The Fairchild Coconut Grove condo broke ground on Tuesday, promising luxurious units along Biscayne Bay.
ROVR Development, led by principals Oscar Rodriguez and Ricardo Vadia, are building the 26 condos at 3581 E. Glencoe Street. They will range from 1,714 to 4,114 square feet and are priced from $1.6 to $4.6 million.
Rodriguez said the condos are 60 percent pre-sold, all with 50 percent deposits committed. The buyers are about evenly split between domestic residents and foreign residents, especially from Colombia and Venezuela. Most of the buyers intend to live in the Fairchild, he added.
The Fairchild launched sales in fall 2016 with One Sotheby’s International Realty handling the listing.
“This type of purchase takes a while for the buyers to make up their minds,” Rodriguez said. “Many of them are empty nesters from South Florida who are downsizing.”
Rodriguez said he expects to close on a $27 million construction loan with Miami-based Ocean Bank in about 30 days. The mortgage will have a 50 percent loan-to-value ratio, he said.
The Fairchild Coconut Grove was designed by architects Anillo Toledo Lopez firm and Max Strang, with amenities by Rafael de Cardenas. The general contractor is Ortega Construction.
The condo would rise five stories along the water and three stories near the neighboring single-family homes. It would have a private dock with four boat slips for sale and a public walkway along the bay. Some condos would have a private shower on the outdoor balcony.
Amenities at Fairchild Coconut Grove would include a rooftop pool, a private dog walk and grooming area, a floating dock for watercraft launch, a gym, a full-time concierge, a Hamman spa with a steam room and sauna, and a garden walk.
Rodriguez said the condo should be completed in fall 2019.
“One of the benefits is people can get into the final product [the condo] much faster than a high-rise with a three-year construction cycle,” Rodriguez said. “They want to get into their unit as fast as possible.”
By Brian Bandell – Real Estate Editor, South Florida Business Journal
Apr 10, 2018
