David Martin’s Terra Group is hoping to tap into the demand for affordable rentals in Coconut Grove with several initiatives – starting with leasing for the Bayshore Grove apartments. This building, formerly Summerhill Apartments, at 2655 South Bayshore Drive is located across the street from Regatta Park and the Grove Key Marina.
The seven story building, which Terra purchased several years ago, has undergone a complete facelift with hardwood-style flooring, stainless steel appliances and granite counter tops. The common areas have also been renovated with new equipment in the fitness center, 24 hour concierge, cabanas and grills by the pool deck and a complimentary laundry service for the residents.
With 16 different floor plans and monthly rents starting at $1,950 for one bedroom units and $2,950 for to bedroom units, tenants are expected to begin moving in by early September.
Martin saw a need for this type of residence for people wanting to live in the Grove for all the right reasons, “location, walkability, proximity to parks and the water.” The target demographic, said Martin, is millennials and young professionals who wish to live in a neighborhood with “character”.
Close by are Terra’s new exclusive luxury condo towers. The first, Grove at Grand Bay, was designed by famed Danish starchitect, Bjarke Ingels, and is expected to start recording closings shortly. The twin 98 unit, 20 story towers mark the first new condos in more than a decade in Coconut Grove. Martin told The Real Deal that all units have been pre-sold with the exception of the penthouse, currently asking $28 million.
Adjacent to Grove at Grand Bay and presently under construction from Terra Group are the three Park Grove Towers, designed by world-famous Rem Koolhaus. Units in this luxurious property are expected to start at $2 million.