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Terra Group Offers $16 Million For Parking Garage Behind Park Grove

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park grove parking garageTerra Group is in negotiations to purchase a parking garage at 2860 Oak Avenue from the Miami Parking Authority.

MPA officials believe Terra intends to use the garage as surplus parking for Park Grove, an ultra-luxury project designed by Rem Koolhaas. The garage is directly across the street from the project site.

The developer is being sued by Coconut Grove Bank, which sold the Park Grove property to Terra with the promise of a new bank and parking on the site. One of the complaints is that the bank customers and employee won’t have access to the parking that had been promised.

Terra Group has offered $16 million for the 388-space garage, which sits on .85 acres of land. The four-level garage also includes ground-floor retail space.

 

Source:  The Next Miami

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