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Tuesday, March 03, 2015

The Stack of Bar Napkins Buildings - part 2

I found some interesting things as I was researching the Grove at Grand Bay Stack of Bar Napkins buildings . (Part one of this story is here).


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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6 Comments:

Anonymous Anonymous said...

The "see no evil, hear no evil, speak no evil" sculptures on the Coconut Grove Bank lot are a little offensive.

March 03, 2015 3:30 PM  
Anonymous Anonymous said...

@3:30
What would you have placed there instead so as to not offend your puritan sensibilities?

March 03, 2015 5:00 PM  
Anonymous Anonymous said...

I think the twist is novel and adds a certain flair to our Grove; neat, different and awe inspiring.

Jobie Steppe

March 03, 2015 7:29 PM  
Anonymous Anonymous said...

5:00 PM Don't get me wrong the statue is nicely designed and well executed, only there is a trace of cynicism in the message considering what sits across the street. The Twisted Towers are nice too, very nice, speaks volumes about us, I would live in there.

March 03, 2015 10:10 PM  
Anonymous Anonymous said...

Transfer of Development Rights (TDR) Program

TDR programs seek to preserve landowners' asset value by moving the right to build a house from a location where development is prohibited (e.g., for height or environmental reasons) to a location where development is encouraged.

TDR’s reminds me of Carbon Credits. Carbon Credits don’t help stop pollution, they just relocate it. A community should have enough respect for its historical buildings to save them without the use of TDR’s that help developers damage other neighborhoods.

March 04, 2015 4:20 AM  
Anonymous Anonymous said...

Miami-21 was supposed to improve and protect our zoning. I still see the bending over backwards of our commissioners to accommodate developers with more spot-zoning to build taller and denser. Our infrastructure can’t handle more people, traffic, water, sewer or electricity. I would like to live in a community that actually respects its zoning, respects historic buildings and does not build to exceed its infrastructure.

March 04, 2015 3:21 PM  

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