Residential tower in Coconut Grove moves forward with $185M construction loan
Developer Terra Group has secured a $185 million construction loan from Mack Real Estate Credit Strategies for its still-unnamed, luxury-branded residential development at 2655 Bayshore Drive in Coconut Grove.
“Our newest residences will reflect Terra’s commitment to design excellence and connectivity in one of South Florida’s most walkable neighborhoods,” said David Martin, president and co-founder of Terra, in a statement. “We will be unveiling details of our plans over the coming months.”
According to plans submitted to the City of Miami’s Urban Development Review Board on July 18, 2018, the project — then known as “Summerhill” — was to be a 1.5 acre mixed-use development totaling 606,356 square feet. It was set on the former site of the Bayshore Grove apartments, which were demolished in April.
The original plans revealed more than half of the new project would be devoted to residential units. The rest would be a combination of office, parking and open communal spaces.
More than a year later, Terra has yet to reveal details or renderings of the project, located is across the road from the Fresh Market and steps from Miami City Hall.
The loan amount did not surprise Jason Shapiro, managing director with Aztec Group, given the size of the project.
“When you consider the type of quality Terra has developed elsewhere and the water views, the $185 million is commensurate of what they’re building,” said Shapiro.
.jpg)
The project will likely boost the local economy, said Shapiro, by drawing luxury residents likely to spend in nearby restaurants and shops.
“It’s continued evidence of the rebirth of Coconut Grove,” said Shapiro.
Nearing completion is Terra’s Class-A office building on Mary Street on the site of a former parking garage at 2860 Oak Avenue.
Terra’s mixed-use residential/retail Grove Central, adjacent to the Coconut Grove Metrorail station, is slated to break ground early next year.
This story was originally published September 26, 2019 at 4:51 PM.
