LORE Development Group and Element Development revealed plans for an eight-story condo project in Miami’s Coconut Grove.
The Lincoln Coconut Grove would feature 48 condos totaling about 91,000 square feet at 3151 SW 27th Ave., which would be re-designated 2650 Lincoln Ave. The developers, through affiliate 3151 SW 27Ave Propco LLC, acquired the vacant site of 20,970 square feet for $8.56 million in 2023.
LORE Development is a Miami-based joint venture between Leste Group and Opportunity Fundo de Investimento Imobiliário. Miami-based Element Development is led by President Javier Lluch. Miami-based Paredes Architects designed the project.
“The city entitled the Lincoln Coconut Grove in November,” said Jorge Rucas, director of U.S. real estate at LORE Development. ”It’s a boutique project with larger condos and many amenities.”
The condos would range from 1,200 square feet with one bedroom to 2,500 square feet with four bedrooms. Each condo will have a den. Prices will start at $1.5 million.
The developers will launch sales for the Lincoln Coconut Grove in late December, with One Sotheby’s International Realty serving as their exclusive broker.
Amenities in Lincoln Coconut Grove would include a rooftop pool, a spa with a cold plunge and hot plunge, sauna and steam room, a summer kitchen, coworking space, and a gym. The 88 parking spaces will include electric vehicle charging stations.
“We’ve been a fan of the Grove for a very long time. We really love it,” said Stephan de Sabrit, managing partner at Leste Group. “We go by every day and we’ve seen the evolution of the Grove in the past few years. It’s walkable. It has very high-end restaurants. It has many nice office buildings. For families, the kids can walk to school.”
“Coconut Grove is popular for families relocating from other parts of the U.S. to Miami because of its family-friendly atmosphere,” added Rucas
Should sales go well, they hope to break ground on the Lincoln Coconut Grove in summer 2025. Meanwhile, LORE Development Group is still working on an apartment tower in the Brickell neighborhood. Rucas said it has the entitlements and it’s working on finalizing the construction permits.
Source: SFBJ