Miami-based developers Terra and Grass River have successfully secured $245 million in permanent financing for their newly completed mixed-use development, Grove Central. The project, located in the vibrant Coconut Grove neighborhood of Miami, was financed by JP Morgan Chase & Co. This loan will not only pay off the existing construction loan provided by Apollo Global Management in 2021 but also fund remaining public infrastructure improvements and upgrades to the adjacent Metrorail station.
Grove Central is strategically situated at the intersection of US-1 and SW 27th Avenue. It boasts a 23-story residential tower with 402 multifamily apartments including both workforce housing units and market-rate units. Additionally, there is a new public parking garage with over 1,250 spaces as well as approximately 170,000 square feet of retail space catering to local needs. This transit-oriented development seamlessly connects to Coconut Grove Metrorail Station while also integrating with The Underline linear park system along with Miami-Dade’s bus network and City of Miami’s trolley service. Currently boasting an impressive occupancy rate of over ninety-five percent for its retail space and thirty percent for its apartments.
The design team behind this exceptional project includes Touzet Studio alongside RSP Architects who collaborated closely with Walter Meyer from New York’s Local Office Landscape Architecture (LOLA). With such strong financial backing coupled together expertly designed features that cater directly towards community needs – it comes as no surprise that this mixed-use development has been so successful thus far!
