After years as a peace generation hippie magnet, losing luxury buyers and developers to South Beach and Downtown, the Miami enclave is attracting record-setting condo projects.
Wall Street Journal staffer Stefanos Chen profile Coconut Grove's personality change, trading in its groovy, back-to-the-garden Birkenstock-style for one becoming of a real estate magnate. Chen notes who's in, what's out, and what's on tap for the billionaire enclave. He writes that, throughout the 1990s, it was Miami and South Beach that got all the 1% A-list love:
That began to change in 2013, when sales started at the Grove at Grand Bay, two towers designed by Bjarke Ingels, who is now designing New York’s Two World Trade Center. Prices ranged from about $3 million to $9 million, with a roughly 14,000-square-foot penthouse asking $28 million. It was the first new high-end condo project to hit the Grove since about 2006 and all 98 units have sold, according to David Martin, the president of the developer, Terra Group. The towers will be finished in roughly eight months.