CMG Group, led by Ugo Colombo, has locked down a $239 million construction loan for Vita at Grove Isle, an ultra-luxe boutique condominium under construction on the exclusive private island of Grove Isle situated just offshore of Miami’s Coconut Grove neighborhood. The financing was provided by Bank OZK to fund the ongoing development of the seven-story condominium, which will encompass 65 waterfront residences showcasing unobstructed panoramic bay views, exquisite detailing, and the highest quality materials and craftsmanship. Following its groundbreaking in April 2023, vertical construction of Vita at Grove Isle is already well underway, with completion on track for late 2025.
Buyers are responding to Vita at Grove Isle’s brand of intelligent and quiet luxury, with more than 70% of the development’s residences already pre-sold to residents hailing primarily from the United States. Vita’s prime private-island waterfront location in one of Miami’s most desirable neighborhoods, combined with CMC Group’s stellar track-record of delivering sold-out high-quality construction, neighborhood defining condominium communities, created a powerful combination that put the developer in position to secure favorable financing.
Vita at Grove Isle will include three-, four-, and four-plus-den-bedroom condominiums, with a collection of twelve exclusive penthouses boasting private rooftop pools measuring up to 6,600 square feet in size. Residences start at $5.7 million, with penthouses priced from $19.5 million.
“Over the years, our team at CMC Group has made a habit of developing at our own pace – one or two buildings at a time – a strategy that is very much by design. We are globally recognized for the painstaking level of planning and quality execution that goes into each of our developments, and we are continuing that tradition with Vita at Grove Isle, where no detail has been overlooked,” said developer Ugo Colombo, Founder of CMC Group. “We’ve been pleased with our long-standing relationship with Bank OZK and look forward to working with them again in our future development endeavors.”
Ugo Colombo’s commitment to timeless style, breathtaking luxury and meticulous detail has been a constant in the sea of change that has come to define Miami real estate over the past three decades. In 1993, the Italian developer’s CMC Group began building Bristol Tower, the condo that ignited the luxury residential boom in Miami. Bristol Tower’s success was followed by the launch of Santa Maria in 1996, the 52-story tower whose ‘mansions in the sky’ reshaped the Brickell skyline and put the district on the map as one of the world’s top-tier luxury markets.
Penthouse Terrace
Since then, the firm has focused on developing only a handful of condominium developments – Porto Vita, Grovenor House, EPIC Hotel & Residences and Brickell Flatiron – all of which enhanced their respective communities and retained value by competing with pricing of new product on the market today. The firm is currently building another luxury boutique condominium in partnership with Morabito Properties, Onda Residences in Miami’s Bay Harbor Islands, which is expected to be completed in early 2024.
For the design of Vita at Grove Isle, Ugo Colombo has partnered with global architecture and design firm CallisonRTKL, local architectural firm S & E Architects, and Italian designers Carlo and Paolo Colombo of A++ Architecture to create one-of-a-kind interior and amenity spaces. Composed to showcase a single architectural structure, the three buildings – Mare, Luce, and Sole – will offer a boutique living experience enveloped by lush, native landscaping. The building’s design mirrors its unique Grove Isle location, inspired by the natural contours of the island in its elegant, curved shape while maximizing views of the sparkling Biscayne Bay.
Resident amenities at Vita at Grove Isle will include a private bayfront pool, poolside bar and lounge, a state-of-the-art fitness center and spa, a children’s playground, and a membership to the “Vita at Grove Isle Club,” which offers a Club pool and adjacent bar, and additional amenities including night-lit tennis, padel ball and pickleball courts. Residents and their guests will also have access to a gourmet restaurant and bar serving lunch, dinner, and cocktails, which will also be open to the public, as well as access to the island’s private marina.
The level of planning that has gone into Vita at Grove Isle’s location and amenities is matched only by the detail paid to its design. Every residence will include private elevators with a private foyer; contemporary Italian-designed open concept kitchens with concealed top-of-the-line appliances; elegant bathrooms with custom Italian cabinetry, European designer fixtures, hand-selected book matched marble, and masterfully crafted Italian stonework; at least 10-foot-high ceilings; pre-installed smart home technology including lighting, climate control and water/air filtration systems; high-performance interior wall soundproofing for ultimate relaxation and privacy; and large 13-foot-deep waterfront terraces – and up to 6,000 square feet of private rooftop space in penthouses – allowing for year-round outdoor dining, lounging and entertaining.
Grove Isle is one of the most exclusive residential locations in Miami. Spanning 20-acres, the gated private island in Coconut Grove is just minutes away from mainland Miami via the scenic Grove Isle Drive bridge. The secluded community is highly prized by residents as a peaceful haven with panoramic bay views. The island is in close proximity to Miami’s best shopping, most elite schools, chef-driven restaurants, and entertainment destinations in areas such as Brickell, Miami Beach, and Coral Gables and has been described as one of the most affluent neighborhoods in the United States.
Images via CMC Group