Coconut Grove Bank site Purchased by Martin Place ResidencesDecember 27, 2012
Terra Group, a condominium developer, is buying the site of the Coconut Grove Bank site located along the Grove waterfront to construct a new luxurious high-rise complex condominium building. The board of committee of the bank already gave its approval to sell the property to the Terra Group.
The purchase of this five-acre land is a clear indication that Miami’s luxury real estate is slowly but surely getting back on its feet. Terra’s plans include a new building for the bank on Southwest 27th Ave.
The amount of the deal was never disclosed to the public but realtors who are outside the fence are saying that the land will not go for cheap because it still considered as a primary lot and will still cost a large chunk of cash. The bank was in a tight financial crisis having been affected by the global crisis coupled with bad assets from the depressed real estate market and a series of bad loans. Pedro Martin, Miami lawyer who operates the Terra Group, said that they believe this piece of property is one of the hottest out there that could be developed in the area.
He discussed that their firm is currently drawing out plans for 200 units that’s well within the 700-unit limit in Miami’s zoning code. They have no plans for shops or restaurants in the ground floor of the complex. He explained that they are more focused on the residential aspect of the project.
Clearing trees and other objects at the site has already started to make way for the two-tower condo complex. Each tower will have a hundred-units each. Prices will range from $2 million up to $6 million. The target for these units will be high-end buyers who would like to have less traffic in their area, more residential spaces than shops, with lots of green spaces, and beautiful views. The project is expected to be finished by 2014.