Terra Gets in on Grove Metrorail Station Project With Grass River Property
The development proposal also outlines an enhanced bus depot, which could mean upgrades to the existing bus stop.
April 18, 2018 at 02:46 PM
4 minute read
Terra Group LLC, the developer of some of the modern projects in Miami's Coconut Grove enclave like the twin, twisting Grove at Grand Bay condominiums, has joined in on the development of public land near the Grove Metrorail station.
The project on 5.18 acres northwest of U.S.1 and 27th Avenue originally was planned by Grass River Property LLC, another company working in and near the Grove.
Now Terra and Grass River are working together on Grove Central, which could include an 11-story, 206-room hotel; 491,879 square feet of retail and parking; 898 parking spaces with at least some in a garage and 204 designated for public transit riders; an enhanced bus depot; a drop-off lane; and restaurants, according to the firms' filings with Miami-Dade County.
These plans are tentative, and changes that incorporate the county's input on the first proposal will be submitted, according to a joint statement by Terra and Grass River.
Changes suggested by the county include Metrorail station improvements, including new escalators and elevators and a break lounge for bus drivers, according to a county memo.
Grass River originally won the right to develop the county-owned land in December 2016 when it signed a 90-year lease on what's now parking lots and landscaping.
State corporate records show Terra joined in June 2017 when GRP Grove Metro Station LLC 1, the limited liability company named by Grass River for the development, amended its corporate papers to reorganize and add Terra to its management.
David Martin, Terra president and co-founder, and Justin Kennedy, Grass River co-CEO, both signed the management reorganization filings.
The original plan was for a 180-room hotel, 250 apartments, 40,000 square feet of retail, 850 parking spaces and 180,000 square feet of offices. The new plan scraps the apartments and offices, and adds 26 hotel rooms.
This is another project that strives to encourage use of public transportation and other alternative transportation modes like bicycling.
The location is next to bus and Metrorail stops, serviced by a Miami city trolley and adjacent to the planned Underline project, a 10-mile urban linear park with jogging trails and art under the elevated Metrorail line from the Miami River to the Dadeland South station.
The developers are to work with Friends of the Underline Inc., a Coral Gables nonprofit that's working on the urban trail, according to a county memo.
The county has been pushing for site development for nearly 20 years, but a 2000 agreement with Coconut Grove Station Development Ltd. never came to fruition and ended with the two sides suing each other and the county prevailing.
First Citizens Bank & Trust Co. then sued over a $6.5 million county loan, but the litigation was dismissed after Grass River reached an undisclosed settlement with the bank when it signed the lease with the county.
The county collected $500,000 in rent soon after the Grass River lease was signed and then $200,000, $350,000 and $450,000 for the first, second and third years respectively, according to the December 2015 lease. From then on, the annual rent is either $450,000 or 3 percent of the income from the project, whichever is higher, according to the lease.
Other projects by Terra in Coconut Grove include Park Grove, a three-tower residential project under construction on the southeast corner of Mary Street and Tigertail Avenue.
Grass River finished the 184-unit Grove Station Tower apartments at 2700 SW 27th Ave. Along with its partners, the company bought and plans to reposition five retail properties at 3112 Commodore Plaza, 3206 Grand Ave. and 3419 Main Highway, according to its website.
“Both Grass River and Terra have deep roots in the Coconut Grove area, and the two firms share a similar approach to responsible development, making a transit-oriented project like Grove Central a natural partnership,” the two said in the joint statement.
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