Final Tower Complete at Park Grove Resi Community in Miami's Coconut Grove
One Park Grove, the third and final condominium tower at the Park Grove community, is complete with 80% of contracts closing.
Two of Miami’s biggest names in real estate development finished their Coconut Grove venture completing the third tower at their Park Grove community and paying off a $112 million construction loan.
Terra, led by the Martin family, and Related Group, led by Jorge Perez, finished construction on One Park Grove, a 23-story condominium tower with 66 units.
They took out a $112 million loan in 2018 from Bank OZK for One Park Grove.
The 5-acre Park Grove residential community is on the corner of South Bayshore Drive and Southwest 27th Avenue steps from the bay. Already completed are Two Park Grove and the Club Residences.
There are 271 condo units across the three high-rises with 98% of them sold. At One Park Grove, 80% of contracts closed in the past two months representing more than $245 million in total sales.
Remaining One Park Grove units are available from about $2.7 million.
Terra’s David Martin and Related’s Perez, in prepared remarks, touted their joint venture’s ability to pay off the construction loan so quickly after completion.
“Our ability to pay off our financing shortly after completion speaks to the strength of One Park Grove’s development and design teams, and to the high-demand we’ve seen for this one-of-a kind iconic development,” said Terra CEO David Martin.
The development duo launched their Park Grove project in 2016, Perez added in a news release.
“The completion of One Park Grove and swift loan payoff affirms the project as second to none,” he said.
Dutch architecture firm OMA, co-founded by Pritzker Prize-winner Rem Koolhaas, designed Park Grove as its first residential project in the U.S.
“OMA and Rem Koolhaas had such a powerful vision for this project, and we are thrilled by the response from our owners from across the U.S. and around the world,” Martin said.
The three towers have exterior column exoskeletons, meaning there are no inside columns allowing for glass walls and expansive bay views.
Amenities include a 2-acre private park, outdoor amphitheater, indoor and outdoor lounges, private screening room, wine tasting room with private bottle storage, a gym, a spa, yoga space, children’s playroom and a restaurant by Chef Michael Schwartz.
“The design, architecture, art and lifestyle experiences are just some of the factors driving the project’s sales success,” Perez said, “which remains robust despite the current headwind.”