Terra, partner to turn Coconut Grove garage into mixed-use office building
Terra Group and Mayfair Real Estate Advisors just announced plans to convert an older parking garage in Coconut Grove into a mixed-use office building.
Terra and Mayfair will begin construction in the early part of this year, according to a press release. Terra paid $16 million for the 402-space garage at 2860 Oak Avenue in January of last year. The developers will convert the structure into 75,000 square feet of Class A office space, retail on the ground floor and public parking.
The Miami Parking Authority, which sold the garage, said in 2015 that it would use the proceeds from the sale to build two new parking structures in other parts of Coconut Grove.
Touzet Studio, which designed the new Nike and Apple stores on Lincoln Road, is designing the project, which is called Mary Street. The Coconut Grove building will have three stories of office space, a lobby, public and office parking, a covered valet drop-off, electric car charging stations, bicycle stations and storage.
Office rents in the Grove average about $38 per square foot, and the vacancy rate is 3.4 percent, according to JLL. Chris Dekker is marketing and leasing the office component.
The 20,000 square feet of retail space will front Mary, Oak and Rice streets. Lyle Stern of Koniver Stern is handling retail leasing, aimed at bringing in chef-driven restaurants and retail.
Commercial changes are underway in the neighborhood. Federal Realty Investment Trust and local partners Grass River Property and the Comras Company bought the Shops at CocoWalk with redevelopment plans; and tenants like Panther Coffee, Kit and Ace, and Harry’s Pizzeria have moved into the downtown area.
Terra, led by David Martin, is busy in the Grove. The firm delivered Grove at Grand Bay, a 98-unit twin-tower project designed by starchitect Bjarke Ingels, in August, and is working on Park Grove with the Related Group. Last year, Martin canceled a $35 million offer to buy an assemblage of properties in the West Grove, which has been tied up in litigation. – Katherine Kallergis
Source: The Real Deal