New Terra Group’s Luxury Project in Coconut Grove Gets $185m in Construction Loan
Developer Terra Group secured $185 million in construction financing to build a luxury twin-tower in Coconut Grove. Demolition of a former building on the site was recently completed. The branded residential, two 20-story towers planned should have more details unveiled in the upcoming months, including the luxury branding of the high-end project.
“The development will be our latest contribution to Coconut Grove’s residential and commercial landscape, following Grove at Grand Bay, Park Grove, our Mary Street office and retail development, and our next project, Grove Central, which will bring residential and commercial uses and a multi-modal transit hub at the entrance to the Grove,” Terra President David Martin said.
According to a filing with Miami’s Planning Department made in 2018, the development will consist of:
- 303 residential units
- 32,160 square feet of office
- 574 parking spaces