Miami’s leafy Coconut Grove — long composed of single-family residences — is seeing a new wave of condo development.
It’s no surprise, given the success of Grove at Grand Bay, an expanse of 98 dwellings in twin 20-story towers that’s nearly sold out (one penthouse remains, for $28 million). Other draws — including CocoWalk’s redevelopment into an upscale destination for dining, shopping and entertainment, along with the community’s coveted location near other Miami attractions — has luxury builders leaping. “You’re very close to Miami Beach and Brickell, but you don’t live in that chaos,” notes Cervera Real Estate’s Karen Elmir, who hails from Coconut Grove herself.
And “pretty much all the best schools are there,” adds Douglas Elliman’s Jay Parker, who’s representing two new developments. One, the OMA/Rem Koolhaas-designed Park Grove, will have 276 units and prices from $1.95 million for one-bedrooms.
The other, Arbor — a verdant 52-unit residence with interiors by Samuel Amoia and prices from $799,000 (for two-bedrooms) — broke ground last month. The Fairchild Coconut Grove, meanwhile, offers 26 homes with private outdoor spaces and roomy walk-in closets (three-bedrooms from $1.6 million).