December 19, 2012
A new luxury oceanfront condominium tower will replace the historic Coconut Grove Bank. The bank’s board recently approved the selling of the five-acre property to Terra Group, a real estate development company in Miami.
The Coconut Grove Bank is the longest operating bank in South Florida and has been in this location since the start of the Great Depression. The existing building will be torn down and replaced with the new luxury condominium towers. The bank will be replaced with a new bank site located closer to the street.
The new luxury condo towers will contain 200 units and will be no higher than 20 stories. The location fronts Bayshore Drive and 27th Avenue. This would set the condo tower between Biscayne Bay and the Ritz-Carlton.
“We felt this is one of the best sites that could be developed in Miami-Dade County,” said Pedro Martin, a Miami lawyer who runs and owns Terra with his son, David.
This part of Miami is seeing its share of new condo developments. The Terra Group recently set plans to transform the nearby Grand Bay hotel into a luxury high-rise condo complex called Grove at Grand Bay. This condo complex will consist of a two-tower condo complex with 100 units. Prices will range between $2 million and $6 million.
“We think it will help the entire marketplace,’’ Martin said of the planned project. “We’re very bullish on this area. There’s less traffic [in the Grove]. There’s more residential. It has greenery. We have great views.”
Source: The Miami Herald
