Terra Group’s Twin-Tower Project In Coconut Grove Gets $185M Construction Loan

Coconut Grove will soon see construction of a twin-tower, luxury branded residential project.

Developer Terra Group obtained $185 million in construction financing to begin work. Demolition of an older building on the site has been completed.

Two 20-story towers are planned.

Terra Group said they would be unveiling details in the coming months, including luxury branding for what they say will be a high-end project.

According to a filing with Miami’s Planning Department last year, the project will include:

  • 303 residential units
  • 32,160 square feet of office
  • 574 parking spaces

“The development will be our latest contribution to Coconut Grove’s residential and commercial landscape, following Grove at Grand Bay, Park Grove, our Mary Street office and retail development, and our next project, Grove Central, which will bring residential and commercial uses and a multi-modal transit hub at the entrance to the Grove,” Terra President David Martin said.

Last year, the developer said that units would be rental apartments.

Meyer Davis and Arquitectonica are designing the project.

Arquitectonica has said the design was inspired by Coconut Grove’s history as a sailing destination.