Miami-based CMC Group, led by real estate developer Ugo Colombo, has obtained a $239 million construction loan from Bank OZK to continue the development of Vita at Grove Isle. This luxury condominium project, currently under construction at 5 Grove Isle Drive on the private island of Grove Isle, near Miami’s Coconut Grove, will consist of a seven-story building with 65 waterfront residences, each boasting panoramic bay views and high-quality finishes. The project, which broke ground in April 2023, is progressing with vertical construction and is slated for completion by late 2025. Ceco Concrete Construction is the project’s shell contractor alongside Florida Concrete Unlimited as the concrete contractor, and Cemex provides concrete materials.
With over 70% of the residences already pre-sold, Vita at Grove Isle is emerging as a coveted address. The development will feature a range of units, including three-, four-, and four-plus-den-bedroom condominiums, twelve penthouses with private rooftop pools, and up to 6,600 square feet of living space. Residences start at $5.7 million, with penthouses beginning at $19.5 million.
Vita at Grove Isle is a testament to CMC Group’s deliberate pace of development, focusing on a limited number of projects to ensure quality and attention to detail. The partnership with Bank OZK reflects a strong financial foundation and the potential for future collaborations.
The project team includes global architecture and design firm CallisonRTKL, local architectural firm S & E Architects, and Italian interior designers A++ Architecture, led by Carlo and Paolo Colombo. The three-building complex, Mare, Luce, and Sole, is designed to offer boutique living in harmony with the island’s natural landscape, offering expansive views of Biscayne Bay.
Residents’ amenities include a private bayfront pool, fitness center, spa, children’s playground, and the Vita at Grove Isle Club. This includes a club pool, bar, and courts for tennis, padel ball, and pickleball. The development will also offer a gourmet restaurant and bar, open to the public, and a private marina.
The residences focus on privacy and luxury, including private elevators, Italian-designed kitchens, elegant bathrooms, soundproofing, and smart home technology. Large waterfront terraces and substantial private rooftop spaces in penthouses are designed for outdoor living.
Grove Isle is a 20-acre gated community known for its serenity and views, conveniently located near Miami’s prime shopping, elite schools, and entertainment venues in Brickell, Miami Beach, and Coral Gables.
Bilzin Sumberg represented the developer in securing the construction loan. Records show it replaces a $38.5 million loan Bank OZK originally provided in 2021.