Terra has broken ground on the Mr. C Residences Coconut Grove condo in Miami.
Few condos have broken ground in Miami this year due to an oversupply of inventory in the market and the Covid-19 pandemic hurting the economy, but Terra President David Martin said he’s been pleased with the company’s sales momentum. Since launching sales in January, the project has pre-sold 30 of its 100 condos.
The condos will average 1,800 square feet and range from two to four bedrooms. They are priced from the $800,000s to $5 million, Martin said.
Coconut Grove is one of the more expensive neighborhoods in Miami, valued for its quiet setting, nice parks and marina, and good schools. It gave Terra added confidence that it has conduced over 40 closings this year on Park Grove, a condo it co-developed with the Related Group. Mr. C Residences will rise next door.
Martin said the sales team has used a lot of virtual meetings, renderings and videos to sell the Mr. C condos. The buyers are younger, in their 40s, than the buyers at Park Grove, who were often in their 60s.
“This public health crisis has shown how important someone’s home is,” Martin said.
The condos will be branded by Mr. C, a European hospitality brand co-founded by Ignazio Cipriani. It will manage the food, beverage, wellness, amenities, and resident services in the building.
There will also be 200 rental apartments in the second tower. The 20-story project is at 2655 S. Bayshore Drive.
The Mr. C condo was designed by Arquitectonica to resemble a sail. Meyers Davis is the interior designer collaborating with the Mr. C team. Amenities will include a pool deck with a bar, a fitness center, a signature cafe with in-home delivery, spa treatment rooms, a steam room, a sauna, a kid’s room, a juice bar, a gourmet market, a billiards room, a game lounge, and a business room.
The project obtained a $185 million construction loan in 2019.
John Moriarty Associates is the general contractor. Construction should take two years, Martin said.
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