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The Royal Bay Slates Condo-Retail Construction

COCONUT GROVE, FL-The five-year-old, Miami-based firm is planning a November groundbreaking for Lofts at Mayfair, a 99-unit, six-story project to be located here. Prices range from $252,000 to $599,000, and the project is expected to be completed in January 2006.

By Melissa Bogdany | Updated on October 22, 2004

COCONUT GROVE, FL-The Royal Bay Group, based in Miami, is planning to break ground in November on Lofts at Mayfair, a condominium-retail development planned for here.The 99-unit, six-story project will rise on one acre at 3339 Virginia St., across from the Mayfair Hotel. The units range in price from $252,000 to $599,000. More than 75% of the units have been sold, according to Robert Thorne, president of Royal Bay Group, and the company expects a sell-out. HomeBanc Mortgage Corp. is providing on-site financing.Lofts at Mayfair is scheduled to be completed in January 2006. Architect Reinaldo Borges is designing the building, representing the contemporary, laid-back feel of Coconut Grove, home to many sidewalk cafés, restaurants, upscale shops, cultural facilities and marinas. “Lofts at Mayfair has been designed with the urban yet earthy Coconut Grove lifestyle in mind,” according to Jack Levine, president of Levine Realty, the project’s exclusive sales agency. “The positive response we’ve received reflects a desire in the marketplace for a different kind of residential option.”The first-floor residences are live/work lofts. Project amenities include a fitness center, a heated pool, a whirlpool spa and a second-floor sundeck. The penthouse units on the fifth floor will include rooftop terraces. Other residence features include European kitchens, high ceilings, walk-in closets, oversized windows and balconies with sliding glass doors.Established in 1999, the Royal Bay Group builds luxury estate residential properties, mainly located on waterfront sites in South Florida. Current projects of RBG Urban, formed in October 2003, include mid-priced, urban condominiums, lofts and town homes.

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