Terra and The Related Group, the partners behind Coconut Grove’s premier bayfront residential tower, One Park Grove, have paid off $112 million in construction financing for the newly completed third and final phase of the luxurious, five-acre Park Grove residential community designed by award-winning architects OMA and Rem-Koolhaas in Miami.
Unit closings now are underway and moving quickly at the 23-story tower as buyers take ownership of their residences, begin interior build-outs, and prepare to move into one of Miami’s most desirable residential neighborhoods.
The loan, which was issued in 2018 by Bank of the Ozarks, helped fund the development of the 66-unit tower. More than 80 percent of contracts at One Park Grove have closed in the past 60 days, with unit sales representing over $245 million in total transaction volume. A limited supply of remaining residences are available from about $2.7 million.
“Our ability to pay off our financing shortly after completion speaks to the strength of One Park Grove’s development and design teams, and to the high-demand we’ve seen for this one-of-a kind iconic development,” said developer David Martin, CEO of Terra. “OMA and Rem Koolhaas had such a powerful vision for this project, and we are thrilled by the response from our owners from across the U.S. and around the world.”
Delivery of One Park Grove marks the completion of the Park Grove residential community, which includes a total of 271 units across two additional towers: Two Park Grove and the Club Residences. The 98 percent-sold multi-tower development is the first collaboration between two of Miami’s most notable developers, Terra and The Related Group, and the first-ever residential undertaking in the United States by OMA and Rem Koolhaas.
“Park Grove’s launch in 2016 ushered in a new era for Coconut Grove, serving as bold and refreshing addition to the historic neighborhood – now, the completion of One Park Grove and swift loan payoff affirms the project as second to none,” said Jorge M. Perez, CEO of The Related Group. “The design, architecture, art and lifestyle experiences are just some of the factors driving the project’s sales success, which remains robust despite the current headwind.”
Located at 2701 S. Bayshore Dr., One Park Grove features 66 waterfront residences surrounded by multilevel gardens and lush outdoor spaces envisioned by landscape architect Enzo Enea. With interiors by Meyer Davis Studio and kitchens and baths by William Sofield, the building’s residences feature impeccable craftsmanship and design.
Upscale amenities include a two-acre private park, outdoor amphitheater, indoor and outdoor lounges, private screening room, wine tasting room with private bottle storage, fitness center and spa, indoor and outdoor yoga, children’s playroom, and a restaurant concept featuring culinary delights created by James Beard Award-winning Chef Michael Schwartz.
The three-tower Park Grove development has transformed the Coconut Grove skyline with architecture by Pritzker Prize winning architects OMA and Rem Koolhaas. Built around a five-acre park-style campus, the towers feature exterior column exoskeleton design as opposed to interior columns, allowing sweeping glass wall views of Biscayne Bay directly out to the Atlantic Ocean.
For more information on One Park Grove, visit www.oneparkgrove.com or visit the development’s sales gallery at 2850 Tigertail Avenue, Miami, FL 33133.