Terra and AB Asset Management have officially broken ground on The Well Coconut Grove, a pioneering mixed-use residential development centered around holistic living and wellness. The project, which has secured significant construction financing, aims to integrate health-centric amenities and personalized wellness services into the vibrant Coconut Grove neighborhood.
Key Takeaways
- The Well Coconut Grove is a new wellness-focused mixed-use residential development.
- Terra and AB Asset Management are the developers behind the project.
- TYKO Capital has provided $410 million in construction financing.
- Over half of the units have already been pre-sold, with prices starting at $1.5 million.
A New Era of Wellness Living
The Well Coconut Grove is set to redefine residential living by prioritizing the health and well-being of its residents. The development will feature an array of unique, health-centric amenities designed to promote a balanced lifestyle. These include facilities such as hot and cold plunges, a dedicated pickleball court, and a serene tea garden and conservatory.
Beyond physical spaces, The Well Coconut Grove will offer access to personalized wellness services. Residents can expect bi-annual health coaching sessions and thoughtfully curated health events, fostering a community dedicated to holistic living. This comprehensive approach aims to create an environment where residents can thrive both physically and mentally.
Strong Financial Backing and Market Confidence
The project has secured a substantial $410 million in construction financing from TYKO Capital. This significant financial backing underscores the lender’s confidence in the vision and potential of The Well Coconut Grove. David Martin, CEO of Terra, expressed his enthusiasm, stating, "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."
Pre-Sales Indicate Strong Demand
Market reception to The Well Coconut Grove has been overwhelmingly positive, with over half of the building’s units already pre-sold. The residences, offering one to four bedrooms, start at $1.5 million. This strong pre-sale activity highlights the growing demand for residential developments that integrate wellness as a core component, particularly in sought-after locations like Coconut Grove.