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Coconut Grove Mixed-Use Development Project Lands Anchor Tenant

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Mayfair Real Estate Advisors and Terra Group have secured an anchor tenant at Mary Street, a mixed-use development taking shape in Miami’s Coconut Grove neighborhood.

Advisory firm Kaufman Rossin agreed to occupy 64,666 square feet at the Class A project. Developers are transforming a former parking garage, with delivery slated for mid-2019. Kaufman Rossin will lease the building’s top two floors and half of the third floor starting June 2020. The firm is currently headquartered at 2699 S. Bayshore Drive, just two blocks away from Mary Street. The lease represents a 10,000-square-foot expansion, with the tenant relocating nearly 300 employees to the new location.

Co-developer Terra will also lease 13,174 square feet at the Touzet Studio-designed property, bringing Mary Street’s office component to full occupancy. Terra’s new corporate space will be on the building’s third floor and mezzanine level. Located at 3310 Mary St., the 78,000-square-foot project will feature five floors of Class A office space, ground-floor retail space and a publicly accessible, 340-space parking garage.

Pent-Up Demand

Upon delivery, Mary Street will mark the first completion of Class A office space in Coconut Grove’s business district in more than two decades. According to a JLL report, vacancy in Coconut Grove is 1.7 percent, the lowest rate in Miami Dade County’s submarkets. Amenities at Mary Street will include 24-hour security, covered drop-off and valet areas, electric car charging stations, bicycle stations and storage. Jaguar Therapeutic, OXXO Cleaners, Elia restaurant, Workout Spot and a private dentistry practice are among the signed retail tenants.

Tom Capocefalo, senior managing director with Savills Studley, represented Kaufman Rossin, while Chris Dekker, vice president with Mayfair Real Estate Advisors, worked on behalf of the development team.

“The move to this expanded, innovative space represents new beginnings for Kaufman Rossin while keeping us true to our roots in Coconut Grove,” said Blain Heckaman, chief executive officer of Kaufman Rossin, in prepared remarks.

“Our team launched Mary Street to complete the vision of a true live-work-play environment in Coconut Grove,” added David Martin, president & co-founder of Terra.

 

Source: Commercial Property Executive

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Giant Battery, Solar Panels To Power Apartment & Retail Complex At Coconut Grove Metrorail Station

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A developer is planning to rebuild the Coconut Grove Metrorail station into a self-powered apartment and retail complex.

Grove Central will include a 330-unit apartment tower, along with retail space, parking and a bus station, according to the Miami Herald. Total cost is expected to be $200 million.

Solar panels are planned to cover the buildings, producing two megawatts of power. Underneath, massive batteries that are the size of six shipping containers will store 20-megawatts per hour of electricity.

Air condition for the building would come from a geothermal system using cold water pumped from underground. Groundwater and rainwater will also be used to provide cooling mist and for landscape irrigation.

Enough power could be generated and stored to make the building self-powered, while also powering Metrorail as it departs the station, planners say. The solar array and battery is known as an urban microgrid, and is the first of its kind in Florida.

A waste-to-energy plant that would convert sewage into power, compost and water is also in negotiations.

The developers are awaiting final approval from county transportation officials, with completion expected in 2021. Five other Metrorail stations, as well as 10.7-acres of land next to Miami Central Station by the airport, are now in planning or negotiations for similar sustainable projects.

Terra Group and Grass River Property are the developers of Grove Central, with Touzet Studio the architect. The solar project is also a pilot program for Florida Power & Light.

 

Source: The Next Miami

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Another New Office Building Just Announced For Coconut Grove

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Another new office building was just announced for Coconut Grove, marking the second in recent weeks after nearly 30 years.

CocoWalk owners Federal Realty Investment Trust, Grass River Property and Comras Company plan to raze the eastern building on Grand Avenue and Virginia Street and build a five-story, 73,000-square-foot Class A building on the site, Grass River principal Tom Roth told The Real Deal.

Just two weeks ago, Terra Group and Mayfair Real Estate Advisors announced plans to convert a parking garage at 2860 Oak Avenue into a mixed-use office building, citing the demand for office product and lack of available space in the neighborhood. Together, the two projects will add 140,000 square feet of office space to Coconut Grove.

“We believe there’s plenty of pent-up demand to serve both projects,” Roth said, adding that he believes CocoWalk is a better location.

One CocoWalk, designed by Beame Architectural Partnership, is the first phase of redevelopment for CocoWalk, which was purchased by the partnership in May 2015 in a deal valued at $87.5 million. The once-popular Mediterranean-style outdoor shopping mall has fallen out of style in past years. Roth said plans for phase two, which will focus on retail, will be announced in the coming months.

The office building, geared toward global brands, media and technology companies, creative and financial firms, will be delivered in mid-2019. It will have four floors of office space above a level of ground-floor retail space, plus a rooftop terrace and event space with full views of the neighborhood. CocoWalk will set aside about 250 parking spaces for its office users, which breaks down to 3.4 spaces per 1,000 square feet, Roth said.

“We didn’t buy CocoWalk to keep it as it is today. We really feel it needs to blend better with the rest of Coconut Grove,” Roth told TRD.

 

Source:  The Real Deal

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Terra Group Cancels $35 Million Offer For West Grove Assemblage

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David Martin’s Terra Group has canceled a $35 million offer for a group of 40 properties in the West Grove.

Yet, an attorney for Terra said at a bankruptcy hearing on Wednesday that the developer is still interested in buying the Coconut Grove land, which takes up the majority of six blocks from Elizabeth Street to Plaza Street, the Miami Herald reported. “Environmental concerns” killed the deal, attorneys said.

Terra’s interest in buying the properties, which are tied up in litigation, became public because two of the corporations that own the land filed for Chapter 11 bankruptcy protection. Negotiations for a new contract will begin soon, with a hearing for the pending sale set for early January, the Herald reported.

The sale has been held up by infighting among partners Julio C. Marrero, Phillip Muskat, Orlando Benitez Jr. and others. Benitez, who reportedly stated that he brought Terra Group to the deal, tried to stop the sale in July. Marrero called him a “rogue stockholder,” the Herald previously reported.

Developer Peter Gardner had bid on the land in 2013, then asking $30 million, but the deal fell through. In July, the city of Miami sued the owners over poor living conditions and code violations at the dilapidated apartment buildings along Grand Avenue, Hibiscus Street and Florida Avenue.

If Terra ends up purchasing the properties, it would mark its first major foray into the West Grove. The Coconut Grove-based firm has developed and plans to develop more property on the east end of the Miami neighborhood.

 

Source: The Real Deal

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New Renderings For Park Grove Are Out

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ParkGrove2The latest renderings are out for Park Grove, a luxury condo project in Coconut Grove designed by starchitect Rem Koolhaas.

 The towers’ shapes were inspired by Biscayne Bay’s islands, according to Curbed.

ParkGrove3The development is a joint venture between Terra Group and The Related Group and plans call for two 20-story, 72-unit condo towers and a third 20-story building with 140 units.

 

Source: Real Deal

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Renaissance in the Grove: The Coconut Grove Neighborhood Evolves And Re-Emerges

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Miami-Dade has long been a place of varied styles, each city within the County bringing its own special flare to the mélange.

The different neighborhoods have experienced their own evolutions since Miami’s inception in 1896. Coconut Grove has had its own unique evolution.

ULI SE Florida/Caribbean will be hosting an event focusing on the latest transformation of one of Miami’s most storied neighborhoods with its residents, architects, investors, developers, and historians.

On Tuesday, November 4, 2014, from 5:30 PM – 8:30 PM, panelists will discuss how it will continue to remain ahead of the curve. A new standard has been applied to the quality of housing and retail uses in The Grove.

The event will take place at Park Grove, located at 2701 South Bayshore Drive.

Confirmed speakers include:

  • Bernardo Fort-Brescia, Principal, Arquitectonica
  • Ezra Katz, Chairman/CEO, Aztec Group, Inc.
  • Justin Kennedy, Co-CEO, Grass River Property
  • David Martin, President, Terra Group
  • Commissioner Marc Sarnoff, City of Miami
  • Moderator: Dr. Paul George, Ph.D., Professor, Miami Dade College

Additional panelists to be announced.

CLICK HERE FOR MORE INFORMATION AND TO REGISTER

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Miami Condo Residents Sue Terra Group, Seven Other Companies

Three homeowners associations at Quantum on the Bay are suing a company tied to Terra Group, claiming the developer cut corners during construction of the Miami condo project.

The associations accuse the Terra company and seven other defendants of 17 counts of negligence, professional negligence, breach of common-law implied warranties and building code violations. According to the Miami-Dade Circuit Court lawsuits, defects at the 698-unit development ranged from jammed doorknobs to crumbling stucco. The purpose of the litigation is to get Terra and the codefendants to cover the cost of repairs.

“The unit owners want to have the property that should have been delivered to them,” attorney Jeffrey Respler, who represents the Quantum residents, told the Daily Business Review. “At the end of the day, we’re not looking for a windfall. We’re only looking to be made whole.”

Terra’s David Martin told the Review the dispute would be “expeditiously and responsibly resolved in the appropriate forum.”

Unit prices at the 1900 North Bayshore Drive condo range from $229,000 to about $1.2 million. Monthly rents vary from $1,750 to $5,500.

 

Source: The Real Deal

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