Terra Group is in negotiations to purchase a parking garage at 2860 Oak Avenue from the Miami Parking Authority.
The MPA’s board approved the negotiations at a meeting last week. Should the two sides fail to reach an agreement, the MPA has two similar bids in the same price range for the property, which was advertised for sale last month.
MPA officials told TNM that they believe Terra intends to use the garage as surplus parking for Park Grove, an ultra-luxury project designed by Rem Koolhaas. The garage is directly across the street from the project site.
The developer is being sued by Coconut Grove Bank, which sold the Park Grove property to Terra with the promise of a new bank and parking on the site. One of the complaints is that the bank customers and employee won’t have access to the parking that had been promised.
Terra Group has offered $16 million for the 388-space garage, which sits on .85 acres of land. The four-level garage also includes ground-floor retail space.