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Coconut Grove Mixed-Use Project Lands $245M Financing – Connect CRE

by | Jan 30, 2024 | 0 comments

Miami-based developers Terra and Grass River have secured $245 million in permanent financing for Grove Central, a newly completed mixed-use development in Miami’s Coconut Grove neighborhood. The loan, issued by JP Morgan Chase & Co., will be used to pay off the development’s existing construction loan, provided in 2021 by Apollo Global Management, and fund remaining public infrastructure improvements along with upgrades to the adjacent Metrorail station. 

Grove Central, located at the US-1 and SW 27th Avenue intersection, includes a 23-story residential tower with 402 multifamily apartments, workforce and market-rate units, a new 1,250-space public parking garage, and approximately 170,000 square feet of neighborhood retail. The transit-oriented development connects to the Coconut Grove Metrorail Station and integrates directly with The Underline linear park, Miami-Dade’s bus system, and the City of Miami’s popular trolley network. 95% of the retail space and 30% of the apartments have been rented.

Grove Central was designed by Touzet Studio, RSP Architects and Walter Meyer of New York’s Local Office Landscape Architecture (LOLA).

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