Coconut Grove Is THE Hotspot To Live In Miami According To Variety Magazine Posted on April 12, 2023April 12, 2023 by Sarah Elles Boggs Brace yourselves for more artistically-inclined neighbors coming soon! Variety Magazine, the de facto resource for all entertainment industry news since its inception in 1905, has declared Coconut Grove as the real estate hotspot for those in the Miami area. With a print circulation of over 63,000, 6 million social followers and 27 million unique digital visitors, Variety.com is without a doubt the authority for those in the entertainment industry. This includes film and television, podcasting and digital entertainment, music, tech and more. It is “a powerful publication in every conceivable aspect. Variety stands as a monument to the entertainment industry,” according to judges from the National Arts & Entertainment Journalism Awards. With California being a hotbed for outbound movement toward more tax-friendly states, we welcome our west coast friends with open arms. Coconut Grove is a great place for someone who hails from Los Angeles. With our quirky and artsy vibe, proximity to the ocean and upscale bohemian tendencies, Coconut Grove can be compared to Los Angeles’s Pacific Palisades region. Coconut Grove Homes “I personally believe Coconut Grove is one of the most sought-after neighborhoods in the entire country. People feel a sense of place and community here. It’s a neighborhood where people can plant a flag,” says David Martin, CEO of Terra Group, to Variety.com. Martin’s Terra Group is the developer behind several architecturally distinguished projects along Bayshore Drive in Coconut Grove. Grove at Grand Bay was completed in 2016 with dual twisting towers overlooking the bayfront park. Here you can find residences designed by Bjarke Ingles that offer spacious layouts currently being offered between $3.5 million – $12.5 million. Grove at Grand Bay Terra Group is also responsible for Park Grove, which also takes advantage of the bay views and walkability of the burgeoning community. Buyers here can choose between several buildings that were opened between 2018-2020 and all were designed by starchitect Rem Koolhaas/OMA. Mr. C Residences is also in Terra Group’s portfolio and is already sold out prior to its completion later this year. Park Grove Residences in Coconut Grove, Florida For those who prefer an additional dollop of privacy combined with their waterfront living, Vita at Grove Isle will be appreciated. This is a new boutique development that is beginning construction this month on the private 20-acre island of Grove Isle. With just 65 spacious and fully-serviced residences featuring a tranquil waterfront aesthetic, new owners will be able to move in starting early 2025 with purchases between $5 million and $10 million. Vita at Grove Isle Boat Dock Rendering Aside from the newly constructed luxury towers, new residents also have a choice of a variety of single family residences. There are historical homes in Spanish Revival or Midcentury Modern designs, as well as contemporary and minimalistic homes that are of newer construction. Ken Griffin, the founder of Chicago’s Citadel has chosen not one but two waterfront homes for his relocation to the sunshine state with his purchase of philanthropist Adrienne Arsht’s waterfront Coconut Grove compound for $107 million last year. Coconut Grove Entertainment There is a lot more to an A+ neighborhood than just beautiful real estate. Variety also recognized the renaissance that is underway in the retail & dining district called CocoWalk. The 1990’s-built outdoor mall had fallen into disrepair and despair, but after being purchased by a new investment group who partnered with private developers and utilized a $10 million FEMA grant after Hurricane Irma, it is now a bustling attraction once more. In addition to the upgrade/update of CocoWalk, the City of Miami has overseen a $70 million renovation of Dinner Key Marina. This provides sleek and chic waterfront eateries, boat docks and a slew of new retail outlets. Just around the corner, the iconic Mayfair House Hotel & Garden has been retrofitted to the tune of $50 million and added a rooftop bar/lounge and 179 updated guest suites. Mayfair House Lobby Coconut Grove Despite all of the new towers and renovations, some of the more popular traditions are being kept alive. The Coconut Grove Art Festival remains one of the city’s most well-attended events each spring. The last Sunday of the year also brings the quirky and fun King Mango Strut, the community’s “Satirical Stroll” where attendees are encouraged to dress in theme, poking fun at pop culture, politics or any newsworthy event of the year. It is always a good time for easy laughs. Coconut Grove Arts Festival 2022 Coconut Grove Neighborhood All of this family fun and fortunate living is wrapped up in a perfect little location that is so close to Downtown Miami and Brickell that you can really get by without a car if you have that craving. It is the only place in Miami that will offer such proximity to the business center, has great schools and a thriving community of “stealth wealth” options for down to earth families to bloom together. We can certainly see how Variety would choose Coconut Grove as THE place in Miami for Los Angeles to lose residents to. Being local Groveites for nearly 15 years, we welcome newcomers with open arms and all of the market knowledge/stats you might need or want when deciding were to settle down. A Must Read: The Essential Guide to Coconut Grove Restaurants If you are interested in learning more about life in Coconut Grove, please contact Michael Light, Grove resident as well as Broker and Executive Director of Luxury Sales at Douglas Elliman Real Estate. We would love to have you as a neighbor.
Miami’s Person Of The Year 2022 Is None Other Than Ken Griffin Posted on December 31, 2022December 31, 2022 by Sarah Elles Boggs “We’re not sort of in — we’re all in,” Citadel’s Ken Griffin told Bloomberg this fall after putting in motion the relocation of his Citadel Securities empire to Miami, adding fuel to the already thriving commercial and residential real estate sectors alike. And all in he was, leading MiamiLuxuryHomes.com and MiamiCondos.com to name him Miami’s Person of the Year 2022. Even before the June 2022 announcement that he would be uprooting his firm, Griffin had been hard at work assembling land in both Miami and Palm Beach. Although a mammoth task to relocate an entire firm, the move does make sense for Citadel. Chicago has grown dangerous and overvalued, the weather is nowhere close to as temperate as what we find in Florida, Chicago is no longer the financial powerhouse haven it once was. Taxes are lower in Florida, and we cannot discredit the fact that Griffin himself hails from the Sunshine State. He even said it himself, stating, “When you’ve got great schools, a great environment and your streets are safe and clean, that’s when you’ve got a place you want to live in and call home,” Griffin said. Once the announcement was made, he worked tirelessly to purchase homes and assemble land for future office towers, all trophy properties of course. Here is a breakdown of what he purchased: Adrienne Arscht’s Waterfront Home – $107 Million The most recent trophy purchase was that of famed philanthropist Adrienne Arscht’s waterfront mansions. Yes, that is mansions in the plural sense. The two homes are nestled on a lush bayfront lot in Coconut Grove. One is of newer construction, the other is a historical treasure that was built in 1910. After the closing, it was released that Mr. Griffin would reside in the newer home, but is seeking to MOVE the historical mansion to another location. Who moves a 112-year-old mansion? Ken Griffin. His reasoning is that he feels the public would love to be able to tour the home, at a different location, which makes sense. The guilded-era home is spectacular and Mr. Griffin prides himself on his philanthropic efforts. The purchase of either of these homes would have certainly been newsworthy, but the two together is record-breaking. Gables Estates Spec Mansion – $45 Million It is unclear why Citadel’s chief would need three mansions in such close proximity, but there must be a master plan in effect because he bought a 19,000 square foot home in the gated and waterfront Gables Estates. The eight-bedroom home sits on a 2-acre waterfront lot and boasts a 5,000 bottle wine cellar, theater, pool, outdoor kitchen and a sauna. Brickell Development Site – $363 Million + $286.5 Million While the residential purchases were all newsworthy, nobody had yet fathomed the amounts that the hedge fund billionaire put toward office space in the Brickell Financial District! He has seen the gleam of opportunity and purchased a 2-acre development site at 1201 Brickell Bay Drive for $363 million as well as the existing office tower at 1221 Brickell Avenue for $286.5 million. This transaction is interesting because it leads to the question of what is to be built on the development site? Another property transacted around the same time and on the same block. It was a small 3-story walkup on Brickell Bay Drive that was built in the 1950’s and now purchased for $20 million. It was not disclosed who the buyer of the apartment complex was, but with Citadel making major purchases on either side of this complex and continuing its spending spree, one can only imagine who the mystery buyer was. Ken Griffin has expressed his plans to construct an iconic 1000-foot trophy office tower on the water, could it be that he plans a mega-project? Perhaps we will find out in 2023… Other Office Transactions In addition to the potential mega-development, Citadel also finalized a lease for office space in 830 Brickell, which is under construction just a few blocks away. This seems like an insurmountable quantity of space for one company, but it is part of a larger plan. While Citadel will base its headquarters here, Mr. Griffin is also preparing to pitch the magic city opportunity to other large scale employers including Apple and others that will bring additional human capital into our realm. Miami is also not the only city in South Florida where Mr. Griffin is hard at work. He has also purchased a gorgeous home and office space in Palm Beach. All Citadel employees who live in Palm Beach will be able to work from the Worth Avenue office. The $350 million he has spent assembling land in Palm Beach also includes a home on Blossom Way for Griffin’s mother. Ancillary Transactions In order for Griffin’s Miami dream to come true, there will need to be bodies in all of this office space he is putting together. This creates added demand on our already thriving residential market, particularly in the luxury sector. While we do not have the numbers of this subsidary contribution, the evidence is clear. While the rest of the nation is preparing for a crippling real estate crash due to interest rate increases and inflation, Miami is sitting pretty, ready for a continued renaissance. Thank you to Ken Griffin and Citadel for all of your contributions to the Magic City and have a healthy and prosperous 2023!
Record-Breaking Sale: Ken Griffin Pays $107 Million For Adrienne Arscht’s Coconut Grove Waterfront Compound Posted on September 7, 2022September 9, 2022 by Sarah Elles Boggs Coconut Grove now holds the title as the area of Miami-Dade County that boasts the highest-priced residence after Ken Griffin laid roots there this week. He has been named as the undisclosed buyer of Adrienne Arscht’s palatial waterfront estate, located at 3031 and 3115 Brickell Avenue in Coconut Grove. The estate had been on the market for a jaw-dropping $150 million, so Mr. Griffin scored a nice deal and Ms. Arscht still made records with her landmark sale. No other house over $100 million has ever been sold in Miami-Dade County. Let’s take a look at it. Arscht Mansion Coconut Grove Pool by 1Oak Studios The property is actually comprised of two mansions that are built on a 4-acre parcel with 400 linear feet of bay frontage. This is going to allow for Mr. Griffin to have a home for himself and a separate home for entertaining his mega-financier clients and colleagues, or just friends as Ms. Arscht did during her time at Total Bank. Inside Indian Spring The primary home is known as Indian Spring and was built in 1999. It was designed by the former dean of the University of Miami’s School of Architecture, Jose Gelabert-Navia. It is a true entertaining home with 5 bedrooms, a grand salon, garden room and a dining room with that seats over 20 Citadel execs, or Griffin family members or friends. There is a separate apartment and office upstairs and a six-car garage. The design boasts carved ceilings, marble floors and a direct view of the water. Outdoor amenities include a pool, manicured gardens and a tennis court. Indian Spring Coconut Grove Backyard by 1Oak Studios Indian Spring Coconut Grove Grand Salon by 1Oak Studios Indian Spring Coconut Grove Bedroom by 1Oak Studios Indian Spring Coconut Grove Dining Room by 1Oak Studios Inside Villa Serena The second residence on the estate is called Villa Serena. Having been built in 1913 by former US Secretary of State & presidential candidate three times, it is now on the National Register of Historic Places. She purchased the property for $12 million in 2007 when she discovered that a developer was in negotiation on the home and had intentions of tearing it down. She stepped up and stepped in, then renovated the home to its original glamor with the conveniences of modern day life. Villa Serena Coconut Grove Entry by 1Oak Studios Arscht Mansion Coconut Grove View by 1Oak Studios This transaction represents the largest residential transaction ever in Miami-Dade County and the only home ever sold in the county for 9-figures. The previous record holder was a 3-property assemblage in Golden Beach, which sold for $93 million to InterSystems founder Phillip Ragon. He plans to demolish the properties and start anew. Ken Griffin has held the “top purchase” crown before with his $75 million purchase on Miami Beach’s Star Island. It remains to be told whether the new purchase was due to the size of the estate, if he fell in love with it, or if he just loves holding records. Either way, we are happy to have him and Citadel in Miami. Ever since listing the home, Archt has pledged to donate the proceeds to an undetermined charity. After looking over her philanthropic record in the Magic City, we are sure it will go to great use. “As the steward of this beautiful property, I am proud to leave its legacy to the next generations of caretakers,” said Arsht in the press statement. “May they also enjoy the breathtaking view!”