Two of Miami’s most prolific developers are teaming up to redevelop Coconut Grove Bank’s headquarters.
A Miami company called 2701 Bayshore Venture LLC has purchased the bank’s 2765 S. Bayshore Drive office building and two adjoining parcels totaling 3.07 acres for $55 million, according to Miami-Dade County property records. The venture is managed by Terra Group LLC president and owner David Martin and Related Group chief operating officer Matt Allen.
The transaction closed July 23 and was recorded Aug. 2.
Terra is developing the Grove at Grand Bay luxury condominium complex adjacent to the bank site. Construction of the 97-unit complex is under way.
Terra and Related are working together on a project for the first time with the bank site redevelopment, according to Allen. “We’re excited to do this joint venture with Terra,” he said. “We’re putting both companies together to make a wonderful project.” Allen wouldn’t rule out future development partnerships between Related and Terra.
David Martin confirmed that the venture is building a new headquarters for the bank, but additional project plans have not been finalized. “We are really trying to create innovative residences,” he said.
The bank will remain in place until the new 30,000-square-foot headquarters is completed in 2016, he said. It plans to purchase the new building from the Terra-Related venture after completion.
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