Reinventing Luxury Development in Miami’s Coconut Grove
- May 30, 2018
Coconut Grove, Miami’s oldest neighborhood, is an eclectic mix of historic homes, winding streets, active green spaces and high-end boutiques that is capturing the attention of developers and luxury condo buyers with its cultural and lifestyle-oriented appeal. With several boutique residential projects underway, Coconut Grove is seeing an upswing in luxury development.
One of the newest additions coming to the Miami enclave is ROVR Development’s The Fairchild Coconut Grove, a 26-unit project that broke ground last month. The high-end development is the only waterfront building currently under construction in Coconut Grove, according to Oscar Rodriquez, principal of ROVR Development. Rodriguez talked to Multi-Housing News about the company’s newest luxury development and how it fits into the neighborhood’s authentic scene.
What is the current status of boutique development in Coconut Grove?
Rodriguez: Coconut Grove has a few boutique projects in the works, but the only project that is directly on the water and has broken ground is The Fairchild Coconut Grove. The reason we chose to build a boutique project is because we felt that a smaller and more private building would be the best choice to blend with the unique natural beauty and vibe of Coconut Grove. The community features lush native landscapes, preserved architectural gems and quiet neighborhoods—all conducive to a peaceful and serene lifestyle.
Was it difficult to secure construction financing for the project?
Rodriguez: We are currently in the final stages of securing our construction loan for the project. It was not difficult to secure financing due to the financial strength of the partners developing the job and the number of sales we have achieved. As of groundbreaking last month, we are 60 percent sold.
In order to succeed, what should a project entail apart from the unique and boutique factors?
Rodriguez: The most important factors that attract buyers and lead to the success of a project are the unit layouts, project amenities and quality of finishes. As a developer, you want to create residences that will meet and exceed the expectations of the buyer. Buyers drive the market at the end of the day and we are not only going to give them what they need, but what will stand the test of time.
What are The Fairchild Coconut Grove’s major selling points?
Rodriguez: We ensured that residents can take full advantage of the water and beautiful surroundings by offering an extensive list of outdoor amenities including a floating dock, paddleboards, bicycles, numerous decks, a rooftop pool and outdoor cinema. We also offer carefully curated walkways and gardens landscaped with native trees and plants. The Fairchild Coconut Grove luxury development is truly a tropical modern sanctuary.
How will you include the neighborhood’s historical integrity and culture into this luxury development?
Rodriguez: Our vision for the project was shaped by the deep history and architectural integrity of Coconut Grove and it was imperative that we embody that into the design. Our commitment to this endeavor starts with our name. The Fairchild Coconut Grove is named after one of the pioneers of Coconut Grove—Dr. David Fairchild—and we have also named our units in honor of other notable area founders.
To further integrate the historic fabric of Coconut Grove into our project, we brought on a resident historian, Arva Moore Parks, who has been an invaluable addition to our team. She advised us on the history of the area and assisted us in ensuring that our design and elements are consistent with the natural beauty and charm of this community.
When is The Fairchild Coconut Grove slated for delivery?
Rodriguez: Since we are a smaller, boutique project of only five stories and 26 units, we have the capacity to build and turn over our residences much quicker than larger scale high-end developments. We are scheduled for completion in the fall of 2019.
Image courtesy of ROVR Development