November 9, 2017 | South Florida Business Journal
By: Brian Bandell
Read on: bizjournals.com/southflorida
Coconut Grove, one of Miami’s most active neighborhoods for investment and development, has been added to the Business Journal’s Crane Watch map.
Crane Watch is an interactive map of real estate development projects that are proposed, under construction or recently completed. Click on each point on the map for information about the projects, including a link to recent media coverage.
The Business Journal found 18 projects in Coconut Grove, with seven of them under construction and the rest proposed. The area covers from Biscayne Bay west to U.S. 1 near the Coconut Grove Metrorail Station.
“When you think of healthy livable neighborhoods you think about the character of Coconut Grove, the amount of park space, the walkability it has, and the income demographics,” said David Martin, co-president of Terra, which has its offices in the neighborhood and is the developer of five projects there.
Martin, who grew up in Coconut Grove, said the zoning for lower heights and density compared to downtown Miami limits the competition there, creating great value for projects. Having great schools, a tropical setting and the water are other advantages, he added.
After selling out and completing Grove at Grand Bay, Terra and partner Related Group have the Two Park Grove and Park Grove Club Residences condos on track for delivery in the first quarter. The developers broke ground earlier this year on One Park Grove. All three Park Grove buildings are a combined 85 percent pre-sold, Martin said.
While condo projects in downtown Miami are usually geared towards foreign buyers, Martin said his Coconut Grove condos have attracted mostly local buyers. Many older empty nester couples in wealthy neighborhoods are ready to move out of single-family homes into condos, so he made sure units in Park Grove were fairly large.
The Crane Watch map has nine multifamily projects in Coconut Grove, with seven of them purely residential and two of them part of mixed-use buildings. In total, they have 951 units.
Nick Hamann, the principal of Urban Atlantic Group and a Coconut Grove resident, said he and partner Oak Ventures selected the neighborhood for their 52-unit Arbor condo project because it offers an attractive alternative to busy downtown. Coconut Grove doesn’t have the traffic congestion of downtown, but it’s a short distance from the Brickell Financial District.
“People are saying, ‘I may be able to work in Brickell, but I want a little easier pace when I get back home,” Hamann said. “The Grove has done a good job at keeping the density in check."
The Crane Watch map has six office projects in Coconut Grove, with four of them in stand-alone office projects and two of them as part of mixed-use projects. They would total 473,000 square feet, although one of the rezoning proposals doesn’t have a size allocation yet.
Martin, who is building the Mary Street office building on a repurposed parking garage, said Coconut Grove is attractive for employers because the neighborhood is walkable, has good restaurants, and many local executives live there.
For retail and restaurant space, Crane Watch has two stand-alone projects in Coconut Grove and another seven projects with retail/restaurant space on the ground floor. All told, the retail/restaurant space would total 134,000 square feet.
CocoWalk is reducing its retail space to create an office tower that would have new retail on the ground floor.
Coconut Grove also has one self-storage project and a hotel that would be part of a mixed-use transit-oriented development.
South Florida Crane Watch now has 145 projects in downtown Miami, Brickell, Edgewater, Wynwood, the Arts & Entertainment District, Midtown Miami, eastern Overtown, and Coconut Grove. Additional areas will be added in the future.