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Featured Listing: South-Of-Fifth Beachfront at 321 Ocean Drive Lists for $9.75 Million
The last developer unit at 321 Ocean in Miami Beach's exclusive South-of-Fifth neighborhood has listed for $9.75 million. The unit features 4 bedrooms and 5 bathrooms with a powder room over 4,500 SF. The unit is two stories and features a 400-bottle glass wine room, Gaggeneau and Sub-Zero appliances and upgraded finishes by Poggenpohl. The unit also features ample outdoor space with a private garden and two 10-foot deep terraces with direct views of the Atlantic Ocean and the Miami Beach beachfront skyline. Listing and photos by Cervera Real Estate.
PROFILE Exclusive: Transforming Coconut Grove with David Martin of Terra
PROFILEmiami had the exclusive opportunity to sit down with David Martin, one of the founders of Terra and the mastermind behind Park Grove and Grove at Grand Bay. Find out how he is helping transform Coconut Grove into one of Miami's hottest neighborhoods.
PM: You guys have been integral in transforming Coconut Grove. What do you think of the recent new developments in Coconut Grove and the new energy they have brought?
DM: I think it is about time. I think that the world and the city is realizing a lot of the amazing assets thats Coconut Grove has. It has amazing parks, amazing schools, amazing people. Geographically it is strategically located to a lot of different other neighborhoods as well. Now with the Grove at Grand Bay project that we did, it was big, and now Park Grove with Related, I think that this is developing into a neighborhood with new architecture as well as with some of the old Florida architecture as well. It has a good diversity and design and I think that there is a lot of new restaurants that are coming and a lot of new retail. Coconut Grove is a neighborhood that has a lot of components but it is very quite and peaceful. That quiet innocence is what people are looking for to raise their families, or spend time with their families. A lot of our buyers are empty nesters so they're looking for urbanism and walkability so that tree canopy here and walkability is very important as well.
PM: How did the concept for Park Grove and the partnership between Terra & Related Group come about?
DM: My father (Pedro Martin) and Jorge (Perez) have been very good friends for many years and I have always respected a lot of Related's team so we decided to do this together and we are working to see how we can get the best out of each organization and really put it in place here in Coconut Grove. We are very excited and happy with the partnership. We were both going after the same site and we decided to do it together.
PM: Coconut Grove has seen some great towers be built in recent years. You guys built Grove at Grand Bay next door, what sets Park Grove apart from these other developments? What makes it so unique?
DM: Grove at Grand Bay is 3 acres, this one (Park Grove) is over 5 acres. Park Grove is a little more connected to the retail district and village. The amount of amenities in Park Grove is a significant number so those are some of the unique things. Also the residences, Park Grove's columns are on the exterior of the building while the columns at Grove at Grand Bay are in the interior of the residences.
PM: What is the best feature that residents will enjoy?
DM: Two things, the ceiling heights are pretty significant. Were talking about 12 feet which is an important component. Most of the comparable buildings are 9 or 10 feet. The views and the design of this building is very intellectual and very "amenitized" so I think residents are going to see a lot of see a lot of services here that is unique to other buildings.
PM: What will Park Grove mean to Coconut Grove and Miami in the short & long term?
DM: I think that there is a few things. This development will bring over 200 families to come live and be part of Coconut Grove's urban life. Also the tax revenue from this development is going to create a good financial engine for the city to create projects that will improve people's lives.
PM: Where do you see Coconut Grove's place in Miami in the next 5 to 10 years?
DM: What is interesting about Coconut Grove is that it has very restrictive zoning so I don't see many opportunities. I think that this (Park Grove) is one of the last sites left to really build something of significant scale so most of the Grove is either single family residential or T-5 in the urban district which is 5 stories so overall I think that this is going to be a unique project for many years.
About David Martin & Terra:
Terra is an integrated development firm in South Florida focused on creating sustainable, design-oriented communities that enhance neighborhoods and bring people together. Founded in 2001 by father and son Pedro and David Martin, who have played a significant role in the transformation of South Florida. Terra's portfolio includes luxury high-rises, single family homes, townhouses, retail shopping centers, office space and multifamily apartments, both in urban and suburban areas. Each development is a strategic investment in the region, with the impact on individual communities always carefully considered. Terra has had a recent push in Coconut Grove, Miami Beach, Doral and Weston. Terra has recently developed two new luxury condos that are helping revitalize Coconut Grove, the Bjarke Ingels-designed Grove at Grand Bay and the Rem Koolhaas-designed Park Grove. Terra also developed Glass, a 10-unit condo designed by Rene Gonzalez, in Miami Beach's South-of-Fifth neighborhood. Terra is currently working on Eighty Seven Park, a 70-unit beachfront condo designed by Renzo Piano in addition to other projects.
Read about Park Grove and check out the renderings of the project.
Read about the Park Grove Top-Off.
Developers at Skyrise Request Approval to Build Skyway, Rotating Viewing Pod Attraction
Skyrise, the entertainment mecca to be built in Downtown's Bayfront, has filed to add Skyway to the approved, proposed structure. Skyway would be skyrise's signature attraction, a 20-pod rotating, "modern ferris-wheel," experienced through viewing capsules. There would be 2 revolutions per hour and the pods would rise to a maximum, approved height of 1,049 ft. Plans for Skyway were designed by Arquitectonica and are currently under review.
PROFILE Exclusive: Terra Group Celebrates Park Grove Top-Off With Tour & New Renderings Released
Park Grove, a 3-building joint venture between Terra Group and Related Group, has celebrated the top-off of Two Park Grove as the project continues to transform the Coconut Grove skyline. They also released new renderings of the restaurant which will be by Miami restauranteur Michael Schwartz, which he said will feature a wood-fire grill and will be designed by Meyer Davis. Terra Group also released new renderings of the 5-acre "park" initiative, the lush amenity deck featuring a sculpture park, amphitheater and 5-acres of private, serene, lush landscaping for residents to enjoy, designed by Enzo Enea. According to developer David Martin, residents will notice that 12 foot ceiling height as well as the exterior column exoskeleton design as opposed to interior columns, allowing sweeping glass wall views of Biscayne Bay directly out to the Atlantic Ocean.
"This is developing into a neighborhood with new architecture as well as with the old Florida architecture so it has a good diversity and design. There are a lot of new restaurants that are coming and new retail, so I think that Coconut Grove is a neighborhood that has a lot of components but is very quite and peaceful," said developer David Martin of Terra Group. Stay tuned for our full-interview with David, coming soon.
Check out our in-depth coverage of Park Grove.
David Martin of Terra Group
New Renderings
Fifteen Group Requests to Replat 1836 Biscayne Boulevard, Build Residential Apartments
In a a proposal to Miami-Dade county, Fifteen Group has requested to replat the former Christian Science Chruch site at 1836 Biscayne Boulevard in order to build residential apartment units directly above the existing structure. The proposal would include a 38-story tower with 352 residential apartment units as well as leaving the current church structure and renovating that into 20,000 SF of retail.
New Renderings Released of The Ritz-Carlton Residences Sunny Isles Beach
DBOX has released new renderings of the under-construction luxury-condo project, The Ritz-Carlton Residences Sunny Isles Beach. The 52-story project under, development by Fortune International Group and Château Group, broke ground in the summer of 2016 and is currently 65% sold. The building was designed by Arquitectonica, with interiors by Michele Bönan. The Ritz-Carlton Residences Sunny Isles Beach features 212 condo-units starting at $2.5 million. Units include Caesarstone Quartz countertops and Gaggenau appliances. Amenities include a beachfront restaurant, concierge, personal chef service, fuel-delivery service and a private club on the 33rd floor for residents. The full-floor 52nd story sold for $16.5 million, which features 6,320 SF over 4 bedrooms, 4.5 bathrooms, 15-foot ceilings and 2,095 SF of outdoor space complete with summer kitchen, private garden, infinity pool and breathtaking views of the Atlantic Ocean and Intracoastal. Two units on the 51st floor sold for a combined $21 million to a single buyer, placing 3 of the 5 penthouses under-contract. Completion is expected in 2018.
Patricia & Phillip Frost Museum of Science to Finally Open May 8
The years of waiting and watching are beginning to come to end at Miami's Museum Park as the Patricia and Phillip Frost Museum of Science has finally announced an opening date of May 8. The museum will be the second museum delivered following the Pérez Art Museum Miami (PAMM) which has been received by the public as a major hit and help complete the cultural and art initiatives in Miami's Arts and Entertainment district which also includes the Adrienne Arsht Center for the Performing Arts and YoungArts.
The Frost Museum of Science has been a 5 year project, began construction in 2012 and has overcome many obstacles and roadblocks along the way including a $350 million price tag. Phillip and Patricia Frost had to help cover the rest of the cost of the construction after fundraising efforts failed to raise the necessary funds, missing the expected 2016 completion date. The Frost Museum of Science was designed by Grimshaw Architects, sits on 4 acres and features 4 different buildings in one, divided based on their field of study. There will be a planetarium, aquarium and feature 2 exhibit wings spread over 250,000 SF. The planetarium is 1-of-8 in the world featuring 8K resolution in 3D along with seating for 250 people. The museum claims on its website that it will take guests on a "journey from the ocean to the Everglades, from the human cell to outer space, investigating life as we know it." The building is working toward LEED Gold certification as part of their initiative to create a better planet. Tickets for the May 8 opening day are available on the museum's website.
Russia Top Country Searching For Miami Real Estate Since Trump Election
According to reports, Russia is now the top country searching for Miami real estate since the election of Donald Trump. According to the Miami Association of Realtors®, data shows that Russians have been searching for real estate in Miami once again with Knight Frank reporting a 35% increase in Russian interest in buying luxury properties. The jump in demand stems from expectations of relations improving between the United States and Russia with the new Trump administration. Sunny Isles Beach has a large Russian population, which is reflected in the culture that encompasses the neighborhood. According to the same report, Canadians spent the most on South Florida real estate in 2016 amongst international buyers and 81% o their deals were all cash.
Top-10 countries Searching Miami Real Estate
- Russia
- Colombia
- Venezuela
- Argentina
- Canada
- Brazil
- India
- Philippines
- Spain
- United Kingdom
Paraiso District Overview
Rising quickly and changing the Edgewater skyline is Related Group's Paraiso District, the 11-acre, four-tower, master-planned community that has attracted celebrities, investors and future residents alike. Paraiso Bay was the first tower to top off at 53 floors in November just as Related Group also broke ground on the lush Paraiso Beach Club, which will be the home of Michael Schwartz’s new restaurant. The Related Group also announced plans to dedicate a half-acre of land onsite along Biscayne Bay’s for a public park.
The 4-towers include One Paraiso, Paraiso Bay, Gran Paraiso and Paraiso Bayviews. The buildings were designed by Arquitectonica with interiors by Piero Lissoni and landscaping by Enzo Enea. All of the buildings and the overall Paraiso community include some of the most luxurious amenities include tennis courts, screening rooms, residents' lounges, fitness center(s), bowling alley, spa, yoga room and multiple pools including a 100 ft diameter lagoon pool with "beach" entry. The property will be decorated with works of art and sculptures by Pablo Atchugarry. Closings were originally anticipated to start in mid-2017.
Check out the November top-off of Paraiso Bay and tour the Piero Lissoni renderings of David Guetta's future penthouse.
