The Stack of Bar Napkins Buildings - part 2
The Related Group and Terra Group, bought the air rights to build high in the Grove from Avra Jain, who owns the Vagabond hotel in the Mimo district. She was able to sell air rights because in her district, there is a new 35-foot high cap, due to Miami 21, which Commissioner Marc Sarnoff fought for. He insisted that 35 feet be the cap, as for the Grove, wish we could have that cap, too. While the Terra Group is building the winding glass condos (The Stack of Bar Napkins Buildings), the two developers are building the Park Grove towers at the former Coconut Grove Bank building.
So 440,000 square feet of the Vagabond's development rights were sold to Related and Terre Group and they are using that to build higher here. They literally were able to enlarge the size of their condos. I am assuming this is about the Coconut Grove Bank properties since that is where the two developers are partners.
Rumor is that Terra Group is now interested in the Oak Street Garage. Whose air rights will be used now to build up there?
It seems the the Downtown Condo Market is cooling down. We can only hope all of Miami's condo market takes a breather.
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