Allen Morris Co. has successfully secured a $138.5 million construction loan for its ambitious Ziggurat Coconut Grove development. This significant financing, provided by BDT & MSD Partners and BHI (the U.S. Bank of Bank Hapoalim, B.M.), will fuel the creation of a landmark mixed-use project designed to honor Coconut Grove’s rich history while introducing modern luxury.
Key Takeaways
- A $138.5 million construction loan has been secured for the Ziggurat Coconut Grove project.
- The development will feature a trophy office building, ultra-luxury residences, and high-end retail space.
- Groundbreaking is set for December 2025, with completion anticipated in early 2028.
Ziggurat Coconut Grove: A Vision for the Future
The Ziggurat development, located at 3101 Grand Avenue, will transform 1.7 acres into a vibrant hub. The project encompasses two distinct towers: a five-story, 100,000-square-foot office building aiming to set a new standard for Miami’s commercial spaces, and an 18-unit, three-story condominium building offering ultra-luxury residences. Complementing these will be approximately 45,000 square feet of ground-floor retail space.
Amenities and Design
Designed by Oppenheim Architecture, Ziggurat promises a captivating aesthetic that blends Coconut Grove’s natural beauty with contemporary architectural innovation. The office tower’s rooftop will host a restaurant and lounge helmed by a local Michelin-starred chef, offering panoramic views of Biscayne Bay. The development will also feature pedestrian-friendly paseos, a central courtyard with lush landscaping, and a curated selection of local bistros, boutiques, and wellness-focused retail.
The residential component, exclusively represented by ONE Sotheby’s International Realty, will offer residences ranging from 1,254 to over 5,000 square feet, with prices from $3.5 million to $15 million. Each home will overlook the soon-to-be revitalized Kirk Munroe Park, a project Allen Morris Co. is undertaking in partnership with the City of Miami.
Project Timeline and Partnerships
Groundbreaking for Ziggurat Coconut Grove is slated for December 2025, with an expected completion date in early 2028. The project involves a partnership with the Espinosa family, who have owned and operated Grove Laundry & Cleaners on the site since 1961. Leasing efforts for the office space will be managed by Cushman & Wakefield and The Allen Morris Company, while Vertical Real Estate will lead retail leasing.
W. A. Spencer Morris, President of Allen Morris Co., emphasized the project’s design philosophy: "We designed Ziggurat to be a contextual extension of the Grove’s essence. With natural stone cladding and gardens wrapping every level of the building, we are seeking to build a landmark that respects the past while elevating the future of architecture in South Florida."
Lenders also expressed enthusiasm. Jason Kollander of BDT & MSD noted, "Coconut Grove’s enduring appeal and development momentum make it an attractive submarket, and we’re pleased to support the Allen Morris Company in delivering a development that adds vibrancy and momentum to the neighborhood’s continued evolution."