construction there will soon be The Grove at Grand Bay – a high end condo project with spectacular views and amenities. It’s now in it’s early stages of construction – and although the units were priced from $3 million to $5 million per individual condo unit, The Grove at Grand Bay has already virtually sold out. The handful of uber chic condo units still available have price tags between $900 -$1,100 per square foot.
Last year, the site of Coconut Grove Bank at 2701 South Bayshore Drive sold for $55 million. Terra and Related Group are constructing luxury condos on that 5.2 acre site, which is directly across from the new bay front revitalization project.
A week ago the office building at 2699 South Bayshore Drive (currently leased to Kaufman Rossin & Co and several law firms) sold in an off-market cash transaction between the Chilean investor (who had acquired the office building back in 2012) and Mast Capital which just last week purchased the acre-plus property for $29.5 million. Camilo Miguel Jr (CEO of the private-equity firm of Mast Capital) is quoted in the Miami Herald saying: “We bought this opportunity. There’s no immediate plan determined to redevelop it, but considering what’s happening in the Grove it’s obviously something on our radar”.