Optimum Group Hosts Groundbreaking Ceremony for “The Optimum,” Their New Coconut Grove Office Tower

Optimum Group, a global real estate investor and leading developer, hosted a formal groundbreaking ceremony and champagne reception to celebrate the construction commencement of The Optimum, a new class A office tower in Coconut Grove. Mayor Tomás Pedro Regalado spoke briefly on Coconut Grove’s rich history and Optimum’s commitment to enhance the neighborhood’s revitalization as well as company’s ongoing contribution to evolve South Florida communities and growing businesses.

“As the first new Class A office building in over 25 years that fulfills the much-needed commercial and retail component in ‎the center of one of Miami’s most historic community, ‘The Optimum’ is our response for those who are looking to live, work and play in the neighborhood,” said Ricardo Tabet, ceo of Optimum Group. “The space will not only complement The Groves’ lush landscaping and understated aesthetic, but will contribute to the neighborhood’s electrifying renaissance.”

The Optimum is a 5-story, class A office tower in the heart of the Grove. The Optimum is being designed by Arquitectonica, who took cues from Coconut Grove lush folliage including raking the buildings’ facades in natural cement and wood to blend seamlessly into Coconut Grove. The development will entail 44,000 SF of office space and 6,500 SF of ground floor restaurant space which is expected to feature a high-end restaurant along with a rooftop lounge that offers dramatic, panoramic views of Biscayne Bay. Optimum Development USA paid $8.5 million for the assemblage in 2014 and has since taken a $21.5 million loan on the property. The Optimum is located at 3480 Main Highway in Coconut Grove and is expected to be completed by 2018 with occupancy in just 16 months. 

Francisco Suarez, Ricardo Tabet, Mayor Tomas Regalado & Wilfredo Gort

Charles Khabouth, Danny Soberano, Francisco Suarez, Raquel Regalado, Wilfredo Gort, Ricardo Tabet, & Mayor Tomas Regalado

Ricardo Tabet

Francis Suarez, Raquel Regalado, Wilfredo Gort, Ricardo Tabet, Mayor Tomas Regalado, Anna Caruso, & Igor Jozsa

Construction Update: The Optimum, Coconut Grove's New Arquitectonica Designed Office Development Breaks Ground

Optimum Development USA celebrated the ground-breaking and start of construction of The Optimum, a 5-story, class A office tower in the heart of the Grove. The Optimum is being developed by Optimum Development USA, led by Ricardo Tabet, and was designed by Arquitectonica. The development will entail 44,000 SF of office space and 6,500 SF of ground floor restaurant space which is expected to feature a high-end restaurant along with a rooftop lounge that offers dramatic, panoramic views of Biscayne Bay. Optimum Development USA paid $8.5 million for the assemblage in 2014 and has since taken a $21.5 million loan on the property. The Optimum is located at 3480 Main Highway in Coconut Grove and is expected to be completed in 12 to 14 months. 

Sales Update: Terra’s Bayshore Grove Luxury Rental Tower in Coconut Grove is Now 80% Leased

Terra has announced that their 98-unit, Bayshore Grove luxury rental tower in Coconut Grove is now 80% leased. 6 months ago Terra completed a full-scale renovation of the 7-story building on South Bayshore Drive. Situated in the heart of Coconut Grove, just across from the Grove Key Marina, and walking distance to the waterfront, nearby parks, and the neighborhood’s growing collection of new restaurants, boutiques and nightlife venues. Bayshore Grove is capitalizing on the influx of new residents moving to the neighborhood, long known for its bohemian attitude and laid-back waterfront lifestyle. The property is attracting renters who work in Coconut Grove, Brickell, Downtown Miami and other adjacent neighborhoods.

“We’re seeing strong demand from local millennials – university students, young professionals, area employees – who can’t necessarily afford to buy a new luxury condo but still want to take advantage of everything Coconut Grove has to offer,” said David Martin, president of Terra. “Bayshore Grove’s tenants value the Grove’s live-work-play lifestyle; they want to ride their bike to work, walk to the grocery store, take the train to school or a meeting downtown, meet up with friends for dinner and drinks around the corner, enjoy a jog through the park. Everything they need on a daily basis is all within reach.”

Bayshore Grove features 16 different floor plans with monthly rates for one-bedroom units available from $1,950, and two-bedrooms starting at $2,950. Apartment features include hardwood-style flooring throughout; modern designer kitchens with granite countertops and stainless steel appliances; contemporary bathrooms with cantilever white vanities; impact widows and sliding glass doors; and large balconies featuring beautiful skyline and bay views. Amenities include a beautifully canopied deck with pool, cabanas, loungers, and grills; clubroom lounge area, state-of-the-art gym, bike storage, 24-hour full service concierge, outdoor yoga/flex space, covered parking, along with available valet dry cleaning and complimentary weekly laundry service for all units; wash, fold and delivery.

Terra Closes on $32 Million Construction Loan, To Break Ground on Mary Street Office Complex in Coconut Grove

Following the successful closing of $32 million in financing from BB&T Bank, a partnership led by Miami-based Terra will break ground on construction next month 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 2017 and be completed in late 2018. Mary Street is being developed in partnership with Mayfair Real Estate Advisors, and will mark the first delivery of new Class A office space in Coconut Grove in more than 20 years, following the completion of Terra's 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.

Mary Street's Touzet Studio design 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 building’s amenities include a state-of-the-art main lobby, 24-hour security, ample above ground public and office parking, covered valet and drop-off, 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.

“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.