Terra, a prominent South Florida real estate developer, has officially broken ground on its highly anticipated mixed-use residential project, THE WELL Coconut Grove. The development received a significant boost with the closure of a $410 million construction loan from TYKO Capital, marking the largest construction loan ever secured in Coconut Grove’s history. This financial backing ensures full development funding for the project, which is a joint venture between Terra and AB Asset Management.
Key Takeaways
- Terra and AB Asset Management have broken ground on THE WELL Coconut Grove.
- A $410 million construction loan from TYKO Capital has been secured, the largest in Coconut Grove’s history.
- Over 50% of the residences have already been pre-sold.
- The development is slated to open in Q4 2028.
A New Era of Wellness Living
THE WELL Coconut Grove is designed to cater to individuals who prioritize holistic wellness as a core component of their lifestyle. The development aims to attract purpose-driven professionals and creatives seeking a harmonious blend of health, community, and sophisticated design. With over half of its residences already pre-sold, the project clearly resonates with a discerning market.
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." He further emphasized the lender’s confidence in their vision for spaces that promote holistic living and community well-being.
Getzy Fellig, Co-Founder of AB Asset Management, highlighted the importance of enhancing the community, noting, "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."
Project Details and Amenities
Scheduled to open in the fourth quarter of 2028, THE WELL Coconut Grove will feature 194 residences spread across eight stories. The development is designed by Arquitectonica, with interiors by Meyer Davis, and emphasizes biophilic design, natural materials, and sustainability, aiming for a Florida Green Building Design Silver Certification.
The residences will range from one to four bedrooms, spanning 960 to 4,200 square feet, with prices starting at $1.5 million. Each unit boasts spacious private balconies, abundant natural light, and high-end finishes, including Italkraft Italian cabinetry and premium kitchen appliances.
Key wellness amenities include:
- A 40,000-square-foot Rooftop Wellness Oasis with a resident swimming pool, plunge pools, cabanas, and a pickleball court.
- A 13,000-square-foot State-of-the-Art Wellness Center featuring a communal bathhouse, crystal cave relaxation lounges, a hyperbaric chamber, and physical therapy facilities.
- Unique social spaces such as an aperitif bar, a tea garden, and a Conservatory for coworking and IV therapy.
- Personalized wellness services, including health coaching and curated events.
Terra’s Continued Commitment to Coconut Grove
Terra has a long-standing history of contributing to the Coconut Grove neighborhood, with previous developments including the Grove at Grand Bay towers and the Park Grove towers. THE WELL Coconut Grove is poised to further enrich the historic enclave by introducing a wellness club designed as a community hub.