Optimum Group Hosts Groundbreaking Ceremony for “The Optimum,” Their New Coconut Grove Office Tower

Optimum Group, a global real estate investor and leading developer, hosted a formal groundbreaking ceremony and champagne reception to celebrate the construction commencement of The Optimum, a new class A office tower in Coconut Grove. Mayor Tomás Pedro Regalado spoke briefly on Coconut Grove’s rich history and Optimum’s commitment to enhance the neighborhood’s revitalization as well as company’s ongoing contribution to evolve South Florida communities and growing businesses.

“As the first new Class A office building in over 25 years that fulfills the much-needed commercial and retail component in ‎the center of one of Miami’s most historic community, ‘The Optimum’ is our response for those who are looking to live, work and play in the neighborhood,” said Ricardo Tabet, ceo of Optimum Group. “The space will not only complement The Groves’ lush landscaping and understated aesthetic, but will contribute to the neighborhood’s electrifying renaissance.”

The Optimum is a 5-story, class A office tower in the heart of the Grove. The Optimum is being designed by Arquitectonica, who took cues from Coconut Grove lush folliage including raking the buildings’ facades in natural cement and wood to blend seamlessly into Coconut Grove. The development will entail 44,000 SF of office space and 6,500 SF of ground floor restaurant space which is expected to feature a high-end restaurant along with a rooftop lounge that offers dramatic, panoramic views of Biscayne Bay. Optimum Development USA paid $8.5 million for the assemblage in 2014 and has since taken a $21.5 million loan on the property. The Optimum is located at 3480 Main Highway in Coconut Grove and is expected to be completed by 2018 with occupancy in just 16 months. 

Francisco Suarez, Ricardo Tabet, Mayor Tomas Regalado & Wilfredo Gort

Charles Khabouth, Danny Soberano, Francisco Suarez, Raquel Regalado, Wilfredo Gort, Ricardo Tabet, & Mayor Tomas Regalado

Ricardo Tabet

Francis Suarez, Raquel Regalado, Wilfredo Gort, Ricardo Tabet, Mayor Tomas Regalado, Anna Caruso, & Igor Jozsa

Construction Update: The Optimum, Coconut Grove's New Arquitectonica Designed Office Development Breaks Ground

Optimum Development USA celebrated the ground-breaking and start of construction of The Optimum, a 5-story, class A office tower in the heart of the Grove. The Optimum is being developed by Optimum Development USA, led by Ricardo Tabet, and was designed by Arquitectonica. The development will entail 44,000 SF of office space and 6,500 SF of ground floor restaurant space which is expected to feature a high-end restaurant along with a rooftop lounge that offers dramatic, panoramic views of Biscayne Bay. Optimum Development USA paid $8.5 million for the assemblage in 2014 and has since taken a $21.5 million loan on the property. The Optimum is located at 3480 Main Highway in Coconut Grove and is expected to be completed in 12 to 14 months. 

Sales Update: Terra’s Bayshore Grove Luxury Rental Tower in Coconut Grove is Now 80% Leased

Terra has announced that their 98-unit, Bayshore Grove luxury rental tower in Coconut Grove is now 80% leased. 6 months ago Terra completed a full-scale renovation of the 7-story building on South Bayshore Drive. Situated in the heart of Coconut Grove, just across from the Grove Key Marina, and walking distance to the waterfront, nearby parks, and the neighborhood’s growing collection of new restaurants, boutiques and nightlife venues. Bayshore Grove is capitalizing on the influx of new residents moving to the neighborhood, long known for its bohemian attitude and laid-back waterfront lifestyle. The property is attracting renters who work in Coconut Grove, Brickell, Downtown Miami and other adjacent neighborhoods.

“We’re seeing strong demand from local millennials – university students, young professionals, area employees – who can’t necessarily afford to buy a new luxury condo but still want to take advantage of everything Coconut Grove has to offer,” said David Martin, president of Terra. “Bayshore Grove’s tenants value the Grove’s live-work-play lifestyle; they want to ride their bike to work, walk to the grocery store, take the train to school or a meeting downtown, meet up with friends for dinner and drinks around the corner, enjoy a jog through the park. Everything they need on a daily basis is all within reach.”

Bayshore Grove features 16 different floor plans with monthly rates for one-bedroom units available from $1,950, and two-bedrooms starting at $2,950. Apartment features include hardwood-style flooring throughout; modern designer kitchens with granite countertops and stainless steel appliances; contemporary bathrooms with cantilever white vanities; impact widows and sliding glass doors; and large balconies featuring beautiful skyline and bay views. Amenities include a beautifully canopied deck with pool, cabanas, loungers, and grills; clubroom lounge area, state-of-the-art gym, bike storage, 24-hour full service concierge, outdoor yoga/flex space, covered parking, along with available valet dry cleaning and complimentary weekly laundry service for all units; wash, fold and delivery.

Terra Closes on $32 Million Construction Loan, To Break Ground on Mary Street Office Complex in Coconut Grove

Following the successful closing of $32 million in financing from BB&T Bank, a partnership led by Miami-based Terra will break ground on construction next month at Mary Street, a new Class A office and retail complex in Miami’s Coconut Grove neighborhood. The Touzet Studio-designed project will transform a parking garage into 78,000 square feet of contemporary Class A office space with 18,000 square feet of retail space, while preserving public parking use. The mixed-use Mary Street office complex is the latest example of 'adaptive reuse' infill development in Miami. Construction is expected to begin in early August 2017 and be completed in late 2018. Mary Street is being developed in partnership with Mayfair Real Estate Advisors, and will mark the first delivery of new Class A office space in Coconut Grove in more than 20 years, following the completion of Terra's new Grove at Grand Bay condominium two blocks away. Mary Street, Grove at Grand Bay and Park Grove, a nearby three-tower luxury residential complex being developed by affiliates of Terra, represent a new wave of design-driven urban infill development reflecting Coconut Grove’s strong residential demographics and allure as one of South Florida's most walkable and self-contained urban neighborhoods.

Mary Street's Touzet Studio design will feature a terracotta brise soleil whose vertical patterns mirror the contours of a seashell, with transformed retail storefronts that will enhance visibility and accessibility from the street. The building’s amenities include a state-of-the-art main lobby, 24-hour security, ample above ground public and office parking, covered valet and drop-off, and dedicated elevators with direct office access. Electric car charging stations, bicycle stations and bicycle storage will be available for employees, owners and guests who travel by eco-friendly means. The development’s revamped retail, which will include prime street-level frontage along Mary, Oak and Rice Streets, will cater to chef-driven restaurants with café seating and unique retail serving Coconut Grove’s residents, visitors and daytime workforce. The retail component will connect the luxury residential corridor along South Bayshore Drive with the neighborhood’s urban heart concentrated along Grand Avenue and Main Highway.

“Our ability to secure favorable construction financing for Mary Street speaks to the promising office market dynamics in Coconut Grove, the project's superior location, and the surge of interest we've received among prospective tenants within months of unveiling our plans,” said David Martin, president and co-founder of Terra. 

Coconut Grove Townhome Complete with Private Dock Closes at Record Price Per Square Foot

A 2 bedroom, 3.5 bathroom residence that spans 1,870 SF and features sweeping views of Biscayne Bay has set a new record for closed sale townhomes in Coconut Grove. Located at 3570 W. Fairview Street. #A6, the 3-story waterfront villa closed for $1,625,000, or $869 SF, marking the sale as the highest price per square foot townhome ever sold in Coconut Grove. The prpoerty includes a stunning waterfall quartz custom island bar, high-tech home automation system, and a detailed design throughout including an array of Italian porcelain tile, Brazilian cherry wood floors, and forest salvaged tapped maple wood accents. The home also comes with its own boat slip for immediate access to deep waters without any bridges in the way. The property was listed with Douglas Elliman's Sari Libbin along with team members, Dan Hechtkopf and Diego Palomo of The Hechtkopf Group.

PROFILE Exclusive: Bringing Eco-Friendly Living to Coconut Grove at Arbor

PROFILEmiami had the exclusive opportunity to sit down with Nick Hamann of Urban Atlantic Group and Jeremy Waks of Oak Ventures, LLC. to discuss their new development shaking-up Coconut Grove, Arbor. Arbor is an eco-living inspired development that will rise 5-stories and feature 52 units. The building is being designed by Behar Font & Partners with with interiors by Smauel Amoia andlandscape design by Witkin Hults and Tyler Nielsen. Units will come in 2 and 3 bedroom layouts and range from 1,400 SF to 2,000 SF. Find out how they used the lush landscape of Coconut Grove to bring family friendly and ecologically friendly, green living to the historic neighborhood.

Nick Hamann, Principal of Urban Atlantic Group

Jeremy Waks, Principal of Oak Ventures, LLC.

NH - Nick Hamann (Urban Atlantic Group, Managing Principal)

JW - Jeremy Waks (Oak Ventures, LLC., Principal)

PM: Arbor seems to bring a truly Coconut Grove vibe. Where did the idea and concept come from? 

NH: Jeremy and I are Miami natives and we share a tremendous appreciation for Coconut Grove, its historic roots and unique offerings. We have specifically drawn inspiration from these hallmarks to build something that pays homage to the social threads of the neighborhood, its ‘green’ composition and community-centered attributes. 

JW: Our vision has been to create large, house-like residences that capitalize on wide views, special amenities and walkable access to restaurants, recreational spaces, and top-rated schools – essentially, the quintessential home-sites for long-term members of this vibrant community. 

PM: What makes Arbor so unique? What sets it apart from some of the other great new buildings that have been built in Coconut Grove recently? 

NH: What sets us apart is our strong emphasis on livability and sense of place, a place where you can get to know your neighbors. Arbor is a midscale building with 52 residences, which we recently have not seen in Coconut Grove. This scale allows us to focus on the elements, design, and facilities that connect residents in a livable space and where they can get to know each other.

JW: Our amenities, which are geared toward end-users that enjoy an active lifestyle and sense of community, are specifically designed to feel more like an extension of your living space, rather than an offering that is underutilized. Throughout the building, we’ve focused on creating spaces that encourage residents to engage with each other and the surrounding neighborhood. 

For example, our bike share program, which offers residents 24-7 access to bikes and provides an additional option for getting around the neighborhood. Our lobby will also be active and inviting. Also, our pet-walk, rooftop terrace, outdoor cinema, Yoga & Pilates deck, and backyard-like amenity deck (which features a landscaped courtyard, outdoor summer kitchens, social spaces and seating, a lap pool, and water fountain) are all designed to encourage engagement, livability, and to complement a well-balanced lifestyle and maximize indoor-outdoor living.  

PM: What is the best feature that residents will enjoy? When they move into Arbor, what sets the residences apart from the other buildings? What makes Arbor a great place to live? 

NH: The best feature about Arbor is that it feels like a large home. It’s a place where you can live in a condominium residence that offers family-friendly living spaces -- large open floorplans, high ceilings, and chef-style kitchens – with neighborhood-like qualities and amenities that are an extension of your livable space.  

PM: Arbor is an eco-living inspired residences; can you explain what that means and what makes it eco-friendly? 

JW: The environment is a passion. Arbor’s design is inspired by the tree-shaded setting of the surrounding neighborhood, carefully pulling the outdoors in through floor-to-ceiling windows and private gardens. There will be ample green space and landscaping throughout the property, including many trees that will provide plenty of shade and add to the property’s overall ambiance. 

Our residences are equipped with energy efficient appliances. Our electric car charging stations and bike share program provide a green alternative to transportation. We will also be incorporating recycling throughout the building and using some recycled building materials during construction. Our irrigation system will be eco-friendly and conserve water. We are also exploring the use of solar energy to power some of our common areas and reduce the building’s energy consumption, and are seeking to obtain a green building certificate. 

PM: What was one difficulty that you ran into or what was one of the hardest obstacles to overcome to help bring Arbor to reality?

NH: We haven’t run into any unusual challenges. All of our buyers are end-users that really care about the space, and we’ve worked closely with each of them to deliver a unit that they can call home. It’s exciting to see that they are designing their spaces to be specifically conducive to their lifestyles, in both the short- and long-term, and not simply just an investment. However, this adds a certain level of complexity to the building and design process.

PM: What do you think of the recent new developments in Coconut Grove and the new energy they have brought to the neighborhood? 

NH: Coconut Grove is one of Miami’s oldest and most diverse neighborhoods, known for its verdant parks, bayside walks, and year-round festivals. The new developments are an improvement to the neighborhood, have brought positive attention to the Grove, and placed it at the forefront of many conversations. The area’s revitalization in general has helped educate people on the neighborhood’s historic roots and unique offerings, which is attracting younger families seeking to take advantage of the area’s great public spaces and parks. 

PM: Where do you see Coconut Grove's place in Miami in the next 5 to 10 years? 

NH: Coconut Grove will continue to strengthen its position as a balanced community where people can live, work and play. It is becoming more of a complete neighborhood with irreplaceable elements. 

JW: The revitalization, increased development and growing business community will continue to make the Grove a desirable location for young professionals, young families and empty-nesters seeking an alternative to high density neighborhoods, such as downtown and Brickell, and a true walkable community. You cannot replicate the historic aspects of the Grove, which is what makes this community so unique.  

About Urban Atlantic Group:

Urban Atlantic Group is a real estate development and investment company focused on creating value in urban neighborhoods including repositioning and development of urban core residential, retail and office properties. Urban Atlantic Group believes value maximization is achieved through a combination of core and opportunistic strategic investments in key underserved urban submarkets. UAG is led by founders Nick Hamann as well as Daniel Buraglia. Prior to founding UAG, Nick Hamann worked as Southeast Region Assistant Development Director for the New York-based Rockefeller Group Development Corporation.  

About Oak Ventures, LLC.:

Oak Ventures is a Florida based real estate development firm led by Jeremy Waks. He has developed Heathrow Lounge and Treehouse, which brought world-class artists to Miami. Waks aims to construct the cultures around his development to ensure that a new concept seamlessly ties itself to the neighboring community. Waks is also the co-founder of Debris Free Oceans, a non-profit which produces educational programs for teachers and children to host beach cleanup event and raise awareness for the negative effects of pollution of marine life.

Sales Update: Two Penthouse Residences at The Fairchild Coconut Grove Sell for a Total $8.5 Million

The Fairchild Coconut Grove, a boutique luxury residential enclave set to rise as Coconut Grove’s only current waterfront condominium, has announced that it has sold two penthouse residences, totaling $8.5 million. The two penthouses each feature 13 foot ceilings and encompass more than 3,200 and 4,100 SF of interior living space over 3 and 4 bedroom layouts respectively. Each feature panoramic views of Biscayne Bay, and unparalleled direct water frontage, the architecturally elegant residences boast private outdoor living areas, natural stone flooring, outdoor showers and chef-inspired kitchens complete with wet bars. The penthouses will also include private elevator access and full wraparound terraces.

“These sales mark yet another extraordinary milestone for The Fairchild Coconut Grove. With only one of our penthouses remaining, these residences offer buyers a truly sophisticated living experience with thoughtfully designed layouts and refined finishes that will go above and beyond expectations,” said Oscar Rodriquez, Principal of ROVR Development. “The demand for these units has been remarkable, which is a clear testament to our niche product. Prospective buyers are recognizing that this is a unique type of luxury development and we have been fortunate to be well-positioned and distinguished from a large slate of new offerings.”

Check out photos of The Fairchild Coconut Grove Sales Gallery. 

Check out our PROFILE Exclusive Interview with developer Oscar Rodriguez of ROVR Development.

GlassHaus, A Boutique Residential Project in Coconut Grove, Releases New Renderings

Meet GlassHaus, Downtown Coconut Grove's newest residential condo project from GD.8 and Element Development, LLC.. Located at 3161 Center Street, the 5-story GlassHaus will feature 23 contemporary residences designed by Varabyeu Partners. Residences will start at $595,000 and will range up to $1.2 million, equating to around $575 SF. They will come in 1, 2 and 3 bedroom layouts that range from 1,080 SF to 2,380 SF. Units will come complete with 11-foot ceilings with floor-to-ceiling glass windows, Italkraft cabinetry and stone countertops in the kitchen, and a buyer's choice of wood or porcelain floors. GlassHaus will also include a fitness center, electric bicycles, zen garden, resort-style rooftop including pool, summer kitchen and lounge and underground parking. Owners will also receive a membership to the Coconut Grove Sailing Club. GlassHaus' on-site sales center is expected to open in early June of this year and Fortune International is in charge of sales. 

Arbor, Coconut Grove's Newest Boutique Condo Project Releases New Renderings

Arbor, Coconut Grove's newest boutique condo development from Urban Atlantic Group and Oak Ventures, has released new renderings. The newly released renderings of Arbor include a kitchen and master bath, as well as a shot of the northeast corner of the building. As illustrated within the images, interior designs by Samuel Amoia and architectural designs by Behar Font & Partners are inspired by the tree-shaded setting of the project’s historic Coconut Grove surrounding, mindfully pulling the outdoors in through full-length windows, private gardens and sizable living areas.

“The images we’re unveiling further demonstrate that Arbor goes well beyond the norm of a standard development…a project crafted with a strong emphasis on livability and a sense of place,” said Nick Hamann, a Miami native, Coconut Grove resident and Principal with Urban Atlantic Group. “Our vision has been to create large, house-like residences that capitalize on wide views, special amenities and walkable access to area hot-spots and recreational facilities – essentially, the quintessential home-sites for long-term members of this vibrant community.”

“Having grown up in South Florida, Nick and I have always had a tremendous appreciation for Coconut Grove, its longstanding roots and multitude of unique offerings,” said Jeremy Waks, Principal of Oak Ventures, who also hails from Miami. “We have specifically drawn inspiration from these hallmarks to build something that pays homage to the social threads of the neighborhood, its ‘green’ composition and community-centered attributes.”

Arbor is an eco-living inspired development that will rise 5-stories and feature 52 units. The building is being designed by Behar Font & Partners with landscape design by Witkin Hults and Tyler Nielsen. Units will come in 2 and 3 bedroom layouts finished ranging from 1,400 SF to 2,000 SF and will come delivered with porcelain woodgrain floors and top-of-the-line appliances. Units will also feature glass walls, high ceilings and large family-style living spaces. Duplex loft and townhome style units will feature 20' ceilings while flat units will get 10' ceilings. There will also be 4 penthouses with private terraces. Amenities include a courtyard pool deck with pool and grilling areas along with a "bicycle concept" described by Nick Hamann of Urban Atlantic Group, which will allow residents to store, share and service their bikes. Units start at $799,000 targeting families that have been priced out of the Coconut Grove market but still want to live in the residential community. Urban Atlantic Group is headed up by Nick Hamann and Oak Ventures by Jeremy Waks. Sales will be overseen by Douglass Elliman as the exclusive sales broker for the project. The sales gallery just opened and the developers are expecting to break-ground in July and plan to deliver the units to buyers in fall of 2018. Check-out our original feature on the project from February 2017.