This is the second post in my three part series on the revival of the Coconut Grove waterfront. I started with a general update on the initial waterfront plan and the parks and public spaces in Part 1.  Today I will update you on some of the developments happening in  the private sector and how condos and retail are influencing the waterfront’s revival.

As I noted in the last post, The Coconut Grove Waterfront and Spoil Islands Master Plan called for an estimated 170 million of improvements.  If you follow me, you might have seen me write a few articles on the topic over the last 3 years:

One of the things I did not discuss in these posts is what is happening with condo development and how that influences the Grove’s changes. Until recently, We have not seen any significant change in the Condo scene along bayshore since the Grovenor House opened for occupancy in 2006. Since then the Grove at Grand bay added ~100 residences (96 to be exact) to the Bayshore Drive strip. While many are now being resold by investors or having the interiors finished, you can start to see signs of life on the balconies and lights on here and there in the evenings. As the year continues this buildings will come to life.

Next up is Bayshore Grove Luxury Rental Apartments.   Terra Group second of three projects that is redefining Bayfront Drive. If you are a long term resident of the Grove or a University of Miami Graduate, no doubt you went to a party at some point at the Summer Hill Apartments.  The property was sold in 2014 to the Terra Group. While initial speculation was the property would be torn down, David Martin of the Terra Group stated shortly after the purchase of the property that “Part of Terra’s mission is to find strategically located income-producing properties to reposition, hold and manage over the long term.” Well that is certainly what they have done. The building and units have undergone a major renovation and are now leasing in the luxury rental category. With a 98 units and a variety of floor plans up to 2-2, this pet friendly rental building has all the making of a Modern day Melrose Place and is sure to be a draw for up and coming young professionals looking for a Brickell/Downtown alternative .

As the twisted pair began to rise at the Grove at Grand Bay site, Terra’s plan for their third Bayshore Drive project emerged. The Park Grove Residences is now well under way at the site of the Long Standing Coconut Grove Building. You can see in my photographs below that the retail component of this project is near completion as Park Grove Towers Two and Three rise in the distance. The pace of constructions seems to be blistering with the towers adding floors by the week. I expect we will soon see the opening of the new Coconut Grove Bank flagship / headquarters location in the coming weeks. As per the original plan, we will then see the baby blue 5 story building demolished to make way for the final Park Grove One Tower. Once completed these towers will add an additional 298 units to the Bayshore strip. 

All told that is 600 new units in the Grove by 2020. Not great for traffic, but will certainly help continue to support and sustain the Grove’s re-emerging  entertainment, dining, and retail growth. Speaking of which, up next I’ll share what I know of the future retail and dining developments coming soon along the Grove’s waterfront. More Pictures Below.

Work with an experienced and trusted luxury Coconut Grove specialist as you explore real estate opportunities in Miami’s most sought after communities. Call today for a buyer or seller consultation with the Jill Penman Group at 305.547.8587.  My expertise in local real estate and the global luxury market delivers extraordinary service that has firmly established my brand as an international luxury real estate leader for the past 14+ years. Read more about how I tirelessly chase the results that matter most to our clients and reach out to experience this for yourself.