Grove Central in Miami

Terra and Grass River Secure $245 Million for Grove Central Mixed-Use Development in Miami

by Channing Hamilton

MIAMI — Locally-based developers Terra and Grass River have secured $245 million in permanent financing for Grove Central, a recently completed mixed use project in Miami’s Coconut Grove neighborhood. The loan was issued by JP Morgan Chase & Co. Walker & Dunlop represented Terra and Grass River in arranging the financing, with Keith Kurland as the mortgage broker. The funds will be used to pay off the development’s existing construction loan, which was provided by Apollo Global Management in 2021, and to fund remaining public infrastructure improvements.

Grove Central includes a 23-story residential tower with 402 apartments. The building offers units ranging from 400-square-foot studios to five-bedroom units measuring up to 2,170 square feet in size. More than 30 percent of units have been leased. The property also includes a 1,250-space public parking garage and approximately 170,000 square feet of retail space anchored by Target, Sprouts Farmers Market, Total Wine & More, Club Studio and Five Below.

The project was designed by Touzet Studio in collaboration with architecture firm RSP Architects and Walter Meyer of New York’s Local Office Landscape Architecture.

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