July 24, 2015 | South Florida Business Journal
Terra Group’s Eighty Seven Park condo project, on the north end of Miami Beach, exemplifies what the developer is all about: bold design by a star architect, luxury over density, and incorporating a building with its environment.
The Miami-based developer and partners Bizzi & Partners Development and New Valley LLC hired Pritzker Prize-Winning architect Renzo Piano to design the 68-unit, 18-story condominium at 8701 Collins Ave. The Italian’s work includes the Morgan Library in New York City, the NEMO science museum in Amsterdam, the expansion of the Art Institute of Chicago, the California Academy of Sciences in San Francisco, the New York Times Building and the Shard in London. This will be his first project in Florida.
The site is on the ocean and the north side of North Shore Open Space Park, which Terra Group President David Martin considers one of the project’s most attractive features.
“The views are not only of the ocean, but of the nature.” he said.
Piano designed Eighty Seven Park with suspended decks to take advantage of both viewpoints and not to block the public view of the ocean.
Terra Group bought a 230-room hotel there and could have added an additional 100 units. Instead, it opted for a lower density, but with larger spaces, upscale amenities and service that will be modeled after a hotel, Martin said.
“North Beach has a very bohemian atmosphere,” Martin said. “It has great juice bars, great restaurants. It has the feeling Miami Beach had 10 or 20 years ago, and it hasn’t been commercialized. When we bought the property, we were considering building a high-density hotel or condo. We decided to go in line with our philosophy of low density.”
The developer also contributed $10.5 million to the city for improvements at the neighboring park, including a beach walk and public access to the ocean from 87th Street. Residents of Eighty Seven Park will have a private 2-acre park and a botanical garden.
Martin said he’s close to launching sales for Eighty Seven Park after getting strong interest from potential buyers. Douglas Elliman will be broker. Units will average 2,500 square feet. Prices haven’t been determined.
Terra Group has a handful of projects moving forward, all aimed at the luxury market. The Grove at Grand Bay in Coconut Grove is sold out and will be delivered in the fourth quarter, while the neighboring Park Grove – a joint venture with the related Group – is under construction, Martin said. Miami Beach’s Glass is a month from completion and sold out. Atlantic 15 in Sunny Isles Beach is almost finished. The modern Doral single family home community will begin closings in August, while the Botaniko neighborhood in Weston should deliver its first homes in the first half of 2016. Its Doral Commons retail center should open in the fourth quarter.
November 2, 2016 | South Florida Business Journal
While much of Miami and Miami-Dade County can be thought of as new — or relatively new — Coconut Grove is not. It’s one of the oldest, if not the oldest permanent settlement in Miami-Dade, getting its start in the late 1800’s before being annexed by the City of Miami in 1925. And now, more than a century after residents began calling Coconut Grove home, the jungly waterfront enclave is entering its next era as a luxury real estate, retail and cultural hub.
To some extent, the Grove has already seen luxury real estate and restaurant, retail and nightlife hot spots. But a confluence of new developments either set to open or underway, in addition to a high-concentration of local restaurants and the turnover of legacy retail projects to new investors sets the stage for the Grove’s next incarnation.
Miami-based Terra Group is one developer that’s changing the landscape of Coconut Grove. Terra is responsible for the two twisting towers of the Grove at Grand Bay project, which is ready for residents to move in. The Grove at Grand Bay sits on the former Grand Bay Hotel site, a former icon of Grove’s past.
The twisting twins are just down Bayshore Drive from another Terra project, the Park Grove complex which the developer is producing along with the Related Group. The Park Grove condominium project is currently under construction and when complete, will add three high-rises to Coconut Grove’s waterfront.
On the retail side, Coconut Grove’s CocoWalk open-air retail center was acquired last year by Federal Realty Investment Trust in partnership with Grass River Partners and Comras Co. The new owners seek to update CocoWalk and transform the retail center into an integral part of Coconut Grove.
In terms of restaurants, a local outpost of Harry’s Pizzeria from chef/owner Michael Schwartz opened in the Grove, as did the new seafood concept the Spillover from local restaurateur Matt Kuscher.
These join Glass & Vine, a concept led by Miami chef Giorgio Rapicavoli as well as a new concept from Grove marquee Strada, and Ariete, a restaurant from Schwartz alum Michael Beltran. A Panther Coffee also recently opened in Coconut Grove, complementing the two Starbucks locations.
Development is also picking up near Coconut Grove’s gateways. A joint venture between three developers aims to build the Cassa Grove apartment building about a block from the Coconut Grove Metrorail station, and a major mixed-used project near the Douglas Road Metrorail station could be on its way.
Park of the Grove’s appeal is its jungly environment and beautiful architecture, nearby attractions like the Vizcaya Museum & Gardens, the Barnacle Historic State Park and the Kampong National Tropical Botanical Garden play off of the landscape and architecture.
Coconut Grove also has a history as a Bahamanian enclave, and recent efforts have sought to highlight the neighborhood’s diversity. Last year was the opening of the Coconut Grove Village West Visitor Center and the Kroma Gallery.
These are just some of the variety of projects and renovations coming to Coconut Grove. It’s safe to say that in a couple years, the area that Grovites know and love will have a few new neighbors.
Want to check out other hot areas in South Florida See our neighborhood tours of Miami Beach, Delray Beach, Wynwood or Fort Lauderdale's FAT Village.