Grovenor House Coconut Grove

Grovenor House Coconut Grove

The Grovenor House, a 32-story luxury condominium with 151 residences near local restaurant and raw bar Monty's on Bayshore Drive, began sales in June. By mid-July three-fourths of the building had sold--at prices averaging $450 per square foot. "I got taken by surprise by the sales," Grovenor developer Ugo Colombo says. "My plan was to sell the building as it was built." Colombo was in the sales office one Saturday morning and was shocked when they sold $5 million in condos in 45 minutes. "I think there is a demand for large units in the Coconut Grove and Coral Gables area," Colombo says. "There is no luxury building in that area." While this building has sold faster than Colombo's projects in the Brickell area, he says there is little likelihood that he will do another project in the Grove. He does not see any other waterfront property that can still be developed. As it was, developing the Grovenor House site required several compromises with Coconut Grove residents, including the relocation of a historic 100-year old, 300-ton oak tree and several other trees to the back of the property.