December 14, 2017
From its inception in 1873, Coconut Grove has played an important role in Miami’s transformation into a bustling metropolis. During the next 100 years, Coconut Grove would evolve into a tropical oasis for artists and intellectuals. In the 80s however, The Grove began changing into a hangout for teenagers and college students partying at bars and nightclubs. That, coupled with the competition of other neighborhoods like Brickell, South Miami and Coral Gables, impacted Coconut Grove's appeal which drove locals and tourists away.
Coconut Grove’s outlook began to improve in 2012, when Terra unveiled the newly completed Grove at Grand Bay, a pair of twisty luxury towers designed by Bjarke Ingels. The company completed the 20-story buildings and sold out the project’s 96 residences last year.
Terra’s success with Grove at Grand Bay led to the company along with other builders to announce more high-rise and boutique projects in the neighborhood. OVR Development is planning a boutique waterfront condo development called Fairchild Coconut Grove. In February, developers Urban Atlantic Group and Oak Ventures announced plans to build a 52-unit boutique condo called Arbor. Terra and The Related Group teamed up on Park Grove, a three-tower project with 297 residences ranging from $1.95 to $14 million.
Source: The Real Deal
