Developers Urban Atlantic Group and Oak Ventures are planning to cash in on buyers looking for a less expensive option in Coconut Grove’s urban core.
A partnership between the two firms is launching sales for Arbor, a 52-unit boutique condo building located behind CocoWalk, developers Nick Hamann and Jeremy Waks told The Real Deal.
Units start at $799,000.
Hamann, of Urban Atlantic Group, said the development is targeting young families and empty nesters with active lifestyles priced out of the Coconut Grove market.
“The renovated single-family home, you can’t really touch that for under $1.2 million,” Hamann told TRD. “We offer an extremely centralized location at a price point that’s lower than that.”
The Arbor is being designed by Behar Font Architects and will include units ranging from 1,400 square feet to 2,000 square feet. The five-story building has four penthouses with private balconies and two-story duplex units, in addition to condos. Amenities range from a courtyard deck with a pool and grilling areas to a rooftop courtyard with yoga.
“The amenities are geared to appeal to that active lifestyle, the person who wants to live near dining options. There will be a bicycle concept where you’ll be able to get your bike service, bike sharing, outdoor activities like yoga. This is really a little bit of a different project in that … it’s meant to encourage social connectivity in the building as well as the neighborhood,” Hamann said.
Douglas Elliman is handling the exclusive sales and marketing for the Arbor. The developers just opened the project’s sales gallery and said that the building could be delivered as early as next fall. Records show they bought the 36,600-square-foot lot at 3034 Oak Avenue in May 2015 for $5.25 million. Hamann said he expects the building to sell out for more than $40 million.
While preconstruction condo sales have slowed over the past year in Miami, Hamann told TRD that there’s “definitely enough demand for buyers who want to be in the Coconut Grove market. Certainly, our competition is not going to be the ultra luxury product that you see on the bay.”
Earlier this month, LointerHome launched sales for its Glass House development, a group of six homes in Coconut Grove that start at $700,000 and range from 1,900 square feet to 2,500 square feet. Elliman agent Roque Castro is handling sales of that project.
Meanwhile, the new, high-end condo market in the Grove is dominated by Terra Group. The developer completed Grove at Grand Bay last year, and is building Park Grove along with the Related Group. Terra also just released plans to convert a nearby parking garage into a mixed-use retail building.
On the boutique end, a developer launched sales for the Fairchild, a 26-unit five-story waterfront condo project, late last year with prices ranging from $1.5 million to $4.5 million.
Even closer to the Arbor is CocoWalk, a once-popular outdoor mall that will be redesigned as a mixed-use center with an open plaza, adding office space while removing the center retail portion.
“We intended to create something for the community,” Waks, of Oak Ventures, told TRD. “The walkability to all of the parks and the dining and everything is very compelling.”
Source: The Real Deal