Financing Secured for New Development in Coconut Grove-Residences in the Grove
Residences in the Grove, a 148-unit luxury condominium at 2835 Tigertail Avenue in Miami’s Coconut Grove area, has received a $43.2 million refinancing loan for construction.
The loan was financed through City National Bank of Florida and KS Finance Corporation. This loan will pay for site preparation and preliminary demolition in order to kick off the project.
The developers for the project include a joint venture with Terra Development and AB Asset Management. The five-story development, designed by Arquitectonica, will have a stunning design centered on a coral rock façade and sustainable features that will effortlessly mix in with Coconut Grove’s current landscape and tree canopy. Also, the building will include about 22,000 square feet of street-level retail space with a health theme.
Tower Amenities:
Gym
Pool
Social Lounge
174 residential units
22,070 square feet of commercial
344 parking spaces (all in the basement)
Residence Features:
Elegant kitchen
Spacious floor plans
10 ft. ceilings
Stainless steel kitchen appliances
Construction is scheduled to begin this year with a completion date in Q4 2023 or early 2025. If you or someone you know have an interest in purchasing at Residences in the Grove, please contact Lucas Lechuga via email at [email protected] or by phone at (786)247-6332.
Record Breaking Waterfront Mansion Sold in Coconut Grove for $106.9 Million
Adrienne Arsht, a local philanthropist, set a Miami-Dade County record when she sold her waterfront property in Coconut Grove for $106.9 million.
The sale of the home represents a 29% decrease from the property’s initial $150 million asking price and this sale marks the first residential sale to exceed the $100 million threshold.
The 2 two-story homes sit on 3031 and 3115 Brickell Avenue and are frequently referred to as South Florida’s “embassy,” due to the many U.S. and international officials frequenting the home.
There are a total of 12 bedrooms and 13 and a half bathrooms in the 25,000-square-foot home. The 4-acre property has 400 feet of water frontage, is close to Vizcaya Museum & Gardens, and overlooks Biscayne Bay. The main house, known as Indian Spring, was built by Arsht in 1999.
It has a dining room that seats more than 20 people, a six-car garage with an office and apartment upstairs, a pool, and a tennis court. Indian Spring was designed by Jose Gelabert-Navia, a former dean of the University of Miami School of Architecture. Villa Serena, the other house, was constructed in 1913.
The property was developed by William Jennings Bryan, a former U.S. Secretary of State and a 3x presidential candidate. Arsht restored the waterfront mansion and it is now registered in the National Register of Historic Places.
According to records, she purchased the property in two transactions, paying $4 million for the land on which the contemporary house was built in 1996 and then $12 million for the ancient home in 2007.
Arsht, a native of Delaware, made a name for herself in Miami’s financial world and as an arts patron. She gave the Adrienne Arsht Center for the Performing Arts a $30 million gift, earning it the moniker Adrienne Arsht Center for the Performing Arts in Miami’s Arts & Entertainment District. She has also served as TotalBank’s chair in the past.
The transaction surpasses the previous high in Miami-Dade, which was set this summer by the $93 million purchase of three homes in Golden Beach by the founder of the technology business InterSystems. Ragon intends to demolish the buildings and build a new house in their stead.
A-Rod Flips a Bay Point Miami Waterfront Property for a Profit
Alex Rodriguez is at again! In another recent investment move in Miami, A-Rod and associates recently sold a waterfront home as a flip for $6.3 million. The property is located in the Bay Point neighborhood of Miami.
Rodriguez and his partners purchased the property in March 2021 for $5.5 million without doing any renovations or redevelopments for the property. This isn’t the first time A-Rod has made headway in Miami. In October 2021, A-Rod has invested in the Grand Station apartment tower as well as the South Beach Hotel in August 2021.
This current waterfront property located at 4425 Island Road in the heart of the Design District was originally built in 1962 along a lagoon leading to Biscayne Bay. The home features 3,107 square feet of living space sited on over 15,000 square feet of water frontage.
The property features a traditional floor plan with tall ceilings and an abundance of natural light. The kitchen showcases an expansive island with white cabinets, granite countertops, and stainless steel appliances.
The property features an in-ground pool, bbq area, and lush landscaping. The current listing states that the property is good for a new build or the renovate the existing home. The buyers for this property plan on redeveloping it for their needs.
Over the past year, prices for Bay Point have increased especially with waterfront homes. Although these prices are much lower for the surrounding areas, A-Rob and his associates made a profit on this investment.
Grab Your Mimosas-We are Going to Brunch
Major Food Group does it again with the opening of another restaurant in Coconut Grove and this time, it’s focused on brunch! The restaurant Sadelle’s, which will open mid-December is another New York restaurant that the group has decided to open an additional location in South Florida along with the Italian eatery, Carbone, and ZZ’s Sushi Bar in the Design District.
Sadelle’s will be located at 3321 Mary Street where the former Tigertail + Mary restaurant was located. The building just sold last month in a joint venture with the Terra Group and The Related Group to the developer, Mocca Construction for $5.5 million. That is one of the reasons Tigertail + Mary closed last month was due to this sale. The retail condo space on the main floor was also sold for $6 million to a Mexican Investment Group under the name 2811 SBD LLC.
The founders Mario Carbone, Jeff Zalaznick, and Rich Torrisi signed a 10-year lease for the space. The restaurant will include outdoor space.
According to Sadelle’s website, they are considered to “Serve the best bagels in New York City.” Miami will be the judge of that! Not only do they offer classic bagels, but they also offer chopped salads, sliced to order salmon and sturgeon.
HEALTHY EGG SANDWICH Egg whites, arugula, green chili
EGGS ANY STYLE Scrambled, fried or poached, served with potatoes and bagel
CAVIAR
SOFT SCRAMBLED EGG
LATKE ROYALE
TRADITIONAL CAVIAR SERVICE
SPECIALITIES
GRAPEFRUIT COCKTAIL
FRENCH TOAST
BLUEBERRY PANCAKES
CHEESE BLINTZES
GRILLED SALMON
TROUT MEUNIÈRE
BONE IN STRIP
SIDES
BREAKFAST POTATOES
BACON
SAUSAGE
AVOCADO
SADELLE’S COLESLAW
PICKLES
GLUTEN FREE BAGEL & CREAM CHEESE
BAGEL & CREAM CHEESE
TOASTChallah or Rye
Sadelle’s was also voted 23 Best Brunch Spots in New York City by Harper’s BAZAAR.
New Gin Focused Restaurant Opens in Coconut Grove
Photo Credit: Botánico Gin and Cookhouse
Botánico Gin and Cookhouse has officially opened its doors in Coconut Grove’s Cocowalk and it’s exactly what you think it is! Botánico is the first ‘gin-centric’ eatery offering the most extensive and unique gin-focused cocktails in Miami.
The co-owners, Ricardo Ordoñez and chef Gerardo De Negri are the brains behind the menu and unique concoctions. Ordoñez and De Negri have created such a unique dining experience focusing on modern American cuisine that highlights some Ecuadorian ceviche family recipes.
The gin menu includes 15 gin and tonic botanical variations infusing lavender, lemon, grape, crystallized ginger, and/or green apple. Whether you enjoy citrus, herbs, or fruits, flavors can be fully modified to appeal to any gin connoisseur. Not only does it have a well-versed gin menu but it also features a fully stocked bar with an extensive wine menu.
Photo Credit: Botánico Gin and Cookhouse
Botánico not only features the best gin drinks in Miami, but they also have an extensive wine program featuring over 2,000 bottles from around the world including; Mexico, Croatia, and Uruguay. The wine is stored in a state-of-the-art glass-enclosed and temperature-controlled cellar.
If the cocktail menu doesn’t appeal to you, then you will definitely be satisfied with the food options. The menu highlights octopus carpaccio, duck confit, short rib, and pulled pork. French-themed burgers, marinated shrimp, and their artisan cheese boards are the stars of the menu.
Botánico’s atmosphere is a relaxed sophistication with marble touches, porcelain tiles, and natural woods strategically placed throughout. The rainforest green marble bar wraps around the space creating the perfect ambiance. Two expansive patios with lush landscaping will create the perfect al fresco dining experience. The building itself located at 3015 Grand Avenue, Suite 123 is a 3,009 square foot space with 150 seating availability.
Photo Credit: Cocowalk
Hedge Fund Manager Purchases Coconut Grove Waterfront Mansion for $19 Million
Photo Credit: Toni Schrager
Heath Freeman, the Managing Director for a New York-based hedge fund management company (Alden Global Capital), recently joined the Miami luxury real estate market craze. According to county records, Freeman purchased in the gated community of Camp Biscayne of Coconut Grove.
Freeman, also known as the “Hedge Fund Vampire,” received his name from his company’s aggressive and savvy business strategy. This strategy included buying companies, making aggressive budget cuts while laying off its employees.
These companies mainly included media outlets and many have criticized Freeman’s tactics. Alden recently purchased Tribune publishing, a parent company for the Chicago Tribune, and the Sun Sentinel in May for $633 million.
Freeman purchased the waterfront mansion located at 3503 Main Lodge Drive for $19 million while financing $12.4 million through Wells Fargo. The estate was originally built in 2004 and featured a 12 seat theater room, gym, game room, elevator, and an 8-car garage.
Over the years, the 6 bedrooms, 6 bathroom property received renovations and increased the size to 9,700 square feet. The estate features 1 acre packed with wonderful amenities including soaring windows, Italian Marble and hardwood flooring throughout, an expansive eat-in kitchen, library, and a full guest suite.
Photo Credit: Toni Schrager
The bayfront estate also features a 200-foot boat dock, white sandy beach, 60-foot pool, with tropical foliage covering the property to create optimal privacy. The neighborhood itself features 18 homes in the private Camp Biscayne neighborhood. Camp Biscayne is located near Mr. C Miami, Two Park Grove, and Grove at Grand Bay.
Photo Credit: Toni Schrager
The seller of the Camp Biscayne property, David Ivler President of a Miami-based drone manufacturer, purchased the home in 2004 for $1.5 million and later deeded it to his wife in 2007. The property was originally listed for $22 million in March 2021.
Other waterfront homes in Miami have also sold for elevated prices including Spencer Kupferman, CEO of PKWare, purchasing $12.75 million estate while the previous owner paid $3.6 million.
Photo Credit: Toni SchragerPhoto Credit: Toni Schrager
Top Off for WYND 27 and 28 Towers to Begin Soon
A mixed-use, two-tower project in the Wynwood neighborhood broke ground in March 2021. Located at 129 N.W. 26th Street and 127 N.W. 26th Street gives it the names Wynd 27 and Wynd 28. Construction for these towers is set to top off soon.
According to the contractor’s Instagram, Beauchamp’s administrative staff visited the site to sign the beam for the future top-off ceremony. Kusher Companies and Block Capital Group are responsible for the development.
This project will consist of 152 apartments, 46,000 square feet of office space, 33,500 square of retail space, and 232 parking spaces with three roof decks and a large contemporary outdoor courtyard. One building will rise 5 stories and one will rise 8 stories.
The anticipated completion date for this project is Fall 2022. For more information on this new construction project, please contact Lucas Lechuga via email at [email protected] or by phone at 786-247-6332.
Waterfront Mansion in Coconut Grove Breaks Record at $65 Million
Photo Credit: Pacheco-Martinez & Associates
A new record is in the books for Miami-Dade home sales. A waterfront spec mansion just sold for $65 million. Located in Coconut Grove, this home is the highest price sold residential home in Miami-Dade County history.
According to tax records, the property was traded for $50 million but multiple sources stated the home actually sold for $65 million which included the cost of completing construction on the home.
The home is located at 3488 Saint Gaudens Road and was sold by a company that is managed by Isaac Perez. According to the Real Deal and Tampa Bay Times, Isaac Perez is a longtime Key Biscayne resident who is an heir to a Venezuelan oil fortune.
The buyer is unknown but does have a Delaware LLC. Perez’s sister is also listed as the manager of the company.
The estate features 3 parcels totaling 4.3 acres with a pool deck, jacuzzi, boat dock, and outdoor entertaining space with a waterfall.
The lots were originally a part of a larger property that Perez purchased for $18 million in 2013. The 4th lot that a new mansion was built on was separated and sold a year ago for $6.2 million.
The transaction was financed with a $20 million loan from the Maxim Credit Group. This record sale passed the $50 million 2019 sale of the estate at 3 Indian Creek Island Road.
Related Group CEO Lists Coconut Grove Mansion for $33 Million
Photo Credit: The Jills Zeder Group
Related Group’s CEO Jorge Pérez, also known as the “Condo King,” recently listed his Miami home for $33 million. Located in Coconut Grove at 3323 Devon Court in Huges Cove, a gated community south of downtown Miami. Huges Cove features a total of 10 homes, each with custom architecture overlooking Biscayne Bay.
The Venetian-style mansion is sited on 0.92 acres with over 8,000 square feet of living space. With 6 bedrooms and 7 bathrooms, this unique home was built in 1996 as the family home of Pérez. The Venetian style is evident throughout with its beige travertine floors, light, and airy feel throughout, as well as classic touches of Italian artistry.
Photo Credit: The Jills Zeder GroupPhoto Credit: The Jills Zeder Group
The property is truly a dream with resort amenities, including an infinity pool, spa, and gardens all on 482 feet of water frontage. The property also features exclusive water rights, a boat dock, and incredible views of Biscayne Bay.
According to tax records, Pérez originally purchased the home for $1.45 million in 1994. More recently, Pérez has sold his Apogee Beach penthouse for $6 million as well as the Related Group sold their Miami headquarters for $24 million.
Photo Credit: The Jills Zeder Group
The Related Group is a development company that started in Miami in 1979. Over the years, they have built iconic towers that have enhanced the Miami skyline. Related has built and managed over 100,000 condo towers. Their current projects include; They are currently working on 1400 Biscayne, District 225, and Baccarat Residences Miami.
If you or someone you know have an interest in purchasing any of the Related Group units, please contact Lucas Lechuga via email at [email protected] or by phone at (786)247-6332.
