Grove Place Townhouses To Launch Second Phase

\"groveGrove Place, a planned townhouse community on the northern border of Coconut Grove, is gearing up to launch its second wave of sales.

Six of the community’s 18 residences were sold during the project’s “friends and family” phase in July, and now the remaining 12 will hit the open market this week.

Prices will range between $625,000 and $635,000 for attendees of the developer’s launch event on Thursday, while regular pricing will range between $635,000 and $645,000.

Each unit will be three stories with 2,350 square feet of air-conditioned space, plus an additional 600-square-foot garage and 700 square feet of rooftop space. Grove Place will be made up of three buildings, each housing six units.

Prices so far have been roughly $200 per square foot of air conditioned space, developer Luis Gonzalez told The Real Deal.

Gonzalez, along with his partner Jorge Gonzalez (the two are unrelated), are principals of the Paragon Group of South Florida. They first announced Grove Place in June.

“The first six buyers have been local buyers,” Gonzalez told TRD. “The proximity to the metro station seems to be a big draw.”

The two hope to break ground by January or February 2016, with completion slated for the first quarter of 2017. An additional three units in a separate three-story structure are planned for the project’s northwestern corner. Sales for those are expected to launch mid-year 2016.

Paragon first picked up the roughly 0.89-acre development site, at 2701 Southwest 28th Avenue for $1.2 million in 2014, according to Miami-Dade County property records.


Source:  The Real Deal

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