Terra Breaks Ground on THE WELL Coconut Grove After Locking Down $410 Million Construction Loan

A joint venture between Terra, one of South Florida’s leading real estate development firms, and partner AB Asset Management has broken ground on THE WELL Coconut Grove, a transformative mixed-use residential development in Miami’s Coconut Grove neighborhood, with a $410 million construction loan from TYKO Capital. The financing, which provides full development funding for the project, marks the largest construction loan closed in Coconut Grove’s history. Walker & Dunlop represented the development team in the transaction.

“This construction financing and groundbreaking marks significant milestones for both Terra and THE WELL as we expand our wellness-focused residential and hospitality footprint in one of Miami’s most vibrant neighborhoods,” said David Martin, CEO of Terra. “The strength of this financing underscores lender confidence in our vision for creating spaces that prioritize holistic living and community well-being.”

With over half of the building’s residences already pre-sold, THE WELL Coconut Grove appeals to individuals who view wellness as a foundational element of lifestyle rather than a convenience or trend. These are buyers who prioritize health, design, and community in equal measure - whether they’re seeking a primary residence or a thoughtfully designed second home. They tend to be purpose-driven professionals and creatives who value access to integrative wellness offerings, a meaningful sense of place, and a neighborhood that fosters both connection and retreat.

“Coconut Grove has always been home to me and I’ve watched the neighborhood evolve immensely over decades,” says Getzy Fellig, CoFounder of AB Asset Management. “When we look at projects like this, it’s essential that development enhances the community rather than diminishing it. The Grove has a unique sense of charm and conviviality that needs to be protected, especially as Miami continues to grow. Partnering with Terra reflects our shared belief that thoughtful, community-driven development can benefit the neighborhood while prioritizing what makes it a true sanctuary within the city.”

Opening in Q4 2028, THE WELL Coconut Grove represents the next chapter in Terra and THE WELL’s collaboration, bringing together 194 residences across eight stories with holistic wellness amenities, office and club components, and retail experiences designed around the principles of mindful living. Designed by Arquitectonica with interiors by Meyer Davis, the project will integrate biophilic design, natural materials, and advanced sustainability measures to achieve a Florida Green Building Design Silver Certification.

The property offers one- to four-bedroom residences from 960 - 4,200 square feet, with prices starting at $1.5 million. The residences at this landmark building embody unparalleled craftsmanship and thoughtful design, offering a lifestyle of luxury and wellness. Amidst the entirety of the project, every detail reflects the commitment to creating a masterpiece that redefines luxury living.

Terra has been thoughtfully enhancing Coconut Grove for decades, contributing to the neighborhood's unique charm and appeal with several landmark developments including the Bjarke Ingels-designed Grove at Grand Bay towers; the Rem Koolhaas/OMA-designed Park Grove towers; the Touzet Studio-designed Mary Street office and retail complex; the Arquitectonica-designed Mr. C Residences; and Grove Central, a transit-oriented residential and retail development that integrates with Miami’s Metrorail system.

As Miami’s most historic enclave, Coconut Grove boasts a vibrant legacy of community and culture. The addition of THE WELL will further enrich the neighborhood, introducing a wellness club designed as a hub where locals can come together, foster connections, and prioritize their well-being.

Residences at THE WELL Coconut Grove are designed to nurture and restore. Each unit features spacious private balconies, natural light-filled spaces and Italkraft Italian cabinetry. Kitchens are equipped with Kraus Kore™ sinks, quartzite countertops and premium appliances by Sub-Zero and Wolf, enhancing both functionality and aesthetic appeal.

Select units include dedicated Wellness Dens for meditation, workouts and massages. THE WELL practitioner team has curated custom wellness packages available to enhance in-home experiences, such as The Longevity Den, The Mindful Den, The Mobility Den, and THE WELL Office.

Exclusive Amenities to Support a Balanced Lifestyle THE WELL Coconut Grove offers an extensive array of amenities that cater to a balanced, wellness-focused lifestyle:

• 40,000-square-foot Rooftop Wellness Oasis: Features a private resident swimming pool, hot and cold plunges, cabanas and a pickleball court, all set within lush tropical landscaping.

• 13,000-square-foot State-of-the-Art Wellness Center: This space includes a communal bathhouse, crystal cave relaxation lounges, hyperbaric chamber and Vitality Lounge, physical therapy and functional medicine practices.

• Unique Social Spaces: Residents can unwind at the aperitif bar, enjoy the tea garden, or explore the Conservatory, which provides indoor/outdoor seating and a calm environment for coworking and IV therapy.

• Personalized Wellness Services: Exclusive offerings include bi-annual health coaching sessions, curated events and preferred pricing on wellness treatments.

Residents also have access to the latest wellness technologies through THE WELL Locker, which features items like Theraguns, infrared blankets and lymph boots.

THE WELL Coconut Grove is designed with environmental mindfulness at its core, achieving a Florida Green Building Design Silver Certification. The collaboration between Terra, Arquitectonica and Meyer Davis reflects a shared vision for sustainable luxury that enhances both the environment and resident wellness.

Images via Terra

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Terra Locks Down $43.5 Million Refinancing For 'Residences In The Grove' Coconut Grove Condo

Terra, in partnership with AB Asset Management, has secured a $43.2 million refinancing loan for Residences in the Grove, a 148-unit luxury condominium located at 2835 Tigertail Avenue in the heart of Miami’s Coconut Grove neighborhood. The financing, provided by City National Bank of Florida and KS Finance Corporation, will fund preliminary demolition and site-work in preparation for the project’s groundbreaking. Construction of Residences in the Grove is estimated to get underway later this year, with completion slated for 2025.

Designed by Arquitectonica, the five-story development will boast a beautiful design centered around a coral rock façade and sustainable features that will blend in seamlessly with Coconut Grove’s existing landscape and tree canopy. The project will also include approximately 22,000 square feet of wellness focused street-level retail space.

“Our ability to secure favorable financing for Residences in the Grove speaks to the growing demand for residential product in the thriving Coconut Grove district, which is home to walkable streets, top-tier schools, and some of Miami’s most exciting retail and dining destinations,” said David Martin, CEO of Terra. “Terra has been on the front lines in reinvigorating Coconut Grove dating back nearly a decade and we’re excited about continuing that tradition with this new development.”

“Coconut Grove is experiencing a surge of demand as people and businesses continue to move to South Florida. Terra was one of the first developers to recognize Coconut Grove’s potential as a mixed-use destination, and the firm has delivered several residential and commercial projects that are bringing the district to life,” said Gary Fitzgerald, Executive Vice President, Real Estate Banking Executive at City National Bank of Florida. “When you consider the neighborhood’s appeal, the strength of Miami’s residential market, the quality of this location, and Terra’s track record, the decision to finance this transaction made perfect sense.”

Terra’s portfolio of residential and commercial developments throughout Coconut Grove include the Bjarke Ingels-designed twisting towers of Grove at Grand Bay; the Rem Koolhas/OMA-designed Park Grove condominium towers; and the Touzet Studio-designed Mary Street class A office building. Terra is currently developing the two-tower Mr. C Residences luxury condominium, and Grove Central, a mixed use transit-oriented retail and residential development, both of which are slated for completion later this year.

AB Asset Management Acquires Residence Inn Coconut Grove From Hersha Hospitality Trust

AB Asset Management has acquired the Residence Inn Coconut Grove, a three-building, 140-unit hotel at 2835 Tigertail Avenue in Miami’s vibrant Coconut Grove neighborhood. The 2 acre property sold for $31 million, which breaks down to roughly $221,429. The seller was Hersha Hospitality Trust, led by Neil and Jay Shah. The transaction was overseen by Avison Young’s Florida Capital Markets Group led by Avison Young Principals John K. Crotty, CCIM; Michael T. Fay, who is also Managing Director of the firm’s Miami operations; David Duckworth; Vice President Brian C. de la Fé; and Associates Emily Brais and Berkley Bloodworth. AB Asset Management LLC is managed by Getzy Fellig and Sam Zalmanov.

“The Residence Inn received strong interest because of its Coconut Grove location near the newly renovated CocoWalk retail and dining destination, the 750,000-square-foot mixed-use Mayfair in the Grove development, and several other exciting new projects that contribute to the area’s live-work-play appeal,” said Crotty.

Situated at the intersection of Tigertail Avenue and Mary Street, the property sits on over two acres at the entry-point of the Grove’s business district, just a few minutes walking distance from shopping, dining venues, and multiple parks overlooking Biscayne Bay. The neighborhood has proven itself as a destination for high-end condominium use, with recent high-rise developments Park Grove, Grove at Grand Bay, and Mr. C Residences.