Friday, February 8, 2013

The Grove at Grand Bay -- Update

Good things come to those who wait.  That time is about to come for those who have already committed to a residence in the unbelievable Grove at Grand Bay.  Scheduled to begin construction in about three to four weeks, this condominium project is the creation of genius architectural firm of the Bjark Ingels Group.  Ingels’ conceptual idea of the Coconut Grove condos is that “it’s a question of creating a very leisurely and relaxed relationship between what’s inside and what’s outside, the apartments and the view, and the buildings and landscape around them.”  And that is just what is expected to come. 

The Brains Behind The Grove at Grand Bay
As the developer, the Terra Group has successfully developed luxury properties such as Quantum Bay, 900 Biscayne Bay and other residential and commercial developments.  Terra has enlisted well-known architect, Bjark Ingels Group to collaborate with the local firm of Nichols Broch to create this spectacular masterpiece that will definitely make a statement of luxury in its truest form.  In addition, local landscape architect Raymond Jungles is designing an exquisite landscape that naturally blends into the entire look and feel of the property.

With the appearance of twisting into the sky, the two 20-story towers will be located at 2669 South Bayshore Drive, the site of the former Grand Bay Hotel.  In the center of Coconut Grove’s most visible area, The Grove at Grand Bay is surrounded by some of the best shopping, dining, entertainment and culture and within walking distance to ocean front parks like Monty’s, Dinner Key Marina, Fresh Market, Sunset Place and Merrick Park.  It is also close to the major arteries into Coconut Grove as well as major transportation hubs including land, sea and air travel.

Nothing in and around Coconut Grove and Coral Gables will compare to The Grove at Grand Bay.  With luxury as its statement, standard luxury amenities include concierge services, a rooftop pool on each tower, a secured parking garage, electric cooking on summer terraces, chef services, private butler, pet spa and a private children’s playground. 

Inside each residence, homeowners can expect to find 12-foot ceilings that will showcase high-line fixtures, finishes and appliances throughout each home.   For penthouse residences, homeowners will also have access to a two-car air-conditioned garage.  More details will follow as construction gets underway.

Real Estate
The Grove at Grand Bay includes 95 residences in two towers with 58 in the North Tower  and 37 in the South Tower.  Construction will begin in two waves.  

Construction on the North Tower, which is 90 percent sold with a handful of homes still available, will commence in the next three to four weeks.  List prices are between $3.3 million and just over $6.6 million.  The livable square feet range from 4,276 square feet to over 5,600 square feet.  As for a payment schedule in the North Tower, 30 percent of the sale price is due at contract with two additional payments each of 10 percent of the sale price following and the remaining 50 percent due at closing. 

For the South Tower, there will only be two residences per floor with livable square feet between 4,000 and over 10,000 (top floor penthouse) and the penthouses and corner residences feature staff quarters.  List prices range from $2.5 million to $25 million for the top floor 10,000 square foot penthouse.  The official selling is set to begin in mid-June with 10 percent due at contract; two individual payments of 20 percent of the sale price following; and, the remaining 50 percent payable at closing. 

More Details
As the construction proceeds, more details will be released in terms of the interiors of each residence.  For now, the condominium is very popular as noted by the almost sold out North Tower.  If this is a building that peaks interest, it is important to ask for more information from any agent with Gables Riches.  

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