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 was issued by JP Morgan Chase & Co. and will be used to pay off the existing construction loan from Apollo Global Management provided in 2021, as well as fund remaining public infrastructure improvements and upgrades to the adjacent Metrorail station.
Located at the intersection of US-1 and SW 27th Avenue, Grove Central features a 23-story residential tower with 402 multifamily apartments including workforce and market-rate units. It also includes a new public parking garage with over 1,200 spaces and approximately 170,000 square feet of retail space designed for the local community. This transit-oriented development seamlessly connects to Coconut Grove Metrorail Station while integrating directly with The Underline linear park, Miami-Dade’s bus system, and City of Miami’s trolley network. Currently boasting an impressive occupancy rate of over95% for its retail spaceand30%for its apartments,GroveCentral is proving to be highly desirable among tenants.
The design team behind this project includes Touzet Studio,RSP Architects,and Walter Meyerof New York’s Local Office Landscape Architecture (LOLA). With their expertise combined,GroveCentral has become an iconic additiontothe vibrantCoconutGroveneighborhood,making ita prime destinationfor both residentsand visitors alike.
