July 7, 2017
Miami-based developer Terra secured a $32-million construction loan from BB&T Bank for the development of Mary Street, Coconut Grove’s first new office building since 1989. Construction of the mixed-use office and retail complex is scheduled to begin this August, with completion slated for late 2018.
The Touzet Studio-designed project will transform a parking garage into 78,000 square feet of contemporary Class A office space with 18,000 square feet of retail space, while preserving public parking use.
Mary Street will cater to companies looking to locate offices among the Grove’s growing base of shops and restaurants, reflecting a new trend in the commercial sector where businesses are bypassing traditional corporate districts in favor of hip, urban, walkable neighborhoods.
The project will be developed in partnership with Mayfair Real Estate Advisors.
For comments, questions or concerns, please contact Dennis Kaiser