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.
Sources say developer Ugo Colombo is teaming up with Nadim Ashi’s Fort Partners on a planned Four Seasons-branded tower in Miami’s Coconut Grove. The development would rise on the site of the Kaufman Rossin office building at 2699 South Bayshore Drive, which is being demolished.
While there are concerns about a downturn in the economy amid interest rate hikes and a slowdown in sales of existing condos in South Florida, strong demand remains for new luxury condos as wealthy people continue moving to Miami.
The suit, filed in Miami-Dade Circuit Court, calls the planned building “out of sync,” referring to its curved design as “an oversized stadium-like structure.” The plaintiffs, some of whom live within 500 feet from the project site, also raise concerns about noise, traffic and construction debris. CLICK ON THE HEADLINE FOR MORE