A court appointed receiver for Send Enterprises LLC, sold a dozen home lots in various stages of development throughout Coconut Grove with the permission from a Miami-Dade judge to Red Treehouse LLC, a company registered in Wyoming.
The construction of Grove Central is finished. The residential tower is open for occupancy, with renters moving in, and the development’s retail component is opening in phases.
Bank OZK provided the loan to CMC for the seven-story, 65-unit luxury waterfront condominium that is under construction on Grove Isle in Miami’s Coconut Grove. It’s more than 70 percent presold, according to a CMC press release.
In what lawsuits allege was a long-running real estate fraud in Coconut Grove. a judge just approved a settlement among parties with the most money at stake. The $33 million deal omits those who put $20 million down on homes and lots where, their lawsuits allege, the developer fraudulently delayed completion while collecting multiple deposits and obtaining loans on the same properties.
In what’s referred to as four- and five-star properties, which are more high-end luxury, there has been a bit of a slowdown in absorption in Miami-Dade County. The one and two stars, and even three stars, which are more entry-level rentals, however, remain a very tight inventory.
Lawsuits claim Send Enterprises, the company run by Douglas Cox and Nicole Pearl, intentionally strung buyers along for years, leaving their properties unfinished as they collected multiple deposits for the same parcel. At this time, it’s unclear how much of the down payments will be returned to the would-be buyers. The settlement proposal is set for a hearing before a Miami-Dade Circuit Judge.
A large mixed-use project called Grove Central is getting its finishing touches. The project will be anchored by a Target, and a residential tower is planned to include 400 apartments, with pre-leasing now underway.
Miami-based 3034 Oak Park LLC transferred the incomplete Arbor condominium to Arbor Grove Development LLC. The deed is in lieu of foreclosure in exchange for the lender releasing $20.96 million in personal guarantees against the seller, but the original loan remains in place on the property.
Many Florida homeowners might be considering finding an insurance company to give them a better rate. But there’s little chance of finding one, especially if they live in the southeastern part of the state. Half a dozen independent insurance agents said that only a handful of insurance companies are willing to write new policies, and new ones are focusing on policies that are being handed over by the state-created Citizens Insurance.
The Coconut Grove Organic Farmers Market could soon be gone, as new development replaces the community’s landmarks, piece by piece. The market, amid lush almond and live oak trees, feels almost immune from encroaching development. But the market’s history is also part of a larger story of a changing Coconut Grove.