Allen Morris Company secured a $138.5 million construction loan for its mixed-use Ziggurat development in Coconut Grove, The Real Deal has learned.
Coral Gables-based Allen Morris and its partner, the Espinosa family that owns the property at 3101 Grand Avenue, secured the financing from BDT & MSD Partners and BHI, the U.S. arm of Israel-based Bank Hapoalim, according to a release.
The planned Ziggurat development is expected to include a five-story, 100,000-square-foot office building and a three-story, 18-unit luxury condo building with about 45,000 square feet of ground-floor retail space. The office building will also have a rooftop restaurant and lounge by a Michelin-starred chef, the release states.
Allen Morris, led by its namesake Chairman and CEO W. Allen Morris and President Spencer Morris, revealed the project plans about a year ago. Morris said the mixed-use nature of the building was “compelling” to lenders.
“This is one of the top three submarkets in South Florida, including West Palm Beach, for office,” Morris said. “This would have secured construction financing even without the other components. The demand and supply drivers are there.”
Lotus Capital Partners, led by Faisal Ashraf, arranged the financing.
Construction is expected to begin this month and could be completed in 2028. Morris said crews will be digging the foundation early next year.
The 1.7-acre property, at the intersection of Grand Avenue, Matilda Street and Florida Avenue, is home to the Espinosa family’s Coconut Grove Dry Cleaners and other small businesses, including Sapore di Mare. The Italian restaurant plans to move to another location in Coconut Grove.
One Sotheby’s International Realty is leading sales of the condos, with prices ranging from $3.5 million to $15 million. The units will range from 1,250 square feet to more than 5,000 square feet. The condo building will overlook the city’s Kirk Munroe Park. An experiential sales center is expected to open soon across the street, as part of a collaboration with Chevre Miami, a gourmet market, cheesemonger and wine shop, which will operate a cafe. The Miami City Commission is set to vote next week on a development agreement with Allen Morris Co. to renovate Kirk Munroe Park and Fuller Street.
The condo component is more than 50 percent sold, Morris said. Buyers at Ziggurat are “more international,” and many plan to use their condos as pied-à-terres. Morris said he’s buying a unit at the project.
Chad Oppenheim’s Oppenheim Architecture is designing Ziggurat, which is expected to include paseos that lead to a central courtyard.
Daniel Cardenas and Michael Sullivan with Vertical Real Estate are leading retail leasing. It’s about 40 to 45 percent leased, Morris said. Cushman & Wakefield’s Ryan Holtzman, Andrew Trench and Brian Gale are handling office leasing with Thad Adams of the Allen Morris Co.
Allen Morris plans to relocate its headquarters to the new building, joining other developers who are headquartered in the popular Miami neighborhood. Related Group, Terra, Mast Capital, Swerdlow Group and others are based in Coconut Grove.
Near Ziggurat, the family of the late Isaac Kodsi is completing Arbor Residences, a condo project that Kodsi acquired out of foreclosure in 2023. The 45-unit building at 3034 Oak Avenue is about a block away from the Ziggurat site. Both are in downtown Coconut Grove, near CocoWalk.
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