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Terra And Related Boost Construction Loan For Park Grove

Posted by Kevin Krueger on April 7, 2018
Financing totals $112.1M for the 20-story, 71-unit building
  • One Park Grove is the third and final tower of the Park Grove Project that includes Two Park Grove and the Club Residences.
  • One Park Grove, a 20-story, 71-unit building at 2701 Bayshore Drive, is about 50 percent presold, according to the South Florida Business Journal, which first reported the financing. Units will range from about 3,700 square feet to 7,500 square feet and prices start at $4 million.
  • The 297-unit, three-tower complex will feature a 3,500-square-foot restaurant by Miami restaurateur and chef Michael Schwartz, a gym, spa, sauna and steam rooms and a wine tasting room. It was designed by Rem Koolhaas.
  • Terra and Related paid $55 million for the 5.2-acre site in 2013, which included the Coconut Grove Bank headquarters.
  • Prior to the Bank of the Ozarks loan, they secured about $174 million in construction financing for Park Grove between 2013 and 2015.

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