Miami-based Terra and AB Asset Management have secured a $43.2 million refinancing loan for Residences in the Grove, a 148-unit residential building planned at 2835 Tigertail Avenue in the heart of Miami’s Coconut Grove neighborhood. The financing provided by the City National Bank of Florida and KS Finance Corporation will fund preliminary demolition and site work in preparation for the project’s groundbreaking. Construction of Residences in the Grove is estimated to get underway later this year, with completion slated for 2025.
Designed by Arquitectonica, the five-story development will boast a beautiful design centered around a coral rock façade and sustainable features that will blend in seamlessly with Coconut Grove’s existing landscape and tree canopy. The project will include approximately 22,000 square feet of wellness-focused street-level retail space.
Residences in the Grove – 2835 Tigertail Avenue. Designed by Arquitectonica.
“Our ability to secure favorable financing for Residences in the Grove speaks to the growing demand for residential product in the thriving Coconut Grove district, which is home to walkable streets, top-tier schools, and some of Miami’s most exciting retail and dining destinations,” said David Martin, CEO of Terra. “Terra has been on the front lines in reinvigorating Coconut Grove dating back nearly a decade and we’re excited about continuing that tradition with this new development.”
Residences in the Grove – 2835 Tigertail Avenue. Designed by Arquitectonica.
Residences in the Grove – 2835 Tigertail Avenue. Courtesy of Terra, AB Asset Management.
“Coconut Grove is experiencing a surge of demand as people and businesses continue to move to South Florida. Terra was one of the first developers to recognize Coconut Grove’s potential as a mixed-use destination, and the firm has delivered several residential and commercial projects that are bringing the district to life,” said Gary Fitzgerald, Executive Vice President, Real Estate Banking Executive at City National Bank of Florida. “When you consider the neighborhood’s appeal, the strength of Miami’s residential market, the quality of this location, and Terra’s track record, the decision to finance this transaction made perfect sense.”
Residences in the Grove – 2835 Tigertail Avenue. Designed by Arquitectonica.
Residences in the Grove – 2835 Tigertail Avenue. Designed by Arquitectonica.
Terra’s portfolio of residential and commercial developments throughout Coconut Grove includes the Bjarke Ingels-designed twisting towers of Grove at Grand Bay, the Rem Koolhaas/OMA-designed Park Grove condominium towers, and the Touzet Studio-designed Mary Street class A office building. Terra is currently developing the two-tower Mr. C Residences condominium. Grove Central is a mixed-use transit-oriented retail and residential development slated for completion later this year.
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