CEO of Terra Group Sells Grove at Grand Bay Penthouse for $17.9 Million

CEO of Terra Group David Martin recently sold his penthouse at Grove at Grand Bay for $17.8 million.

The 9,541-square-foot, five-bedroom apartment at 2675 South Bayshore Drive was sold under the name GBPH Investments LLC.

Records show that a trust run by James Zubok and Leon Medzhibovsky purchased the penthouse. Medzhibovsky is a partner at DLA Piper and Zubok is a private equity investor.

David Martin’s penthouse had been advertised on and off for years, with a $28 million asking price at one point while the tower was still being built. Eloy Carmenate, Mick Duchon, John Gomes, and Fredrik Eklund brought it back to the market for $25 million in 2018 then for $19.8 million in late 2019. Summer of 2022, the unit was listed at $26 million.

The penthouse unit features 12-foot ceilings, floor-to-ceiling windows all around it, a rooftop pool, and 12-foot doors. Although Martin’s purchase price for the penthouse is unknown, developers frequently receive a sizable discount on their apartments. The price per square foot of the unit was roughly $1,900.

The Bjarke Ingels-designed project, a pair of 20-story twisted towers overlooking Biscayne Bay in Coconut Grove, was constructed by Martin’s Terra. The construction was finished in 2016. Billionaire Mike Fernandez, former baseball star and real estate investor Alex Rodriguez, and Martin’s father, Pedro Martin, have all purchased properties.

Since finishing Grove at Grand Bay, he has collaborated with Jorge Pérez’s Related Group to construct the three Park Grove towers in Coconut Grove and is currently constructing the Mr. C Residences condo towers close by. On the north side of U.S. 1 and 27th Avenue, a mixed-use apartment building with retail space called His Grove Central is also being built.

Outside of Coconut Grove, Terra is involved in a number of projects. The 15.5-acre land owned by Genting Group in downtown Miami is scheduled to be purchased for more than $1.2 billion by a group led by the company and Martin. The transaction, where Martin most likely intends to build a sizable mixed-use community, is anticipated to finalize later this year.

Grove at Grand Bay is Done, Receives Temporary Certificate of Occupancy

Grove at Grand Bay seen from Park Grove. By Sean McCaughan.

The two twisting towers known as Grove at Grand Bay, which in their short lives have already become iconic Coconut Grove landmarks, have received their temporary certificate of occupancy, with closings beginning this week. They were originally going to be Danish architect Bjarke Ingels’ first completed project in the Americas, but due to construction delays were beaten out by Via  57 West in New York. The buildings have been entirely sold out for a while, except for the last remaining penthouse, a $28 million unit which developer David Martin had originally intended to keep for himself. According to Martin, who spoke to Real Deal, interior build-outs should be completed within three months, with move-ins expected in the next four to six.

Flying Around Grove at Grand Bay

Grove at Grand Bay. Photo by Sean McCaughan.

Who can remember cruising down Brickell Avenue when they were kids, or at least with their kids, and looking for ‘the building with the hole in it?’ Because of how unusual a hole in a building was, and its feature role in the opening credits of Miami Vice, the Atlantis Condominiums designed by Arquitectonica reached worldwide iconic status. Flying around Grove at Grand Bay by drone, designed by Bjarke Ingels, it’s obvious that this pair of buildings may achieve the same fame with their own architectural trick. They twist, and it’s fantastic.

Grove at Grand Bay is only a few months away from completion. The last unit still available is the massive penthouse in the south tower, with six bedrooms, a spa, private pool, wine room, library, media room, two home offices, study, etc. etc. It’s listed for $25 million.