A new luxury oceanfront condo development will replace the historic Coconut Grove Bank. The bank’s board recently approved the selling of the five-acre property to the Miami-based Terra Group.

The new luxury condo buildings will contain 200 units will be 20 or less stories. The condo towers will be situated between Biscayne Bay and the Ritz-Carlton.

“We felt this is one of the best sites that could be developed in Miami-Dade County,” said Pedro Martin, a Miami lawyer who runs and owns Terra with his son, David.

Miami is seeing its share of new condo developments. The Terra Group also recently made plans to transform the nearby Grand Bay hotel into a luxury high-rise development called the Grove at Grand Bay. Prices will range between $2 million and $6 million.

“We think it will help the entire marketplace,’’ Martin said of the planned project. “We’re very bullish on this area. There’s less traffic [in the Grove]. There’s more residential. It has greenery. We have great views.”

Source: Miami Herald

Grove at Grand Bay