One of the oldest neighborhoods in the City of Miami, Coconut Grove is known throughout the world for its laid-back bohemian atmosphere.
It’s also a place with a lot of wealth, and where some interesting deals took place. How wealthy is wealthy?
Well, Coconut Grove is in one of the 1,000 wealthiest ZIP codes in the United States, according to a recent study from American City Business Journals. In this enclave, the typical home value was $1.17 million as of this past summer. The per-capita income of Coconut Grove, according to recent statistics from the U.S. Census.
Here are ten of the big stories involving pending and completed deals, court-ordered receivership sales, and future projects in Coconut Grove in 2024.
1. 3080 Munroe Drive
Ernst Swietelsky, the retired of wholesale flower accessory company Pots Company Importer, sold his 7,279-square-foot waterfront home for $33.5 million in July. Located at 3080 Munroe Drive, the three-story Italian-villa-style house has eight bedrooms, eight-and-a-half bathrooms, and is next door to Ransom Everglades High School.
2. Commodore Plaza
A mixed-use building that includes 30 residential and commercial condos, Commodore Plaza at 3170 Commodore Plaza could be sold out of receivership to company managed by real estate investor Andrew Korge for $28.2 million. The property is tied up in an ongoing civil securities law violation lawsuit filed by the Securities and Exchange Commission against former Location Ventures CEO Rishi Kapoor. As of deadline the court hasn’t made a decision on a receiver’s motion to approve the sale.
3. Mr. C
Stephen Robert, a former Wall Street executive and an ex-chancellor of Brown University, paid $22.4 million for an 8,556-square-foot penthouse in Mr. C Residences Coconut Grove in June. The newly completed 20-story condo at 2655 South Bayshore Drive. Designed by Miami-based Arquitectonica, the tower was the first of developer David Martin‘s Mr. C-branded projects.
4. Grove At Grand Bay
Two of the co-founders of Aventura-based 10X Health System, Gary Brecka and Cicely Sage Workinger, paid $19.5 million for a 10,065-square-foot penthouse in the Grove at Grand Bay, a 269-foot-tall condo tower at 2669 S. Bayshore Drive.
5. 3620 Stewart Avenue
This six-bathroom home with six bathrooms, four half-bathrooms and amenities such as a Hammam spa and an entertainment room was sold out of receivership for $17.5 million in August. The 9,824-square-foot house was built by an affiliate of Location Ventures, a Miami-based company led by developer Rishi Kapoor. The Location Ventures affiliate was sued over an $11.28 million mortgage last year.
6. Four Seasons Coconut Grove
Developers Ugo Colombo and Nadim Ashi unveiled their plans to build a 20-story Four Seasons-branded condo project on a 1.2-acre site at 2699 S. Bayshore Drive. The Four Seasons Coconut Grove project would include condos ranging from 2,000 to 3,980 square feet with prices ranging from $7 million to $15 million.
7. Send Enterprises
Twelve residential lots in various stages of development were sold for $16.5 million in February. The buyer was a Wyoming registered company managed by Phillip Sylvester of Coral Gables. The seller was a court-appointed receiver for Send Enterprises LLC. Send Enterprises, previously managed by homebuilder Douglas Cox, was placed into receivership in May 2023.
8. Hotel Arya
Entities affiliated with Miami Vacation Rentals founder Juan Uribe and Brazilian entrepreneur Florian Hagenbuch paid $16.23 million for 19 condo-hotel units and a 12,530-square-foot commercial space in Hotel Arya Coconut Grove at 2889 McFarlane Road. Also known as the Mutiny Park Condominium, the 22-story Hotel Arya was built in 2001.
9. CocoWalk
Federal Realty Investment Trust invested another $12.4 million acquiring full ownership of CocoWalk at 3015 Grand Avenue in August. Federal Realty had already paid $87.5 million for a majority interest of the commercial property in May 2015. Originally built in 1990, the shopping plaza was redeveloped into a commercial complex with 86,000 square feet of office and 150,000 square feet of retail. Fully leased in 2022, many of its office tenants included financial firms.
10. Grove Village Bimini
Miami’s Urban Development Review Board gave a green light to Abbhi Capital‘s plans to build 349 apartments in West Coconut Grove. The project, which was presented to the board on June 20, will be built on a 2.4-acre vacant lot located at 3520 Grand Avenue and includes 750,940 square feet of commercial.
Source: SFBJ