$239 Million Construction Loan Secured for Vita at Grove Isle
Miami's real estate market is witnessing the rise of a new luxury icon: Vita at Grove Isle. Spearheaded by the esteemed CMC Group, under the leadership of visionary developer Ugo Colombo, this project is shaping up to be a beacon of luxury and exclusivity. Recently, the project has reached a significant milestone, securing a substantial $239 million construction loan from Bank OZK. This financial infusion is set to propel the development of this much-anticipated luxury condominium project.
Nestled on the private island of Grove Isle, near the picturesque Coconut Grove, Vita at Grove Isle promises to be an oasis of sophistication and serenity. The project, which ceremoniously broke ground in April 2023, is rapidly taking shape, with its vertical construction progressing steadily towards a late 2025 completion.
Vita at Grove Isle stands out not only for its breathtaking location but also for its architectural magnificence. Planned as a seven-story building comprising 65 waterfront residences, each unit is designed to offer panoramic views of the bay, accentuated by high-quality finishes that speak volumes of luxury and comfort. Adding to this allure, over 70% of the residences have already been pre-sold, underscoring the development's desirability.
The range of residential options is diverse, including three to four-plus-den-bedroom condominiums, and a dozen penthouses equipped with private rooftop pools. These residences redefine luxury living, with sizes going up to 6,600 square feet and prices starting at $5.7 million, scaling up to $19.5 million for the penthouses.
CMC Group's partnership with Bank OZK is not just a financial collaboration but a testament to the project's strong foundation and promising future. The development team includes renowned names such as global architecture firm CallisonRTKL, local S & E Architects, and Italian interior design maestros A++ Architecture. Together, they envision a three-building complex – Mare, Luce, and Sole – that seamlessly integrates boutique living with the island's natural beauty.
The amenities at Vita at Grove Isle are a blend of comfort, luxury, and convenience. Residents can enjoy a private bayfront pool, a state-of-the-art fitness center, spa, and exclusive club facilities including a pool, bar, and sports courts. Additionally, the development will host a public gourmet restaurant and bar, alongside a private marina, ensuring a life of leisure and luxury.
Special attention is given to privacy and elegance in each residence, with features like private elevators, Italian-designed kitchens, elegant bathrooms, soundproofing, and smart home technology. The expansive waterfront terraces and private rooftop spaces in penthouses are crafted for outdoor living, offering breathtaking views and a sense of tranquility.
Located in a 20-acre gated community, Grove Isle is known for its peaceful environment and stunning views. It's conveniently close to Miami's prime shopping, elite schools, and entertainment hubs in Brickell, Miami Beach, and Coral Gables.
The securing of the construction loan, a strategic move facilitated by Bilzin Sumberg, marks a new phase for Vita at Grove Isle. Replacing a previous $38.5 million loan from Bank OZK in 2021, this funding underscores the project's financial stability and bright future.
In conclusion, Vita at Grove Isle is not just a real estate development; it's a lifestyle statement, set to redefine luxury living in Miami. With its unparalleled location, exquisite design, and world-class amenities, it's poised to become one of the most coveted addresses in the city.
