In April, 2014 Paragon Group purchased a 1 acre parcel located next to the Coconut Grove Metro-rail station located on SW 27 th avenue and US -1. Paragon’s initial plan was to up zone the property for a 36 unit rental project. In late 2015, Paragon Group successfully rezoned the property from T-3 to T-4. However, given the hot for sale market, Paragon pivoted and started plans on an upscale, boutique townhome project (See description below).
As with most properties, Paragon Group decided to selectively market the property to a small group of foreign investors. In late 2017, Paragon Group sold the property to a Brazilian private equity group for $2.8 million dollars generating an average annual return of nearly 45%.
Grove Place is an 18-unit contemporary townhome community located just north of US-1 and 27th Avenue, at the entrance of Coconut Grove. The development consists of 18 urban chic three-story, upscale units that will sit on the largest contiguous piece of property in the area. A unique location, the eco-friendly condominium is adjacent to the Grove Station Metrorail stop. Grove Place will afford residents a luxurious and modern living experience at a fraction of the cost.
The smart-ready contemporary style units will be easily adaptable to today’s technology. The units will be pre-wired using CAD 5 wiring for areas where transmission speed is a must, and Wi-Fi ready throughout the house. Other standard features include video camera connections both inside and outside, garage door opener, alarm, and motion sensor detection system that can be operated from your smartphone or tablet. Grove Place will feature the finest design details giving each home a clean, modern feel. Each unit will have a two-car garage, flex space on the ground floor which can be converted into a personal space such as a den, office, or guest room, Italian cabinetry and stainless steel appliances, and shaded private rooftop terraces surrounded by the mature landscaping located in the area.
With a starting price of $170 per SF, these units are approximately 40% less than other townhomes within Coconut Grove.