Grove Central, located at the intersection of US-1 and SW 27th Avenue, includes a 23-story residential tower with 402 multifamily, workforce and co-living units, a new 1,250-space public parking garage, and approximately 170,000 square feet of neighborhood retail.
The property sold for $7,700,000.
Leo Reilly and Robert Hunter, investment specialists based in Marcus & Millichap’s Fort Lauderdale office, had the exclusive listing to market the property on behalf of the seller.
Colliers Vice President Virgilio Fernandez represented the seller and the buyer in the transaction.
The office with retail component including a rooftop venue will bring sophisticated work/play experiences to Coral Gables’ Merrick Park district. Groundbreaking is scheduled for Q4 2023 with completion in 2025.
Drawing from the rich history and heritage of the Shelborne South Beach, the Development Team is committed to preserving the Hotel’s 1940 Art Deco distinction and authentic charm, while modernizing the Hotel.
The project is one of the few retail, office, and residential developments that is accessible by boat in Miami.
Steven Hurwitz, Doug Okun and Madeline Fine of JLL represented CP Group in the lease transactions.
JLL’s Zach Winkler represented Nuveen in the retail lease negotiations for Pura Vida’s new space, is double in size from its current Brickell outpost.
The developer said the office floor plates would range from 19,000 to 27,000 square feet and the project would include retail space on the ground floor and about 1,000 parking spaces.
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