New Development Highlight: Park Grove

ricardo, Aug 1, 2014 6:37:07 PM


Park Grove, a set of 3 new luxury towers designed by Dutch Pritzker-prize winning architect Rem Koolhaas, will break ground in the quiet seaside enclave of Coconut Grove during the first quarter of 2015. Park Grove will sit on 5.2 acres of waterfront at 2701 South Bayshore Drive, overlooking Biscayne Bay, Kenneth Myers Bayside Park and Dinner Key Marina. This Miami Luxury Real Estate project is tucked away from the hustle and bustle of Downtown Miami and Miami Beach, but both are just a short drive or boat ride away.

Each of the three 22-story buildings at Park Grove will feature unique shapes, glass walls and large balconies. Apartments will feature the finest “crafted organic materials” in an elegant minimalism design, a theme being used by interior designer William Sofield, who has previously designed for Tom Ford, Harry Winston, and the SoHo Grand Hotel, to name a few. Unlike that of many new-construction properties in Miami, units at Park Grove come COMPLETELY FINISHED based on the buyer’s preferences.

With over 50,000 sq. ft. of amenity space, including a nautical concierge (to book yachts, boats or sailing lessons), residents will be living a truly luxurious lifestyle in a resort setting. In this vein, Tower 3 will house the Core Club, an elite, private club that has its flagship in New York City. The Core Club, which is considered to be many notches above the popular Soho House, will bring to residents and club members “curated events and speaking appearances by top leaders in diverse industries, private musical performances of acclaimed artists, private movie screenings and epicurean events.” In addition, the Core Club will manage the project’s concierge services, fine dining room, library and lounge area, social spaces, state of the art fitness center, spa, locker rooms and amphitheater outdoor event space. Other amenities include major artworks to be displayed throughout the three towers, butler service, lush gardens by Enzo Enea, a sculpture garden, pools with cabanas, wine cellar with wine lockers for residents, large conference room, business center, and adult gaming room.

Towers 2 and 3 have just been launched in the last few weeks. Tower 1, the most exclusive of the three towers, with only one or two units per floor, won’t be launched until the middle of next year. Tower 2 is a premium tower and, therefore, will higher ceilings (12 feet), larger balconies (20 feet) and larger spaces, ranging from 2,232 sq. ft. to 3,592 sq. (for 2, 3 and 4 bedrooms). Prices start at $2.5 million. Tower 3 has smaller units, including 1, 2 and 3 bedrooms, with 10-foot ceilings. Sizes will range from 759 sq. ft. to 1,359 sq. ft., with prices ranging from $550,000 to $1.5 million.

Two of the most respected developers in South Florida Real Estate, The Related Group and Terra Group, have joined to make Park Grove a great success. No other developments are likely to be built in Coconut Grove, other than neighboring The Grove at Grand Bay, which has largely sold out, given the lack of available space in the quiet enclave.

The payment structure at Park Grove is typical for Miami new construction: 10% at reservation (now), 10% at contract in September, 20% in Q1 2015, 10% in Q2 of 2015, 50% at closing, beginning in early 2016.