The Miami Herald reported this morning that the 5 acre waterfront property on South Bayshore Drive has been sold to developer Terra Group. Plans are for 200 units in towers that won’t be higher than 20 stories. Rumors have been swirling over the past few years about the sale of this property and as little as 6 months ago Coconut Grove Bank made a statement that the land was not for sale. The firm Terra Group is also building the luxury condo project Grove at Grand Bay just a few blocks north.
“We felt this is one of the best sites that could be developed in Miami-Dade County,’’ said Pedro Martin, a Miami lawyer who runs owns and runs Terra with his son, David.
In my opinion it is great news for Coconut Grove. I have no doubt that once completed these new high end condo projects along South Bayshore Drive will boost values in all segments of our Grove market.
Coconut Grove bank will remain on the site but will have a new location on the property closer to the street.
I am a Coconut Grove real estate specialist. Over the past 3 years, I have earned the distinction of selling the most number of homes in Coconut Grove. If you would like to schedule a buyer or seller meeting with me, please feel free to call me directly at 305-342-1623 or send me a note here.
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