As Miami’s Coconut Grove neighborhood reinvents itself with new condos, restaurants and shops, one of the area’s deepest-rooted developers is adding to the mix with what it sees as the missing link in the district’s continued revitalization: its first newly built Class A office building since 1989.
Following the successful closing of $32 million in financing from BB&T Bank, a partnership led by Miami-based Terra will launch construction in August at Mary Street, a new Class A office and retail complex in Miami’s Coconut Grove neighborhood.
The Touzet Studio-designed project will transform a parking garage into 78,000 square feet of contemporary Class A office space with 18,000 square feet of retail space, while preserving public parking use. The mixed-use Mary Street office complex is the latest example of “adaptive reuse” infill development in Miami. Construction is expected to begin in early August and be completed in late 2018.
Developed in partnership with Mayfair Real Estate Advisors, Mary Street will mark the first delivery of new Class A office space in Coconut Grove in more than 20 years, following the completion of the new Grove at Grand Bay condominium two blocks away. Mary Street, Grove at Grand Bay and Park Grove, a nearby three-tower luxury residential complex being developed by affiliates of Terra, represent a new wave of design-driven urban infill development reflecting Coconut Grove’s strong residential demographics and allure as one of South Florida’s most walkable and self-contained urban neighborhoods.
“Our ability to secure favorable construction financing for Mary Street speaks to the promising office market dynamics in Coconut Grove, the project’s superior location, and the surge of interest we’ve received among prospective tenants within months of unveiling our plans,” said David Martin, president and co-founder of Terra.
Plans for Mary Street’s redevelopment include three floors of Class A office space offering panoramic views of Biscayne Bay, Downtown Miami, Central Coconut Grove and Coral Gables. The building’s amenities include a state-of-the-art main lobby, 24-hour security, ample above ground public and office parking, covered valet and dropoff, and dedicated elevators with direct office access. Electric car charging stations, bicycle stations and bicycle storage will be available for employees, owners and guests who travel by eco-friendly means.
The development’s revamped retail, which will include prime street-level frontage along Mary, Oak and Rice streets, will cater to chef-driven restaurants with café seating and unique retail serving Coconut Grove’s residents, visitors and daytime workforce. The retail component will connect the luxury residential corridor along South Bayshore Drive with the neighborhood’s urban heart concentrated along Grand Avenue and Main Highway.
Touzet Studio’s design for Mary Street will replace the building’s existing parking garage architecture with a newly designed modernist structure that compliments the design of the surrounding Coconut Grove neighborhood. The building will feature a terracotta brise soleil whose vertical patterns mirror the contours of a seashell, with transformed retail storefronts that will enhance visibility and accessibility from the street.
The architectural firm, led by Principals Carlos Touzet and Jackie Touzet, has spearheaded the design of some of Miami’s most notable properties, including 1800 Lincoln Rd., the new Nike and Apple stores on Lincoln Road Mall, and the renovations of the Delano Hotel and the Raleigh Hotel in Miami Beach. Other projects include the design of Wynwood Plant, a new mixed-use development in Miami’s Wynwood neighborhood, and Brown Jordan’s flagship store in the Design District.
For office leasing opportunities, contact Chris Dekker of Mayfair Real Estate Advisors at 949-350-9697. For retail leasing opportunities, contact Sara Wolfe of Koniver Stern Group at 305-799-9883. Learn more at www.marystreetcoconutgrove.com.
