Amalfi invests in Grove Central – Miami, FL
A 402-unit Class A, multifamily & retail mixed-use development, pre-leased to Target and other large lifestyle tenants. Located in Coconut Grove, an affluent suburb of Miami, this transit-oriented project will have easy access to downtown and more.
Grove Central Miami
Premier Transit-Oriented Location in Miami, FL: – Designated as a transit-oriented development, the Project plan includes significant upgrades to the adjacent Coconut Grove Metrorail station, which will be
seamlessly connected to the Project via a landscaped pedestrian plaza. The Metrorail provides direct access to Miami’s major employment centers, retail and entertainment hubs, universities, and Miami’s International Airport. Upon completion of the mixed-use project, tenants will be able to walk, bike or catch the Coconut Grove Trolley to Bayshore Drive with its parks and marinas, or to the historic Village of Coconut Grove with shopping, dining and entertainment.
Prestigious Coconut Grove Location: – Coconut Grove is Miami’s oldest neighborhood, an affluent coastal suburb with large high-end homes and lush green surroundings, just south of Downtown Miami. The area’s residents register some of the highest median household incomes across Miami. The city is famous for both its downtown strip and the bayfront, which feature a number of local bars, boutiques, and restaurants, and Miami’s largest marinas, as well as Peacock Park..
Experienced Project Team with Substantial Local Experience: – The Sponsors’ planning, development, financing, and market experience form a powerful combination to lead the project team in creating a
unique addition to the Miami skyline. Grass River Property has immediate knowledge of the submarket after recently developing, stabilizing, and refinancing “Grove Station Tower”, a Class A multifamily property located directly north of the subject site. Both Grass River Property and Terra Group are amongst the leading transit-oriented mixed-use developers in South Florida and are based out of Coconut Grove, providing the most local expertise. Grass River Property has over $800 million of acquired, completed, and under-development assets while Terra Group has developed over 4.5 million square feet of residential and commercial space across 31 projects, representing over $4.0 billion of value.
Irreplaceable Asset Due to Unique Zoning: – The RTC – Urban Mixed-Use zoning allows heights of up to 250 feet combined with unlimited density. The RTDIC zoning provides an enormous competitive advantage to
other multifamily projects and will provide first class sweeping views of Downtown Miami, Downtown Coconut Grove, and Biscayne Bay. This asset cannot be replicated by height and density anywhere in Coral Gables or Coconut Grove. Furthermore, this 5.2-acre infill site is one of the only undeveloped parcels of this size anywhere in the Coconut Grove/US1 South Corridor, or within the city limits of Miami.
THE PROJECT
Grove Central, a transit-oriented, mixed-use development of a unique 5.2-acre (225,597 SF) infill site located at the corner of U.S. Highway 1 and SW 27th Avenue (Coconut Grove Metrorail Station) in Miami’s historic Coconut
Grove District. Targeted groundbreaking is Q2 of 2021. The overall project consists of four stand-alone components: the refurbishment of the existing Coconut Grove Metrorail Transit Link, the creation of a central urban pedestrian plaza, approximately 170,000 SF of Retail across three floors with 1,275 parking spaces, and a stand-alone Residential Tower consisting of 380 market-rate rental apartments and 22 Co-Living apartments.
Upon completion, Grove Central will offer an amenity package to future residents that is unrivaled in the Coconut Grove multifamily submarket. Located on the 7th and 8th floors, the Project’s array of amenities will span both indoor and outdoor space.
Amalfi Capital is a real estate equity firm founded in 2015 that is an investor in over 1 million square feet of property with a gross value over $125 million throughout the United States. Amalfi focuses on expanding its portfolio by acquiring residential, commercial, & industrial assets that we believe are well positioned for above market returns over the long run. AmalfiCapitalinfo@gmail.com