Some developers are holding off new projects as the economy slows.

But Coconut Grove-based development firm Terra has started construction on the $185 million Mr. C Residences Coconut Grove, according to a press release.

The waterfront condo tower, at 2655 S. Bayshore Drive, will rise 20 stories and have 118 residences.

It is the first residential project for Mr. C, the upscale hospitality brand created by the fourth generation of Italy’s Cipriani family. The nearby Mr. C hotel, designed by Arquitectonica and developed by principal Bernardo Fort-Brescia, opened in 2019.

“Mr. C Residences will reflect Terra’s commitment to design excellence and connectivity in one of South Florida’s most walkable neighborhoods,” said David Martin in a press release, the president of Terra.

The units start at $600,000 for a 650-square-foot one bedroom, one bathroom condo. Amenities will include a gourmet market, juice bar, Bellini Bar, 24-hour doorman and security, 24-hour valet, pool, Billiards room, library, cinema and business lounge.

The project is Terra’s second launch this month; just last week, the firm started construction of Canopy Park, part of its 500 Alton development in Miami Beach.

Martin told the Miami Herald last week that he remains bullish on the condo market, pointing to condo sales for Park Grove — another Terra project — totaling $300 million in the last 60 days.