Terra Group and Related Group Collaborate on Triple Tower Project in Coconut Grove
Jul 14, 2014 July 14, 2014
The Related Group and Terra Group are joining together with plans to build a three-tower luxury condo project in the Coconut Grove area in early 2015.
Park Grove, the project's official name, is the first project that this duo has collaborated on, even though Pedro Martin, of Terra, and Jorge Perez, of Related, have been long time friends.
The plan is to create three towers; two with 20 stories and 72 condo units, and one with 20 stories and 140 units. The site, located at 2701 South Bayshore Drive, was the previous location of the Coconut Grove Bank, which is being relocated elsewhere.
Related and Terra plan to be obtain certification from Leadership in Energy & Environmental Design, or simply LEED, for Park Grove's environmentally friendly measures.
Some notable features include a large pool with cabanas, a wine cellar, and lockers, along with concierge, valet, and butler services.
One of the 72-unit towers is already accepting reservations. Already 30% of the units have been reserved since May. Prices range from $2.1 million to $4.6 million, with higher rates for penthouses. About 20% of the 140-unit tower is already reserved as well.