Terra and AB Asset Management have officially broken ground on The Well Coconut Grove, a new mixed-use residential development with a strong emphasis on wellness. The project secured a substantial $410 million in construction financing, signaling strong investor confidence in its unique approach to holistic living.
Key Takeaways
- The Well Coconut Grove is a wellness-focused mixed-use residential development.
- TYKO Capital provided $410 million in construction financing.
- The development will feature health-centric amenities and personalized wellness services.
- Over 50% of units have already been pre-sold, with prices starting at $1.5 million.
A New Era of Holistic Living
The Well Coconut Grove aims to redefine residential living by integrating health and wellness into its core design. Residents will have access to a range of amenities designed to promote a healthy lifestyle. These include hot and cold plunges, a dedicated pickleball court, and a serene tea garden and conservatory.
Beyond physical amenities, the development will offer personalized wellness services. This includes bi-annual health coaching sessions and carefully curated health events, fostering a community centered around well-being.
Strong Market Reception
The project has already garnered significant interest, with over half of the available units pre-sold. The residences, which range from one to four bedrooms, start at $1.5 million, reflecting the luxury and unique offerings of The Well Coconut Grove.
David Martin, CEO of Terra, expressed his enthusiasm for the groundbreaking. "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," he stated. Martin also highlighted the "strength of this financing" as an indicator of lender confidence in their vision for creating spaces that prioritize holistic living and community well-being.