The news is too soon or too late

There is that story in Miami Today about the Terra Group purchasing the Oak Street Garage. I had heard the rumor maybe a month ago and thought I would wait until it was finalized to write about it, but Miami Today jumped the gun, even before the deal was finalized.

Terra Group is the company building condos in the Grove - the Grove at Grand Bay, the twisty glass buidlings on South Bayshore Drive, and Park Grove, the buildings that will go up at the Coconut Grove Bank site between Mary Street and South Bayshore Drive, off of 27th Avenue.

The garage purchase threw up a red flag when I first heard about it. My impression was that they wanted to build up, perhaps leave the garage and build condos above it. But I was with David Martin, COO of the Terra Group, the other day, and he said they want the garage for the purpose of cash flow. He said that area of the Grove has height limits and the garage is at the limit - five stories. I also heard a rumor that Terra Group is after Continental Plaza, they want it or already own it, that's the brick office building on Mary and Oak. What about that building, can that be built up?

At the rate the bank buildings are going, which seems to be at a standstill at the moment, it may be years before anything is done with the Continental building. 

On a side note, I was in David's office on Tuesday, which is right next to the Grove at Grand Bay buildings. The view is spectacular. I wish I had taken pictures from his office windows. Next time. 

There was also a recent story in the South Florida Business Journal about the Coconut Grove Bank suing the Terra Group over the Park Grove construction project, something to do with it hurting bank business. But David Martin told me that was an old story, it was all settled in January, he and Rick Kuci, the bank president, sent out a joint statement saying that things are copacetic. He isn't sure why the South Florida Business Journal waited three months to post the story but that's old news.

Anyway, the garage story is premature, even though I guess it will happen and the bank lawsuit is out of date.

Here is the statement that was issued in January by David and Rick Kuci:

Issued by:

Rick Kuci,

President Coconut Grove Bank

AND

David Martin and Matt Allen, 2701 Bayshore Ventures LLC 

This statement is being issued jointly by 2701 Bayshore Ventures LLC

and  Coconut Grove Bank in response to your inquiry.

The lawsuit was stayed by agreement of both parties shortly after

its filing back in January.

Since then, we have been working together productively and

collaboratively  to clarify any misunderstandings that might have

existed, and to ensure  timely completion of the new headquarters of

Coconut Grove Bank within the larger 2701 Bayshore Venture

development.

Issued by:

David Martin and Matt Allen,
2701 Bayshore Ventures LLC Rick Kuci,

President Coconut Grove Bank