Grove Central: A Transformative Mixed-Use Development Redefining Miami’s Coconut Grove

Miami’s Coconut Grove neighborhood welcomes a new era with the completion of Grove Central, a groundbreaking mixed-use complex developed by Terra and Grass River Property. Nestled at 2800 Southwest 27th Terrace, this transit-oriented development seamlessly integrates residential living, commercial spaces, and public transit, setting a new standard in urban planning.

Grove Central stands as a testament to the success of public-private partnerships, particularly with Miami-Dade County. The complex, strategically located along the Metrorail corridor at the entrance to Coconut Grove, boasts a 23-story residential tower offering 402 units. These range from multifamily and workforce housing to co-living options, catering to diverse lifestyles. The development is complemented by a new 1,250-space public parking garage and approximately 170,000 square feet of neighborhood retail.

Retail anchors such as Target, Sprouts Farmers Market, Total Wine & More, Five Below, and Club Studio form a vibrant commercial hub, enhancing the community’s accessibility and convenience. The phased opening of Grove Central’s retail component introduces a lineup of diverse tenants, with additional names like Black Sheep Coffee, Mattress Firm, Chipotle, T-Mobile, Panda Express, Woof Gang Bakery, and Pacific Dental expected in the coming year.

As part of Miami-Dade County’s initiative to enhance connectivity, Grove Central has become a focal point for economic growth. The project has generated over 1,600 construction jobs, nearly 500 permanent full-time and part-time positions, and marked the collection of property tax revenues for the first time in the site’s history. This success aligns with Mayor Daniella Levine Cava’s commitment to creating livable and walkable communities.

Grove Central’s residential tower, now open for occupancy, offers 402 thoughtfully designed apartments. Ranging from studios to five-bedroom units, these residences feature modern amenities, energy-efficient appliances, and breathtaking views of Coconut Grove, Biscayne Bay, and the Downtown Miami skyline. Rental rates vary from $2,000 to $3,350 per month.

Designed by Touzet Studio in collaboration with RSP Architects and Local Office Landscape Architecture (LOLA), Grove Central prioritizes sustainability. With Florida Green Building Certification, the development exceeds the City of Miami’s green building requirements. Water-resilient plantings, a large cistern for rainwater reuse, and stormwater-absorbing rain gardens contribute to the project’s eco-friendly profile.

Residents of Grove Central enjoy a host of amenities, including a resort-style rooftop pool deck, fitness center, co-working spaces, a pub room, coffee bar, arcade, and more. The development’s centerpiece is a tree-lined public plaza connecting to the adjacent Underline linear park, enhancing pedestrian access and community engagement.

Grove Central stands as a preeminent example of a multimodal transit-oriented development, symbolizing the successful collaboration between the public and private sectors. This transformative project not only revitalizes Coconut Grove but sets a benchmark for smart development and mobility across South Florida.

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Exploring the Benefits of a Career in the Commercial Real Estate Industry

Choosing a career path is a significant decision, especially in the early stages of professional life. For those considering a venture into commercial real estate (CRE), the decision involves weighing various factors. In this article, we delve into the pros and cons of pursuing a full-time career in CRE, offering insights to help individuals navigate this dynamic industry.

High Income Potential

  • In CRE, financial rewards can be substantial, with individuals in their twenties earning multiple six figures annually.
  • Major property sales, lucrative transactions, and entrepreneurial endeavors contribute to the industry’s impressive income potential.
  • The high dollar amounts associated with CRE deals result in substantial commissions, fees, and income streams for those involved.

Entrepreneurial Opportunities

  • CRE is inherently entrepreneurial, allowing individuals to build their own portfolios with a skill set, network, and a dream.
  • Unlike traditional startups that may require significant capital and team building, CRE firms often start with a few partners raising third-party equity on a deal-by-deal basis.
  • The entrepreneurial path in CRE is “de-risked” compared to other industries, with low overhead during initial operations.

Tangibility of Assets

  • Real estate’s physical nature distinguishes it as a tangible asset class, appealing to those who appreciate seeing and touching their investments.
  • Understanding the operations of properties like apartment complexes or office buildings is more straightforward compared to complex businesses in obscure industries.
  • Real estate’s impact on daily life, influencing how people live, work, shop, and travel, adds a layer of personal connection and excitement to the industry.

Whether attracted by the industry’s financial rewards, entrepreneurial spirit, or the tangible nature of assets, those entering CRE should carefully assess their own preferences, career goals, and risk tolerance to determine if this dynamic field aligns with their long-term aspirations.

Get your CRE career started with Cohen Commercial’s internship program – learn more by visiting .

Navigating Commercial Real Estate Loans: Fixed vs. Variable Interest Rates

Understanding the intricacies of commercial real estate loans is crucial for informed decision-making in the world of real estate investments. One key aspect that demands attention is the type of interest rate associated with the loan – whether fixed or variable. In this guide, we’ll delve into the differences between fixed and variable interest rates, their advantages, disadvantages, and how they impact commercial real estate financing.

Fixed Interest Rates vs. Variable Interest Rates

Fixed Interest Rates:

A fixed interest rate remains constant throughout the agreed loan term. Regardless of market fluctuations, borrowers pay the same interest rate from the beginning to the end of the loan.

Variable Interest Rates:

In contrast, a variable interest rate is tied to the current market interest rate. It fluctuates based on market conditions, potentially rising or falling during the loan term.

Considerations for Borrowers

1. Market Dynamics:

Choosing between fixed and variable interest rates depends on the current state of the market. Fixed rates offer stability, while variable rates can lead to potential savings but come with market risk.

2. Advantages and Disadvantages:

Fixed interest rates provide a constant payment throughout the loan term, shielding borrowers from market rate increases. However, they also mean missing out on potential savings if market rates decrease. Variable rates, on the other hand, can save money if rates fall but carry the risk of increasing payments if rates rise.

3. Refinancing Challenges:

Fixed-rate loans might pose challenges if the borrower aims to refinance during a period of lower market rates, as they may not secure a lower interest rate than the one they already have. Variable-rate loans, if market rates rise, could make refinancing difficult.

Tax Implications

CMBS Loans:

For loans like Commercial Mortgage-Backed Securities (CMBS), the tax implications vary. Interest-only loans can increase property cash flow and Debt Service Coverage Ratio (DSCR), allowing for a larger loan qualification. Variable-rate loans may offer short-term rate advantages but increase overall risks. Fixed-rate CMBS loans typically have no significant tax implications.

Industry Median Interest Rates

Benchmark Rates:

Commercial real estate loan interest rates typically hover around 3% above the effective federal funds rate. Different financing options tie rates to various indices, including the Secured Overnight Financing Rate (SOFR), Treasury yields, or the Wall Street Journal Prime.


When deciding between fixed and variable interest rates in commercial real estate, borrowers should weigh the current market status, desired loan terms, and risk tolerance. Understanding the tax implications, especially in the context of CMBS loans, adds another layer of complexity. Keeping abreast of industry median interest rates and benchmark indices ensures borrowers make well-informed decisions in a dynamic market. Whether it’s stability with a fixed rate or potential savings with a variable rate, the choice between the two depends on the unique circumstances and preferences of the borrower.

Presenting Brightline’s Orlando to Tampa Expansion

In a move that could revolutionize transportation between two major Florida cities, a new bill filed for the 2024 legislative session aims to extend Brightline’s passenger rail service between Orlando and Tampa. The proposal, Senate Bill 1226, authored by Senate Transportation Chair Nick DiCeglie, R-Indian Rocks Beach, outlines the requirement for the Florida Department of Transportation to reserve a 44-foot-wide rail corridor within the right-of-way of Interstate 4.

One of the key aspects of the bill is the preservation of a dedicated space for the rail service within the bustling I-4 corridor. This includes considerations for infrastructure elements such as the spacing of bridge columns and barriers, crucial for ensuring the safe separation of the potential rail land and the interstate. The emphasis on meticulous planning underscores the commitment to creating a seamless and secure integration of the rail service into the existing transportation infrastructure.

Brightline, having recently completed a monumental 170-mile, $6 billion project connecting South Florida to Orlando, is now eyeing an expansion to Tampa. Cohen Commercial Realty is thrilled to discover what opportunities this new venture will bring to Florida’s commercial real estate market as we conduct business on the west coast of Florida in addition to the east coast. Commercial Real Estate Agent Chris Mangione represents properties in the Tampa area and is eager to introduce his listings to new Tampa visitors.

The successful completion of the Orlando extension in September marked a significant milestone for Brightline, which has been operational in South Florida since 2018. With this proposed expansion, the high-speed rail service aims to bridge the gap between the state’s key cities, offering a faster and more convenient travel option for residents and visitors alike.

This visionary project has garnered support from various quarters, with Senator Jay Collins and Representative Karen Gonzalez Pittman, both Tampa Republicans, submitting $50 million budget requests for rail improvements specifically in the Interstate 4 corridor. The alignment of these budget proposals with DiCeglie’s bill sets the stage for a comprehensive and collaborative effort to bring about the much-anticipated expansion.

As Florida gears up for the legislative session starting Tuesday, the fate of the Brightline expansion proposal hangs in the balance. The potential benefits of such a rail connection are substantial, from reducing travel times and easing congestion to fostering economic growth along the corridor. The prospect of a high-speed rail link between Orlando and Tampa not only aligns with the state’s commitment to modernizing its transportation infrastructure but also reflects a broader trend of investing in sustainable and efficient transit options.

The coming weeks will be crucial as policymakers weigh the merits of the Brightline expansion bill and the associated budget requests. If approved, this ambitious venture could reshape how Floridians traverse the I-4 corridor, marking a significant stride towards a more interconnected and accessible Sunshine State. The eyes of residents, businesses, and travelers are now fixed on Tallahassee, eagerly awaiting the decisions that could define the future of transportation in Central Florida.

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