Miami—Real estate development firm Terra is wrapping up renovations at Bayshore Grove, a 98-unit apartment building, with residents expected to move in by early September. The Miami-based company is completely revamping the existing seven-story property, located at 2655 South Bayshore Drive in the city’s historic Coconut Grove neighborhood, with upgrades to all units, along with the community’s common areas.
Situated across from the Grove Key Marina, Bayshore Grove will capitalize on the influx of new residents moving to Coconut Grove, according to Terra. The property is targeting young professionals and Millennials who work in downtown Miami and its adjacent neighborhoods, but who want a more walkable area in which to live. The property has a Walk Score of 83—”very walkable.”
“Coconut Grove is the perfect location for those who want to live close to Miami’s urban core without sacrificing the old-school charm of an authentic neighborhood,” said Terra President David Martin. “We saw that there was demand for this kind of residential product from people wanting to be in the Grove for location, walkability, and proximity to parks and the water.”
In Coconut Grove, Terra is currently developing the Bjarke Ingels-designed Grove at Grand Bay and Rem Koolhaas-designed Park Grove towers. The firm also has plans to develop a mixed-use office and retail development nearby.
KW Property Management is overseeing leasing for Bayshore Grove, which is already underway. The property offers 16 different floor plans, with monthly rates for one-bedroom units, available from $1,950 and two-bedrooms, starting at $2,950.