Allen Morris Gets Construction helps improve planning, consistency, and publishing quality when teams follow a repeatable workflow.
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.
Read more
Development
South Florida
Allen Morris launches sales of Ponce Park luxury condo project
Development
South Florida
Allen Morris Co. plans condo, office development in Coconut Grove
Residential
South Florida
Terra launches sales for Well-branded condos in Coconut Grove
{“props”:{“pageProps”:{“hamburgerMenu”:[{“url”:null,”label”:”News”,”external”:false,”childItems”:{“nodes”:[{“label”:”All Markets”,”url”:”/latest/”,”external”:false,”childItems”:{“nodes”:[{“label”:”San Francisco”,”url”:”/san-francisco/”,”external”:false,”__typename”:”MenuItem”},{“label”:”New York”,”url”:”https://therealdeal.com/new-york/”,”external”:false,”__typename”:”MenuItem”},{“label”:”South Florida”,”url”:”https://therealdeal.com/miami/”,”external”:false,”__typename”:”MenuItem”},{“label”:”Los Angeles”,”url”:”https://therealdeal.com/la/”,”external”:false,”__typename”:”MenuItem”},{“label”:”Chicago”,”url”:”https://therealdeal.com/chicago/”,”external”:false,”__typename”:”MenuItem”},{“label”:”National”,”url”:”/national/”,”external”:false,”__typename”:”MenuItem”},{“label”:”Texas”,”url”:”/texas/”,”external”:false,”__typename”:”MenuItem”}],”__typename”:”MenuItemToMenuItemConnection”},”__typename”:”MenuItem”},{“label”:”Sectors”,”url”:”#”,”external”:false,”childItems”:{“nodes”:[{“label”:”Residential”,”url”:”https://therealdeal.com/sector/residential/”,”external”:false,”__typename”:”MenuItem”},{“label”:”Commercial”,”url”:”https://therealdeal.com/sector/commercial/”,”external”:false,”__typename”:”MenuItem”},{“label”:”Development”,”url”:”https://therealdeal.com/sector/development/”,”external”:false,”__typename”:”MenuItem”},{“label”:”Politics”,”url”:”/sector/politics/”,”external”:false,”__typename”:”MenuItem”},{“label”:”Tech”,”url”:”/sector/tech/”,”external”:false,”__typename”:”MenuItem”}],”__typename”:”MenuItemToMenuItemConnection”},”__typename”:”MenuItem”}],”__typename”:”MenuItemToMenuItemConnection”},”__typename”:”MenuItem”},{“url”:”/data/”,”label”:”Data”,”external”:false,”childItems”:{“nodes”:[{“label”:”Dashboard”,”url”:”/data/new-york-residential-dashboard/”,”external”:false,”childItems”:{“nodes”:[],”__typename”:”MenuItemToMenuItemConnection”},”__typename”:”MenuItem”},{“label”:”Snapshots”,”url”:”/data/snapshots/”,”external”:false,”childItems”:{“nodes”:[],”__typename”:”MenuItemToMenuItemConnection”},”__typename”:”MenuItem”},{“label”:”Articles”,”url”:”/data/articles/”,”external”:false,”childItems”:{“nodes”:[],”__typename”:”MenuItemToMenuItemConnection”},”__typename”:”MenuItem”},{“label”:”Rankings”,”url”:”/data/rankings/”,”external”:false,”childItems”:{“nodes”:[],”__typename”:”MenuItemToMenuItemConnection”},”__typename”:”MenuItem”},{“label”:”Interactive Maps”,”url”:”/data/interactive/”,”external”:false,”childItems”:{“nodes”:[],”__typename”:”MenuItemToMenuItemConnection”},”__typename”:”MenuItem”},{“label”:”Directory”,”url”:”/data/directory/”,”external”:false,”childItems”:{“nodes”:[],”__typename”:”MenuItemToMenuItemConnection”},”__typename”:”MenuItem”},{“label”:”Data Books”,”url”:”/data/data-books/”,”external”:false,”childItems”:{“nodes”:[],”__typename”:”MenuItemToMenuItemConnection”},”__typename”:”MenuItem”}],”__typename”:”MenuItemToMenuItemConnection”},”__typename”:”MenuItem”},{“url”:null,”label”:”Magazine”,”external”:false,”childItems”:{“nodes”:[{“label”:”Data Book 2025″,”url”:”https://therealdeal.com/databook-2025-digital/”,”external”:false,”childItems”:{“nodes”:[],”__typename”:”MenuItemToMenuItemConnection”},”__typename”:”MenuItem”},{“label”:”Current Issue”,”url”:”/magazine/latest”,”external”:false,”childItems”:{“nodes”:[],”__typename”:”MenuItemToMenuItemConnection”},”__typename”:”MenuItem”},{“label”:”Issue Archives”,”url”:”/magazine”,”external”:false,”childItems”:{“nodes”:[],”__typename”:”MenuItemToMenuItemConnection”},”__typename”:”MenuItem”},{“label”:”The Closing”,”url”:”/tag/the-closing/”,”external”:false,”childItems”:{“nodes”:[],”__typename”:”MenuItemToMenuItemConnection”},”__typename”:”MenuItem”}],”__typename”:”MenuItemToMenuItemConnection”},”__typename”:”MenuItem”},{“url”:”/weekend/”,”label”:”Weekend”,”external”:false,”childItems”:{“nodes”:[],”__typename”:”MenuItemToMenuItemConnection”},”__typename”:”MenuItem”},{“url”:”https://events.therealdeal.com/”,”label”:”Events”,”external”:true,”childItems”:{“nodes”:[{“label”:”Miami Forum”,”url”:”https://events.therealdeal.com/miami/home?utm_source=webu0026utm_medium=navigationu0026utm_campaign=navigation_menu_item”,”external”:true,”childItems”:{“nodes”:[],”__typename”:”MenuItemToMenuItemConnection”},”__typename”:”MenuItem”},{“label”:”Building Houston”,”url”:”https://events.therealdeal.com/bsh-events/building-luxury-houston?utm_source=webu0026utm_medium=navigationu0026utm_campaign=navigation_menu_item”,”external”:false,”childItems”:{“nodes”:[],”__typename”:”MenuItemToMenuItemConnection”},”__typename”:”MenuItem”},{“label”:”Staged to Sell: David Martin”,”url”:”https://events.therealdeal.com/artefacto-events/david-martin/?utm_source=webu0026utm_medium=navigationu0026utm_campaign=navigation_menu_item”,”external”:false,”childItems”:{“nodes”:[],”__typename”:”MenuItemToMenuItemConnection”},”__typename”:”MenuItem”},{“label”:”Future City”,”url”:”https://futurecity.therealdeal.com/?utm_source=webu0026utm_medium=navigationu0026utm_campaign=navigation_menu_item”,”external”:false,”childItems”:{“nodes”:[],”__typename”:”MenuItemToMenuItemConnection”},”__typename”:”MenuItem”},{“label”:”Salon Series”,”url”:”https://events.therealdeal.com/salon-series/home?utm_source=webu0026utm_medium=navigationu0026utm_campaign=navigation_menu_item”,”external”:false,”childItems”:{“nodes”:[],”__typename”:”MenuItemToMenuItemConnection”},”__typename”:”MenuItem”},{“label”:”New York Forum”,”url”:”https://events.therealdeal.com/new-york/home?utm_source=webu0026utm_medium=navigationu0026utm_campaign=navigation_menu_item”,”external”:true,”childItems”:{“nodes”:[],”__typename”:”MenuItemToMenuItemConnection”},”__typename”:”MenuItem”},{“label”:”Golf Classic”,”url”:”https://events.therealdeal.com/golf-classic/home?utm_source=webu0026utm_medium=navigationu0026utm_campaign=navigation_menu_item”,”external”:false,”childItems”:{“nodes”:[],”__typename”:”MenuItemToMenuItemConnection”},”__typename”:”MenuItem”},{“label”:”Industry Events”,”url”:”/industry-events”,”external”:false,”childItems”:{“nodes”:[],”__typename”:”MenuItemToMenuItemConnection”},”__typename”:”MenuItem”}],”__typename”:”MenuItemToMenuItemConnection”},”__typename”:”MenuItem”},{“url”:”/video”,”label”:”Video + Podcast”,”external”:false,”childItems”:{“nodes”:[{“label”:”Video”,”url”:”/video”,”external”:true,”childItems”:{“nodes”:[],”__typename”:”MenuItemToMenuItemConnection”},”__typename”:”MenuItem”},{“label”:”Podcast”,”url”:”/deconstruct-podcast”,”external”:false,”childItems”:{“nodes”:[],”__typename”:”MenuItemToMenuItemConnection”},”__typename”:”MenuItem”}],”__typename”:”MenuItemToMenuItemConnection”},”__typename”:”MenuItem”},{“url”:null,”label”:”Partners”,”external”:false,”childItems”:{“nodes”:[{“label”:”Brand Studio”,”url”:null,”external”:false,”childItems”:{“nodes”:[{“label”:”Content”,”url”:”/brand-studio”,”external”:false,”__typename”:”MenuItem”},{“label”:”Videos”,”url”:”/video/playlist/PLyPHLrQofDtTmGhmB4EUC0_c9J1c1_DMa”,”external”:false,”__typename”:”MenuItem”}],”__typename”:”MenuItemToMenuItemConnection”},”__typename”:”MenuItem”},{“label”:”Collaborate”,”url”:null,”external”:false,”childItems”:{“nodes”:[{“label”:”Advertise”,”url”:”/advertising”,”external”:false,”__typename”:”MenuItem”},{“label”:”Sponsor u0026 Exhibit”,”url”:”https://advertising.therealdeal.com/events/exhibitors?utm_source=webu0026utm_medium=navigationu0026utm_campaign=navigation_menu_item”,”external”:false,”__typename”:”MenuItem”}],”__typename”:”MenuItemToMenuItemConnection”},”__typename”:”MenuItem”},{“label”:”Engage”,”url”:null,”external”:false,”childItems”:{“nodes”:[{“label”:”Sponsored Content”,”url”:”/sponsored”,”external”:false,”__typename”:”MenuItem”},{“label”:”Appliance Innovation Hub”,”url”:”https://advertising.therealdeal.com/brand-studio/hubs/bsh/home?utm_source=nav”,”external”:true,”__typename”:”MenuItem”},{“label”:”Multifamily Index”,”url”:”https://advertising.therealdeal.com/brand-studio/hubs/amazon/multifamily-market-index-3″,”external”:false,”__typename”:”MenuItem”}],”__typename”:”MenuItemToMenuItemConnection”},”__typename”:”MenuItem”}],”__typename”:”MenuItemToMenuItemConnection”},”__typename”:”MenuItem”},{“url”:”/newsletters/”,”label”:”Newsletters”,”external”:true,”childItems”:{“nodes”:[],”__typename”:”MenuItemToMenuItemConnection”},”__typename”:”MenuItem”},{“url”:”https://help.therealdeal.com/knowledge/kb-tickets/new?utm_source=therealdeal.comu0026utm_medium=referralu0026utm_content=784725u0026utm_campaign=trd_external_link”,”label”:”Customer Service”,”external”:false,”childItems”:{“nodes”:[],”__typename”:”MenuItemToMenuItemConnection”},”__typename”:”MenuItem”},{“url”:”#”,”label”:”Other”,”external”:false,”childItems”:{“nodes”:[{“label”:”About Us”,”url”:”https://therealdeal.com/about/”,”external”:false,”childItems”:{“nodes”:[],”__typename”:”MenuItemToMenuItemConnection”},”__typename”:”MenuItem”},{“label”:”Contact Us”,”url”:”https://therealdeal.com/contact-us/”,”external”:false,”childItems”:{“nodes”:[],”__typename”:”MenuItemToMenuItemConnection”},”__typename”:”MenuItem”},{“label”:”Privacy Policy”,”url”:”https://therealdeal.com/privacy-policy/”,”external”:false,”childItems”:{“nodes”:[],”__typename”:”MenuItemToMenuItemConnection”},”__typename”:”MenuItem”},{“label”:”Subscribe”,”url”:”https://therealdeal.com/subscription/”,”external”:false,”childItems”:{“nodes”:[],”__typename”:”MenuItemToMenuItemConnection”},”__typename”:”MenuItem”},{“label”:”Corporate Subscriptions”,”url”:”https://therealdeal.com/corporate/”,”external”:false,”childItems”:{“nodes”:[],”__typename”:”MenuItemToMenuItemConnection”},”__typename”:”MenuItem”},{“label”:”Advertise”,”url”:”https://therealdeal.com/advertising/”,”external”:false,”childItems”:{“nodes”:[],”__typename”:”MenuItemToMenuItemConnection”},”__typename”:”MenuItem”},{“label”:”Careers”,”url”:”https://therealdeal.com/careers/”,”external”:false,”childItems”:{“nodes”:[],”__typename”:”MenuItemToMenuItemConnection”},”__typename”:”MenuItem”},{“label”:”Shop”,”url”:”https://shop.therealdeal.com/?utm_source=therealdeal.comu0026utm_medium=referralu0026utm_content=784725u0026utm_campaign=trd_external_link”,”external”:false,”childItems”:{“nodes”:[],”__typename”:”MenuItemToMenuItemConnection”},”__typename”:”MenuItem”},{“label”:”Reprints”,”url”:”https://www.parsintl.com/publications/the-real-deal/”,”external”:false,”childItems”:{“nodes”:[],”__typename”:”MenuItemToMenuItemConnection”},”__typename”:”MenuItem”}],”__typename”:”MenuItemToMenuItemConnection”},”__typename”:”MenuItem”}],”footer”:{“menu”:{“menuItems”:{“nodes”:[{“id”:”cG9zdDo5ODk4MzA=”,”url”:null,”target”:null,”label”:”The Real Deal”,”childItems”:{“nodes”:[{“id”:”cG9zdDoyNDE3ODk=”,”label”:”About us”,”url”:”https://therealdeal.com/about/”,”target”:null,”__typename”:”MenuItem”},{“id”:”cG9zdDoyNDE3OTA=”,”label”:”Contact us”,”url”:”https://therealdeal.com/contact-us/”,”target”:null,”__typename”:”MenuItem”},{“id”:”cG9zdDo3NDQxNDY=”,”label”:”Careers”,”url”:”https://therealdeal.com/careers/”,”target”:null,”__typename”:”MenuItem”}],”__typename”:”MenuItemToMenuItemConnection”},”__typename”:”MenuItem”},{“id”:”cG9zdDo5ODk4MzE=”,”url”:null,”target”:null,”label”:”Markets”,”childItems”:{“nodes”:[{“id”:”cG9zdDo5ODk4MzU=”,”label”:”New York”,”url”:”https://therealdeal.com/new-york/”,”target”:null,”__typename”:”MenuItem”},{“id”:”cG9zdDo5ODk4MzY=”,”label”:”South Florida”,”url”:”https://therealdeal.com/miami/”,”target”:null,”__typename”:”MenuItem”},{“id”:”cG9zdDo5ODk4Mzc=”,”label”:”Los Angeles”,”url”:”https://therealdeal.com/la/”,”target”:null,”__typename”:”MenuItem”},{“id”:”cG9zdDo5ODk4Mzg=”,”label”:”Chicago”,”url”:”https://therealdeal.com/chicago/”,”target”:null,”__typename”:”MenuItem”},{“id”:”cG9zdDo5ODk4Mzk=”,”label”:”Latest News”,”url”:”https://therealdeal.com/latest/”,”target”:null,”__typename”:”MenuItem”}],”__typename”:”MenuItemToMenuItemConnection”},”__typename”:”MenuItem”},{“id”:”cG9zdDo5ODk4NDA=”,”url”:null,”target”:null,”label”:”Sections”,”childItems”:{“nodes”:[{“id”:”cG9zdDo5ODk4NDE=”,”label”:”Commercial”,”url”:”https://therealdeal.com/sector/commercial/”,”target”:null,”__typename”:”MenuItem”},{“id”:”cG9zdDo5ODk4NDI=”,”label”:”Residential”,”url”:”https://therealdeal.com/sector/residential/”,”target”:null,”__typename”:”MenuItem”},{“id”:”cG9zdDo5ODk4NDM=”,”label”:”Development”,”url”:”https://therealdeal.com/sector/development/”,”target”:null,”__typename”:”MenuItem”},{“id”:”cG9zdDo5ODk4NDQ=”,”label”:”Video”,”url”:”https://therealdeal.com/video/”,”target”:null,”__typename”:”MenuItem”},{“id”:”cG9zdDo5ODk4NDU=”,”label”:”Newsletters”,”url”:”https://therealdeal.com/newsletters/”,”target”:null,”__typename”:”MenuItem”}],”__typename”:”MenuItemToMenuItemConnection”},”__typename”:”MenuItem”},{“id”:”cG9zdDo5ODk4MzI=”,”url”:null,”target”:null,”label”:”Products u0026 Services”,”childItems”:{“nodes”:[{“id”:”cG9zdDoyNDE3OTQ=”,”label”:”Advertise”,”url”:”https://therealdeal.com/advertising/”,”target”:null,”__typename”:”MenuItem”},{“id”:”cG9zdDoyNDE3OTI=”,”label”:”Subscribe”,”url”:”https://therealdeal.com/subscription/”,”target”:null,”__typename”:”MenuItem”},{“id”:”cG9zdDoyNDE3OTU=”,”label”:”Customer Service”,”url”:”https://help.therealdeal.com/knowledge/kb-tickets/new”,”target”:null,”__typename”:”MenuItem”},{“id”:”cG9zdDo3NjM1MTU=”,”label”:”Corporate Subscriptions”,”url”:”https://therealdeal.com/corporate/”,”target”:null,”__typename”:”MenuItem”},{“id”:”cG9zdDo5ODk4NDc=”,”label”:”Data”,”url”:”https://therealdeal.com/data/”,”target”:null,”__typename”:”MenuItem”},{“id”:”cG9zdDo4MjgyNTQ=”,”label”:”Reprints”,”url”:”https://www.parsintl.com/publications/the-real-deal/”,”target”:null,”__typename”:”MenuItem”},{“id”:”cG9zdDo3NDQxNDc=”,”label”:”Shop”,”url”:”https://shop.therealdeal.com/”,”target”:null,”__typename”:”MenuItem”}],”__typename”:”MenuItemToMenuItemConnection”},”__typename”:”MenuItem”},{“id”:”cG9zdDo5ODk4MzQ=”,”url”:null,”target”:null,”label”:”Legal”,”childItems”:{“nodes”:[{“id”:”cG9zdDo4NDI3NDE=”,”label”:”Terms and Conditions”,”url”:”https://therealdeal.com/terms-and-conditions-for-data-use/”,”target”:null,”__typename”:”MenuItem”},{“id”:”cG9zdDoyNDE3OTE=”,”label”:”Privacy Policy”,”url”:”https://therealdeal.com/privacy-policy/”,”target”:null,”__typename”:”MenuItem”},{“id”:”cG9zdDo5OTc4MTI=”,”label”:”Privacy Preferences”,”url”:”#privacy-preferences”,”target”:null,”__typename”:”MenuItem”}],”__typename”:”MenuItemToMenuItemConnection”},”__typename”:”MenuItem”}],”__typename”:”MenuToMenuItemConnection”},”__typename”:”Menu”},”themeGeneralSettings”:{“address”:”450 West 31st Street, New York, NY 10001″,”addressLink”:”https://www.google.com/maps/place/450+W+31st+St,+New+York,+NY+10001,+USA/data=!4m2!3m1!1s0x89c259b15bf104ad:0x51887886edfd68f6?sa=Xu0026ved=2ahUKEwjIp43714H2AhUBv4sKHek7BjYQ8gF6BAgMEAE”,”email”:”trd@therealdeal.com”,”footerReservedText”:”All rights reserved © 2025 The Real Deal is a registered Trademark of Korangy Publishing Inc.”,”phone”:”212-260-1332″,”socialLinks”:[{“icon”:”twitter”,”url”:”https://twitter.com/trdny”,”__typename”:”SocialLink”},{“icon”:”facebook”,”url”:”https://www.facebook.com/therealdealmedia/”,”__typename”:”SocialLink”},{“icon”:”instagram”,”url”:”https://www.instagram.com/therealdeal/”,”__typename”:”SocialLink”},{“icon”:”youtube”,”url”:”https://www.youtube.com/channel/UCKXsx1tuopwO91QSgjrmA1g”,”__typename”:”SocialLink”},{“icon”:”linkedin”,”url”:”https://www.linkedin.com/company/therealdeal”,”__typename”:”SocialLink”},{“icon”:”newsletter”,”url”:”https://therealdeal.com/newsletters/”,”__typename”:”SocialLink”}],”__typename”:”ThemeGeneralSettings”}},”stylesWp”:[{“styles”:”:root{–wp–preset–aspect-ratio–square: 1;–wp–preset–aspect-ratio–4-3: 4/3;–wp–preset–aspect-ratio–3-4: 3/4;–wp–preset–aspect-ratio–3-2: 3/2;–wp–preset–aspect-ratio–2-3: 2/3;–wp–preset–aspect-ratio–16-9: 16/9;–wp–preset–aspect-ratio–9-16: 9/16;–wp–preset–color–black: #000000;–wp–preset–color–cyan-bluish-gray: #abb8c3;–wp–preset–color–white: #ffffff;–wp–preset–color–pale-pink: #f78da7;–wp–preset–color–vivid-red: #cf2e2e;–wp–preset–color–luminous-vivid-orange: #ff6900;–wp–preset–color–luminous-vivid-amber: #fcb900;–wp–preset–color–light-green-cyan: #7bdcb5;–wp–preset–color–vivid-green-cyan: #00d084;–wp–preset–color–pale-cyan-blue: #8ed1fc;–wp–preset–color–vivid-cyan-blue: #0693e3;–wp–preset–color–vivid-purple: #9b51e0;–wp–preset–gradient–vivid-cyan-blue-to-vivid-purple: linear-gradient(135deg,rgba(6,147,227,1) 0%,rgb(155,81,224) 100%);–wp–preset–gradient–light-green-cyan-to-vivid-green-cyan: linear-gradient(135deg,rgb(122,220,180) 0%,rgb(0,208,130) 100%);–wp–preset–gradient–luminous-vivid-amber-to-luminous-vivid-orange: linear-gradient(135deg,rgba(252,185,0,1) 0%,rgba(255,105,0,1) 100%);–wp–preset–gradient–luminous-vivid-orange-to-vivid-red: linear-gradient(135deg,rgba(255,105,0,1) 0%,rgb(207,46,46) 100%);–wp–preset–gradient–very-light-gray-to-cyan-bluish-gray: linear-gradient(135deg,rgb(238,238,238) 0%,rgb(169,184,195) 100%);–wp–preset–gradient–cool-to-warm-spectrum: linear-gradient(135deg,rgb(74,234,220) 0%,rgb(151,120,209) 20%,rgb(207,42,186) 40%,rgb(238,44,130) 60%,rgb(251,105,98) 80%,rgb(254,248,76) 100%);–wp–preset–gradient–blush-light-purple: linear-gradient(135deg,rgb(255,206,236) 0%,rgb(152,150,240) 100%);–wp–preset–gradient–blush-bordeaux: linear-gradient(135deg,rgb(254,205,165) 0%,rgb(254,45,45) 50%,rgb(107,0,62) 100%);–wp–preset–gradient–luminous-dusk: linear-gradient(135deg,rgb(255,203,112) 0%,rgb(199,81,192) 50%,rgb(65,88,208) 100%);–wp–preset–gradient–pale-ocean: linear-gradient(135deg,rgb(255,245,203) 0%,rgb(182,227,212) 50%,rgb(51,167,181) 100%);–wp–preset–gradient–electric-grass: linear-gradient(135deg,rgb(202,248,128) 0%,rgb(113,206,126) 100%);–wp–preset–gradient–midnight: linear-gradient(135deg,rgb(2,3,129) 0%,rgb(40,116,252) 100%);–wp–preset–font-size–small: 13px;–wp–preset–font-size–medium: 20px;–wp–preset–font-size–large: 36px;–wp–preset–font-size–x-large: 42px;–wp–preset–spacing–20: 0.44rem;–wp–preset–spacing–30: 0.67rem;–wp–preset–spacing–40: 1rem;–wp–preset–spacing–50: 1.5rem;–wp–preset–spacing–60: 2.25rem;–wp–preset–spacing–70: 3.38rem;–wp–preset–spacing–80: 5.06rem;–wp–preset–shadow–natural: 6px 6px 9px rgba(0, 0, 0, 0.2);–wp–preset–shadow–deep: 12px 12px 50px rgba(0, 0, 0, 0.4);–wp–preset–shadow–sharp: 6px 6px 0px rgba(0, 0, 0, 0.2);–wp–preset–shadow–outlined: 6px 6px 0px -3px rgba(255, 255, 255, 1), 6px 6px rgba(0, 0, 0, 1);–wp–preset–shadow–crisp: 6px 6px 0px rgba(0, 0, 0, 1);}:where(.is-layout-flex){gap: 0.5em;}:where(.is-layout-grid){gap: 0.5em;}body .is-layout-flex{display: flex;}.is-layout-flex{flex-wrap: wrap;align-items: center;}.is-layout-flex u003e :is(*, div){margin: 0;}body .is-layout-grid{display: grid;}.is-layout-grid u003e :is(*, div){margin: 0;}:where(.wp-block-columns.is-layout-flex){gap: 2em;}:where(.wp-block-columns.is-layout-grid){gap: 2em;}:where(.wp-block-post-template.is-layout-flex){gap: 1.25em;}:where(.wp-block-post-template.is-layout-grid){gap: 1.25em;}.has-black-color{color: var(–wp–preset–color–black) !important;}.has-cyan-bluish-gray-color{color: var(–wp–preset–color–cyan-bluish-gray) !important;}.has-white-color{color: var(–wp–preset–color–white) !important;}.has-pale-pink-color{color: var(–wp–preset–color–pale-pink) !important;}.has-vivid-red-color{color: var(–wp–preset–color–vivid-red) !important;}.has-luminous-vivid-orange-color{color: var(–wp–preset–color–luminous-vivid-orange) !important;}.has-luminous-vivid-amber-color{color: var(–wp–preset–color–luminous-vivid-amber) !important;}.has-light-green-cyan-color{color: var(–wp–preset–color–light-green-cyan) !important;}.has-vivid-green-cyan-color{color: var(–wp–preset–color–vivid-green-cyan) !important;}.has-pale-cyan-blue-color{color: var(–wp–preset–color–pale-cyan-blue) !important;}.has-vivid-cyan-blue-color{color: var(–wp–preset–color–vivid-cyan-blue) !important;}.has-vivid-purple-color{color: var(–wp–preset–color–vivid-purple) !important;}.has-black-background-color{background-color: var(–wp–preset–color–black) !important;}.has-cyan-bluish-gray-background-color{background-color: var(–wp–preset–color–cyan-bluish-gray) !important;}.has-white-background-color{background-color: var(–wp–preset–color–white) !important;}.has-pale-pink-background-color{background-color: var(–wp–preset–color–pale-pink) !important;}.has-vivid-red-background-color{background-color: var(–wp–preset–color–vivid-red) !important;}.has-luminous-vivid-orange-background-color{background-color: var(–wp–preset–color–luminous-vivid-orange) !important;}.has-luminous-vivid-amber-background-color{background-color: var(–wp–preset–color–luminous-vivid-amber) !important;}.has-light-green-cyan-background-color{background-color: var(–wp–preset–color–light-green-cyan) !important;}.has-vivid-green-cyan-background-color{background-color: var(–wp–preset–color–vivid-green-cyan) !important;}.has-pale-cyan-blue-background-color{background-color: var(–wp–preset–color–pale-cyan-blue) !important;}.has-vivid-cyan-blue-background-color{background-color: var(–wp–preset–color–vivid-cyan-blue) !important;}.has-vivid-purple-background-color{background-color: var(–wp–preset–color–vivid-purple) !important;}.has-black-border-color{border-color: var(–wp–preset–color–black) !important;}.has-cyan-bluish-gray-border-color{border-color: var(–wp–preset–color–cyan-bluish-gray) !important;}.has-white-border-color{border-color: var(–wp–preset–color–white) !important;}.has-pale-pink-border-color{border-color: var(–wp–preset–color–pale-pink) !important;}.has-vivid-red-border-color{border-color: var(–wp–preset–color–vivid-red) !important;}.has-luminous-vivid-orange-border-color{border-color: var(–wp–preset–color–luminous-vivid-orange) !important;}.has-luminous-vivid-amber-border-color{border-color: var(–wp–preset–color–luminous-vivid-amber) !important;}.has-light-green-cyan-border-color{border-color: var(–wp–preset–color–light-green-cyan) !important;}.has-vivid-green-cyan-border-color{border-color: var(–wp–preset–color–vivid-green-cyan) !important;}.has-pale-cyan-blue-border-color{border-color: var(–wp–preset–color–pale-cyan-blue) !important;}.has-vivid-cyan-blue-border-color{border-color: var(–wp–preset–color–vivid-cyan-blue) !important;}.has-vivid-purple-border-color{border-color: var(–wp–preset–color–vivid-purple) !important;}.has-vivid-cyan-blue-to-vivid-purple-gradient-background{background: var(–wp–preset–gradient–vivid-cyan-blue-to-vivid-purple) !important;}.has-light-green-cyan-to-vivid-green-cyan-gradient-background{background: var(–wp–preset–gradient–light-green-cyan-to-vivid-green-cyan) !important;}.has-luminous-vivid-amber-to-luminous-vivid-orange-gradient-background{background: var(–wp–preset–gradient–luminous-vivid-amber-to-luminous-vivid-orange) !important;}.has-luminous-vivid-orange-to-vivid-red-gradient-background{background: var(–wp–preset–gradient–luminous-vivid-orange-to-vivid-red) !important;}.has-very-light-gray-to-cyan-bluish-gray-gradient-background{background: var(–wp–preset–gradient–very-light-gray-to-cyan-bluish-gray) !important;}.has-cool-to-warm-spectrum-gradient-background{background: var(–wp–preset–gradient–cool-to-warm-spectrum) !important;}.has-blush-light-purple-gradient-background{background: var(–wp–preset–gradient–blush-light-purple) !important;}.has-blush-bordeaux-gradient-background{background: var(–wp–preset–gradient–blush-bordeaux) !important;}.has-luminous-dusk-gradient-background{background: var(–wp–preset–gradient–luminous-dusk) !important;}.has-pale-ocean-gradient-background{background: var(–wp–preset–gradient–pale-ocean) !important;}.has-electric-grass-gradient-background{background: var(–wp–preset–gradient–electric-grass) !important;}.has-midnight-gradient-background{background: var(–wp–preset–gradient–midnight) !important;}.has-small-font-size{font-size: var(–wp–preset–font-size–small) !important;}.has-medium-font-size{font-size: var(–wp–preset–font-size–medium) !important;}.has-large-font-size{font-size: var(–wp–preset–font-size–large) !important;}.has-x-large-font-size{font-size: var(–wp–preset–font-size–x-large) !important;}”,”type”:”list”,”__typename”:”StyleItem”}],”post”:{“id”:”cG9zdDoxMDAzMjYy”,”databaseId”:1003262,”title”:”Allen Morris scores $139M construction loan for Coconut Grove project”,”status”:”publish”,”slug”:”allen-morris-gets-construction-loan-for-ziggurat-coconut-grove”,”uri”:”/miami/2025/12/02/allen-morris-gets-construction-loan-for-ziggurat-coconut-grove/”,”link”:”https://therealdeal.com/miami/2025/12/02/allen-morris-gets-construction-loan-for-ziggurat-coconut-grove/”,”dateGmt”:”2025-12-02T14:00:00″,”contentTypeName”:”post”,”contentFiltered”:”u003cpu003eAllen Morris Company secured a $138.5 million construction loan for its mixed-use Ziggurat development in u003ca href=”/miami/2025/06/18/mast-capital-bh-complete-bulk-purchase-of-coconut-grove-condos/”u003eCoconut Groveu003c/au003e, u003cemu003eThe Real Deal u003c/emu003ehas learned.u0026nbsp;u003c/pu003enu003cpu003eCoral Gables-based u003ca href=”/miami/2025/01/30/allen-morris-launches-sales-of-ponce-park-luxe-condo-project/”u003eAllen Morrisu003c/au003e and its partner, the Espinosa family that owns the property at 3101 Grand Avenue, secured the financing from BDT u0026amp; MSD Partners and BHI, the U.S. arm of Israel-based Bank Hapoalim, according to a release.u0026nbsp;u003c/pu003enu003cpu003eThe 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.u0026nbsp;u003c/pu003enu003cpu003eAllen Morris, led by its namesake Chairman and CEO W. Allen Morris and President u003ca href=”/miami/2022/06/29/spencer-morris-promoted-to-president-of-the-allen-morris-company/”u003eSpencer Morrisu003c/au003e, revealed u003ca href=”/miami/2024/11/25/allen-morris-co-plans-condo-office-project-in-coconut-grove/”u003ethe project plansu003c/au003e about a year ago. Morris said the mixed-use nature of the building was “compelling” to lenders.u0026nbsp;u003c/pu003enu003cpu003e“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.”u0026nbsp;u003c/pu003enu003cpu003eLotus Capital Partners, led by Faisal Ashraf, arranged the financing. u003c/pu003enu003cpu003eConstruction is expected to begin this month and could be completed in 2028. Morris said crews will be digging the foundation early next year.u0026nbsp;u003c/pu003enu003cpu003eThe 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.u0026nbsp;u003c/pu003enu003cpu003eOne 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. u003c/pu003enu003cpu003eThe 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.u0026nbsp;u003c/pu003enu003cpu003eChad Oppenheim’s Oppenheim Architecture is designing Ziggurat, which is expected to include paseos that lead to a central courtyard.u0026nbsp;u003c/pu003enu003cpu003eDaniel Cardenas and Michael Sullivan with Vertical Real Estate are leading retail leasing. It’s about 40 to 45 percent leased, Morris said. Cushman u0026amp; Wakefield’s Ryan Holtzman, Andrew Trench and Brian Gale are handling office leasing with Thad Adams of the Allen Morris Co.u003c/pu003enu003cpu003eAllen Morris plans to relocate its headquarters to the new building, joining other developers who are headquartered in the popular Miami neighborhood. Related Group, u003ca href=”/weekend/culture/developer-david-martins-guide-to-coconut-grove-miami/”u003eTerrau003c/au003e, u003ca href=”/miami/2025/06/18/mast-capital-bh-complete-bulk-purchase-of-coconut-grove-condos/”u003eMast Capitalu003c/au003e, Swerdlow Group and others are based in Coconut Grove.u0026nbsp;u003c/pu003enu003cpu003eNear Ziggurat, the family of the late Isaac Kodsi is u003ca href=”/miami/2025/08/24/update-on-isaac-kodsis-coconut-grove-condo-project/”u003ecompleting Arbor Residencesu003c/au003e, 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.u0026nbsp;u003c/pu003enu003csection class=”ReadMoreSection_root”u003entu003ch4 class=”ReadMoreSection_title”u003eRead moreu003c/h4u003enttttttttu003ca class=”BlogrollPost” href=”/miami/2025/01/30/allen-morris-launches-sales-of-ponce-park-luxe-condo-project/”u003enttttu003carticle class=”BlogrollPost_container”u003entttttu003cfigure class=”BlogrollPost_image FeaturedImage”u003entttttttttttttu003cimg decoding=”async” width=”150″ height=”106″ src=”https://static.therealdeal.com/wp-content/uploads/2025/01/Allen-Morris-Launches-sales-of-Ponce-Park-Luxe-Condo-Project-ft-150×106.jpg” class=”FeaturedImage_image wp-post-image” alt=”Allen Morris Launches sales of Ponce Park Luxe Condo Project” loading=”lazy” /u003etttttttttttu003c/figureu003entttttu003cdiv class=”BlogrollPost_content”u003enttttttu003cdiv class=”BlogrollPost_heading”u003entttttttu003cdiv class=”MarketSectorLabel_categoryCityLabelWrapper”u003enttttttttttttttttu003cdiv class=”MarketSectorLabel_sectorLabel”u003entttttttttDevelopmentttttttttu003c/divu003enttttttttttttttttttttttttu003cdiv class=”MarketSectorLabel_marketLabel”u003entttttttttSouth Floridattttttttu003c/divu003entttttttttttttttu003c/divu003enttttttu003c/divu003enttttttu003cdiv class=”BlogrollPost_title”u003eAllen Morris launches sales of Ponce Park luxury condo projectu003c/divu003entttttu003c/divu003enttttu003c/articleu003entttu003c/au003enttttttu003ca class=”BlogrollPost” href=”/miami/2024/11/25/allen-morris-co-plans-condo-office-project-in-coconut-grove/”u003enttttu003carticle class=”BlogrollPost_container”u003entttttu003cfigure class=”BlogrollPost_image FeaturedImage”u003entttttttttttttu003cimg decoding=”async” width=”150″ height=”106″ src=”https://static.therealdeal.com/wp-content/uploads/2024/11/ft_MIA_Allen-Morris-Coconut-Grove-150×106.png” class=”FeaturedImage_image wp-post-image” alt=”” loading=”lazy” /u003etttttttttttu003c/figureu003entttttu003cdiv class=”BlogrollPost_content”u003enttttttu003cdiv class=”BlogrollPost_heading”u003entttttttu003cdiv class=”MarketSectorLabel_categoryCityLabelWrapper”u003enttttttttttttttttu003cdiv class=”MarketSectorLabel_sectorLabel”u003entttttttttDevelopmentttttttttu003c/divu003enttttttttttttttttttttttttu003cdiv class=”MarketSectorLabel_marketLabel”u003entttttttttSouth Floridattttttttu003c/divu003entttttttttttttttu003c/divu003enttttttu003c/divu003enttttttu003cdiv class=”BlogrollPost_title”u003eAllen Morris Co. plans condo, office development in Coconut Groveu003c/divu003entttttu003c/divu003enttttu003c/articleu003entttu003c/au003enttttttu003ca class=”BlogrollPost” href=”/miami/2025/01/08/terra-launches-second-well-branded-condo-project/”u003enttttu003carticle class=”BlogrollPost_container”u003entttttu003cfigure class=”BlogrollPost_image FeaturedImage”u003entttttttttttttu003cimg decoding=”async” width=”150″ height=”106″ src=”https://static.therealdeal.com/wp-content/uploads/2025/01/ft_MIA_Terra-Well-Coconut-Grove-150×106.png” class=”FeaturedImage_image wp-post-image” alt=”” loading=”lazy” /u003etttttttttttu003c/figureu003entttttu003cdiv class=”BlogrollPost_content”u003enttttttu003cdiv class=”BlogrollPost_heading”u003entttttttu003cdiv class=”MarketSectorLabel_categoryCityLabelWrapper”u003enttttttttttttttttu003cdiv class=”MarketSectorLabel_sectorLabel”u003entttttttttResidentialttttttttu003c/divu003enttttttttttttttttttttttttu003cdiv class=”MarketSectorLabel_marketLabel”u003entttttttttSouth Floridattttttttu003c/divu003entttttttttttttttu003c/divu003enttttttu003c/divu003enttttttu003cdiv class=”BlogrollPost_title”u003eTerra launches sales for Well-branded condos in Coconut Groveu003c/divu003entttttu003c/divu003enttttu003c/articleu003entttu003c/au003enttttu003c/sectionu003enntt”,”noAds”:false,”alternativeHeadline”:{“subheadline”:”BDT u0026 MSD Partners, BHI funding luxury office and condo development”,”__typename”:”AlternativeHeadline”},”updatedPost”:{“updated”:false,”date”:”2025-12-02T14:06:00+00:00″,”__typename”:”UpdatedPost”},”aiSummary”:{“summary”:”u003cpu003eu003c!– wp:list –u003eu003c/pu003ernu003cul class=”wp-block-list”u003eu003c!– wp:list-item –u003ernu003cliu003eAllen Morris Co. secured a $138.5 million construction loan from BDT u0026amp; MSD Partners and BHI for its Ziggurat mixed-use development in Coconut Grove.u003c/liu003ernu003c!– /wp:list-item –u003ernrnu003c!– wp:list-item –u003ernu003cliu003eThe Ziggurat project will feature a five-story, 100,000-square-foot office building, an 18-unit luxury condo building, and 45,000 square feet of ground-floor retail space.u003c/liu003ernu003c!– /wp:list-item –u003ernrnu003c!– wp:list-item –u003ernu003cliu003eConstruction is slated to begin this month and is expected to be completed in 2028. Allen Morris also plans to relocate its headquarters to the new office building.u003c/liu003ernu003c!– /wp:list-item –u003eu003c/ulu003ernu003cpu003eu003c!– /wp:list –u003eu003c/pu003e”,”reviewed”:true,”disabled”:false,”autoGenerate”:false,”__typename”:”AISummary”},”audioArticleSettings”:{“audioUrl”:”https://eleven-public-cdn.elevenlabs.io/audio-native/a24c95b71e45d877e2798ceb32ef0ff8b1d79dced18bffc58f5b3a0c6e8468ac/BlaJ9wRp7sgcmkh1CQF8/BlaJ9wRp7sgcmkh1CQF8.mp3″,”__typename”:”AudioArticleSettings”},”mainArt”:{“mediaType”:”image”,”image”:{“node”:{“sourceUrl”:”/wp-content/uploads/2025/12/MIA_Allen-Morris-Coconut-Grove-1400×933.jpg”,”srcSet”:”/wp-content/uploads/2025/12/MIA_Allen-Morris-Coconut-Grove-1400×933.jpg 1400w, /wp-content/uploads/2025/12/MIA_Allen-Morris-Coconut-Grove-300×200.jpg 300w, /wp-content/uploads/2025/12/MIA_Allen-Morris-Coconut-Grove-700×467.jpg 700w, /wp-content/uploads/2025/12/MIA_Allen-Morris-Coconut-Grove-200×133.jpg 200w, /wp-content/uploads/2025/12/MIA_Allen-Morris-Coconut-Grove-768×512.jpg 768w, /wp-content/uploads/2025/12/MIA_Allen-Morris-Coconut-Grove-1024×683.jpg 1024w, /wp-content/uploads/2025/12/MIA_Allen-Morris-Coconut-Grove-50×33.jpg 50w, /wp-content/uploads/2025/12/MIA_Allen-Morris-Coconut-Grove.jpg 1500w”,”sizes”:”(max-width: 1400px) 100vw, 1400px”,”caption”:null,”altText”:”Allen Morris Co.’s Spencer Morris with a rendering of Ziggurat”,”__typename”:”MediaItem”},”__typename”:”AcfMediaItemConnectionEdge”},”video”:null,”caption”:”Allen Morris Co.’s Spencer Morris with a rendering of Ziggurat (Getty, Allen Morris Co.)”,”__typename”:”MainArt”},”featuredImage”:{“node”:{“sourceUrl”:”https://static.therealdeal.com/wp-content/uploads/2025/12/MIA_Allen-Morris-Coconut-Grove-1400×933.jpg”,”srcSet”:”https://static.therealdeal.com/wp-content/uploads/2025/12/MIA_Allen-Morris-Coconut-Grove-1400×933.jpg 1400w, https://static.therealdeal.com/wp-content/uploads/2025/12/MIA_Allen-Morris-Coconut-Grove-300×200.jpg 300w, https://static.therealdeal.com/wp-content/uploads/2025/12/MIA_Allen-Morris-Coconut-Grove-700×467.jpg 700w, https://static.therealdeal.com/wp-content/uploads/2025/12/MIA_Allen-Morris-Coconut-Grove-200×133.jpg 200w, https://static.therealdeal.com/wp-content/uploads/2025/12/MIA_Allen-Morris-Coconut-Grove-768×512.jpg 768w, https://static.therealdeal.com/wp-content/uploads/2025/12/MIA_Allen-Morris-Coconut-Grove-1024×683.jpg 1024w, https://static.therealdeal.com/wp-content/uploads/2025/12/MIA_Allen-Morris-Coconut-Grove-50×33.jpg 50w, https://static.therealdeal.com/wp-content/uploads/2025/12/MIA_Allen-Morris-Coconut-Grove.jpg 1500w”,”sizes”:”(max-width: 1400px) 100vw, 1400px”,”caption”:null,”altText”:”Allen Morris Co.’s Spencer Morris with a rendering of Ziggurat”,”mediaDetails”:{“sizes”:[{“width”:”1400″,”height”:”933″,”__typename”:”MediaSize”}],”__typename”:”MediaDetails”},”__typename”:”MediaItem”},”__typename”:”NodeWithFeaturedImageToMediaItemConnectionEdge”},”__typename”:”Post”,”template”:{“templateValue”:”right-rail”,”__typename”:”DefaultTemplate”},”seo”:{“title”:”Allen Morris Gets Construction Loan for Ziggurat Coconut Grove”,”fullHead”:”u003c!– This site is optimized with the Yoast SEO Premium plugin v26.0 (Yoast SEO v26.1.1) – https://yoast.com/wordpress/plugins/seo/ –u003enu003cmeta name=”description” content=”Allen Morris Co. secured a $138.5 million construction loan for its mixed-use Ziggurat development in Miami.” /u003enu003cmeta name=”robots” content=”index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1″ /u003enu003clink rel=”canonical” href=”https://therealdeal.com/miami/2025/12/02/allen-morris-gets-construction-loan-for-ziggurat-coconut-grove/” /u003enu003cmeta property=”og:locale” content=”en_US” /u003enu003cmeta property=”og:type” content=”article” /u003enu003cmeta property=”og:title” content=”Allen Morris scores $139M construction loan for Coconut Grove project” /u003enu003cmeta property=”og:description” content=”Allen Morris Co. secured a $138.5 million construction loan for its mixed-use Ziggurat development in Miami.” /u003enu003cmeta property=”og:url” content=”https://therealdeal.com/miami/2025/12/02/allen-morris-gets-construction-loan-for-ziggurat-coconut-grove/” /u003enu003cmeta property=”og:site_name” content=”The Real Deal” /u003enu003cmeta property=”article:publisher” content=”https://www.facebook.com/therealdealmedia/” /u003enu003cmeta property=”article:published_time” content=”2025-12-02T14:00:00+00:00″ /u003enu003cmeta property=”og:image” content=”https://static.therealdeal.com/wp-content/uploads/2025/12/MIA_Allen-Morris-Coconut-Grove.jpg” /u003entu003cmeta property=”og:image:width” content=”1500″ /u003entu003cmeta property=”og:image:height” content=”1000″ /u003entu003cmeta property=”og:image:type” content=”image/jpeg” /u003enu003cmeta name=”author” content=”Katherine Kallergis” /u003enu003cmeta name=”twitter:card” content=”summary_large_image” /u003enu003cmeta name=”twitter:description” content=”Allen Morris Company secured a $138.5 million construction loan for its mixed-use Ziggurat development in Coconut Grove, The Real Deal has learned.u0026nbsp; Coral Gables-based Allen Morris and its partner, the Espinosa family that owns the property at 3101 Grand Avenue, secured the financing from BDT u0026amp; MSD Partners and BHI, the U.S. arm of Israel-based Bank Hapoalim, according to a release.u0026nbsp; 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 [u0026hellip;]” /u003enu003cmeta name=”twitter:creator” content=”@trdny” /u003enu003cmeta name=”twitter:site” content=”@trdny” /u003enu003cmeta name=”twitter:label1″ content=”Written by” /u003entu003cmeta name=”twitter:data1″ content=”Steven Dilakian” /u003entu003cmeta name=”twitter:label2″ content=”Est. reading time” /u003entu003cmeta name=”twitter:data2″ content=”3 minutes” /u003enu003cscript type=”application/ld+json” class=”yoast-schema-graph”u003e{“@context”:”https://schema.org”,”@graph”:[{“@type”:”NewsArticle”,”@id”:”https://therealdeal.com/miami/2025/12/02/allen-morris-gets-construction-loan-for-ziggurat-coconut-grove/#article”,”isPartOf”:{“@id”:”https://therealdeal.com/miami/2025/12/02/allen-morris-gets-construction-loan-for-ziggurat-coconut-grove/”},”author”:[{“@type”:”Person”,”@id”:”https://therealdeal.com/#/schema/person/2ec87f8cf2214bd77d8b7913c476cf43″,”name”:”Katherine Kallergis”,”image”:{“@type”:”ImageObject”,”url”:”https://secure.gravatar.com/avatar/c2c25fd6c44919923b90a57ca205e61f043ea5fe246acf98f17af994b2103337?s=96u0026#038;d=mmu0026#038;r=g”},”description”:”Katherine Kallergis is residential bureau chief and a senior reporter at The Real Deal. Katherine, who has won awards from NAREE and the Society of Professional Journalists, reports on the South Florida market, with a focus on residential real estate and new development. She also works with reporters across TRD’s markets covering the resi beat, and writes The Weekly Dirt newsletter. Katherine was born and raised in Miami, and graduated from the University of Florida in 2014 with her B.S. in Journalism and joined TRD later that year.\r\nYou can reach her at (305) 342-5832 or kk@therealdeal.com.”,”sameAs”:[“https://x.com/kkallergis”],”url”:”https://therealdeal.com/author/katherine-kallergis/”}],”headline”:”Allen Morris scores $139M construction loan for Coconut Grove project”,”datePublished”:”2025-12-02T14:00:00+00:00″,”mainEntityOfPage”:{“@id”:”https://therealdeal.com/miami/2025/12/02/allen-morris-gets-construction-loan-for-ziggurat-coconut-grove/”},”wordCount”:559,”publisher”:{“@id”:”https://therealdeal.com/#organization”},”image”:[{“@type”:”ImageObject”,”url”:”https://static.therealdeal.com/wp-content/uploads/2025/12/MIA_Allen-Morris-Coconut-Grove-300×200.jpg”,”width”:300,”height”:200,”contentUrl”:”https://static.therealdeal.com/wp-content/uploads/2025/12/MIA_Allen-Morris-Coconut-Grove-300×200.jpg”,”caption”:”Allen Morris Co.’s Spencer Morris with a rendering of Ziggurat (Getty, Allen Morris Co.)”,”creditText”:”The Real Deal”,”creator”:{“id”:”https://therealdeal.com/#organization”}},{“@type”:”ImageObject”,”url”:”https://static.therealdeal.com/wp-content/uploads/2025/12/MIA_Allen-Morris-Coconut-Grove-700×467.jpg”,”width”:700,”height”:467,”contentUrl”:”https://static.therealdeal.com/wp-content/uploads/2025/12/MIA_Allen-Morris-Coconut-Grove-700×467.jpg”,”caption”:”Allen Morris Co.’s Spencer Morris with a rendering of Ziggurat (Getty, Allen Morris Co.)”,”creditText”:”The Real Deal”,”creator”:{“id”:”https://therealdeal.com/#organization”}},{“@type”:”ImageObject”,”url”:”https://static.therealdeal.com/wp-content/uploads/2025/12/MIA_Allen-Morris-Coconut-Grove-200×133.jpg”,”width”:200,”height”:133,”contentUrl”:”https://static.therealdeal.com/wp-content/uploads/2025/12/MIA_Allen-Morris-Coconut-Grove-200×133.jpg”,”caption”:”Allen Morris Co.’s Spencer Morris with a rendering of Ziggurat (Getty, Allen Morris Co.)”,”creditText”:”The Real Deal”,”creator”:{“id”:”https://therealdeal.com/#organization”}},{“@type”:”ImageObject”,”url”:”https://static.therealdeal.com/wp-content/uploads/2025/12/MIA_Allen-Morris-Coconut-Grove-768×512.jpg”,”width”:768,”height”:512,”contentUrl”:”https://static.therealdeal.com/wp-content/uploads/2025/12/MIA_Allen-Morris-Coconut-Grove-768×512.jpg”,”caption”:”Allen Morris Co.’s Spencer Morris with a rendering of Ziggurat (Getty, Allen Morris Co.)”,”creditText”:”The Real Deal”,”creator”:{“id”:”https://therealdeal.com/#organization”}},{“@type”:”ImageObject”,”url”:”https://static.therealdeal.com/wp-content/uploads/2025/12/MIA_Allen-Morris-Coconut-Grove-1024×683.jpg”,”width”:1024,”height”:683,”contentUrl”:”https://static.therealdeal.com/wp-content/uploads/2025/12/MIA_Allen-Morris-Coconut-Grove-1024×683.jpg”,”caption”:”Allen Morris Co.’s Spencer Morris with a rendering of Ziggurat (Getty, Allen Morris Co.)”,”creditText”:”The Real Deal”,”creator”:{“id”:”https://therealdeal.com/#organization”}},{“@type”:”ImageObject”,”url”:”https://static.therealdeal.com/wp-content/uploads/2025/12/MIA_Allen-Morris-Coconut-Grove-1400×933.jpg”,”width”:1400,”height”:933,”contentUrl”:”https://static.therealdeal.com/wp-content/uploads/2025/12/MIA_Allen-Morris-Coconut-Grove-1400×933.jpg”,”caption”:”Allen Morris Co.’s Spencer Morris with a rendering of Ziggurat (Getty, Allen Morris Co.)”,”creditText”:”The Real Deal”,”creator”:{“id”:”https://therealdeal.com/#organization”}},{“@type”:”ImageObject”,”url”:”https://static.therealdeal.com/wp-content/uploads/2025/12/MIA_Allen-Morris-Coconut-Grove-50×33.jpg”,”width”:50,”height”:33,”contentUrl”:”https://static.therealdeal.com/wp-content/uploads/2025/12/MIA_Allen-Morris-Coconut-Grove-50×33.jpg”,”caption”:”Allen Morris Co.’s Spencer Morris with a rendering of Ziggurat (Getty, Allen Morris Co.)”,”creditText”:”The Real Deal”,”creator”:{“id”:”https://therealdeal.com/#organization”}}],”thumbnailUrl”:”https://static.therealdeal.com/wp-content/uploads/2025/12/MIA_Allen-Morris-Coconut-Grove.jpg”,”articleSection”:[“Development”],”inLanguage”:”en-US”,”description”:”Allen Morris Company secured a $138.5 million construction loan for its mixed-use Ziggurat development in Coconut Grove, The Real Deal has learned.u0026nbsp; Coral Gables-based Allen Morris and its partner, the Espinosa family that owns the property at 3101 Grand Avenue, secured the financing from BDT u0026amp; MSD Partners and BHI, the U.S. arm of Israel-based Bank Hapoalim, according to a release.u0026nbsp; 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 [u0026hellip;]”,”isAccessibleForFree”:”false”,”hasPart”:{“@type”:”WebPageElement”,”isAccessibleForFree”:”false”,”cssSelector”:”#the-content”},”copyrightHolder”:{“@id”:”https://therealdeal.com/#organization”,”name”:”The Real Deal”},”copyrightYear”:”2025″,”alternativeHeadline”:”BDT u0026 MSD Partners, BHI funding luxury office and condo development”,”backstory”:{“@type”:”CreativeWork”,”text”:”Allen Morris Company secured a $138.5 million construction loan for its mixed-use Ziggurat development in Coconut Grove, The Real Deal has learned.u0026nbsp; Coral Gables-based Allen Morris and its partner, the Espinosa family that owns the property at 3101 Grand Avenue, secured the financing from BDT u0026amp; MSD Partners and BHI, the U.S. arm of Israel-based Bank Hapoalim, according to a release.u0026nbsp; 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 [u0026hellip;]”},”speakable”:”https://therealdeal.com/miami/2025/12/02/allen-morris-gets-construction-loan-for-ziggurat-coconut-grove/#the-content”,”contentLocation”:{“@type”:”Place”,”name”:”South Florida”,”url”:”https://therealdeal.com/miami/”},”keywords”:{“0″:”Real Estate”,”1″:”South Florida Real Estate”,”2″:”South Florida”,”3″:”Development”,”4″:”Florida”,”5″:”Israel”,”6″:”Miami”,”8″:”West Palm Beach”,”9″:”Coconut Grove”,”10″:”Coral Gables”},”audio”:{“@type”:”AudioObject”,”contentUrl”:”https://eleven-public-cdn.elevenlabs.io/audio-native/a24c95b71e45d877e2798ceb32ef0ff8b1d79dced18bffc58f5b3a0c6e8468ac/BlaJ9wRp7sgcmkh1CQF8/BlaJ9wRp7sgcmkh1CQF8.mp3″}},{“@type”:”WebPage”,”@id”:”https://therealdeal.com/miami/2025/12/02/allen-morris-gets-construction-loan-for-ziggurat-coconut-grove/”,”url”:”https://therealdeal.com/miami/2025/12/02/allen-morris-gets-construction-loan-for-ziggurat-coconut-grove/”,”name”:”Allen Morris Gets Construction Loan for Ziggurat Coconut Grove”,”isPartOf”:{“@id”:”https://therealdeal.com/#website”},”primaryImageOfPage”:{“@id”:”https://therealdeal.com/miami/2025/12/02/allen-morris-gets-construction-loan-for-ziggurat-coconut-grove/#primaryimage”},”image”:{“@id”:”https://therealdeal.com/miami/2025/12/02/allen-morris-gets-construction-loan-for-ziggurat-coconut-grove/#primaryimage”},”thumbnailUrl”:”https://static.therealdeal.com/wp-content/uploads/2025/12/MIA_Allen-Morris-Coconut-Grove.jpg”,”datePublished”:”2025-12-02T14:00:00+00:00″,”description”:”Allen Morris Co. secured a $138.5 million construction loan for its mixed-use Ziggurat development in Miami.”,”breadcrumb”:{“@id”:”https://therealdeal.com/miami/2025/12/02/allen-morris-gets-construction-loan-for-ziggurat-coconut-grove/#breadcrumb”},”inLanguage”:”en-US”,”potentialAction”:[{“@type”:”ReadAction”,”target”:[“https://therealdeal.com/miami/2025/12/02/allen-morris-gets-construction-loan-for-ziggurat-coconut-grove/”]}]},{“@type”:”ImageObject”,”inLanguage”:”en-US”,”@id”:”https://therealdeal.com/miami/2025/12/02/allen-morris-gets-construction-loan-for-ziggurat-coconut-grove/#primaryimage”,”url”:”https://static.therealdeal.com/wp-content/uploads/2025/12/MIA_Allen-Morris-Coconut-Grove.jpg”,”contentUrl”:”https://static.therealdeal.com/wp-content/uploads/2025/12/MIA_Allen-Morris-Coconut-Grove.jpg”,”width”:1500,”height”:1000,”caption”:”Allen Morris Co.’s Spencer Morris with a rendering of Ziggurat (Getty, Allen Morris Co.)”},{“@type”:”BreadcrumbList”,”@id”:”https://therealdeal.com/miami/2025/12/02/allen-morris-gets-construction-loan-for-ziggurat-coconut-grove/#breadcrumb”,”itemListElement”:[{“@type”:”ListItem”,”position”:1,”name”:”Home”,”item”:”https://therealdeal.com/”},{“@type”:”ListItem”,”position”:2,”name”:”South Florida”,”item”:”https://therealdeal.com/miami/”},{“@type”:”ListItem”,”position”:3,”name”:”Allen Morris scores $139M construction loan for Coconut Grove project”}]},{“@type”:”WebSite”,”@id”:”https://therealdeal.com/#website”,”url”:”https://therealdeal.com/”,”name”:”The Real Deal”,”description”:”Real Estate News”,”publisher”:{“@id”:”https://therealdeal.com/#organization”},”alternateName”:”TRD”,”potentialAction”:[{“@type”:”SearchAction”,”target”:{“@type”:”EntryPoint”,”urlTemplate”:”https://therealdeal.com/?s={search_term_string}”},”query-input”:{“@type”:”PropertyValueSpecification”,”valueRequired”:true,”valueName”:”search_term_string”}}],”inLanguage”:”en-US”},{“@type”:”Organization”,”@id”:”https://therealdeal.com/#organization”,”name”:”The Real Deal”,”alternateName”:”TRD”,”url”:”https://therealdeal.com/”,”logo”:{“@type”:”ImageObject”,”inLanguage”:”en-US”,”@id”:”https://therealdeal.com/#/schema/logo/image/”,”url”:”https://static.therealdeal.com/wp-content/uploads/2017/10/LOGO-VECTOR-TRDsolo.png”,”contentUrl”:”https://static.therealdeal.com/wp-content/uploads/2017/10/LOGO-VECTOR-TRDsolo.png”,”width”:279,”height”:279,”caption”:”The Real Deal”},”image”:{“@id”:”https://therealdeal.com/#/schema/logo/image/”},”sameAs”:[“https://www.facebook.com/therealdealmedia/”,”https://x.com/trdny”,”https://www.instagram.com/therealdeal/”,”https://www.linkedin.com/company/therealdeal/”,”https://www.youtube.com/TheRealDealMagazineNewYork/”,”https://en.wikipedia.org/wiki/The_Real_Deal_magazine”],”description”:”The Real Deal is the leading real estate news outlet read by millions of professionals and investors daily. Widely recognized as the must-read news outlet for breaking news and market analysis of key markets across the U.S. Quantcast ranks The Real Deal as one of the 300 most visited websites in the US, and the #1 website with the wealthiest audience.”,”email”:”news@therealdeal.com”,”telephone”:”2122601332″,”legalName”:”Korangy Publishing Inc.”,”foundingDate”:”2003-07-01″,”duns”:”168246549″,”numberOfEmployees”:{“@type”:”QuantitativeValue”,”minValue”:”201″,”maxValue”:”500″}}]}u003c/scriptu003enu003cmeta name=”article:section” content=”South Florida” /u003enu003cmeta name=”article:tag” content=”South Florida,Development” /u003enu003cmeta name=”date” content=”2025-12-02″ /u003enu003cmeta name=”keywords” content=”Allen Morris Coconut Grove” /u003enu003cmeta name=”news_keywords” content=”Allen Morris Coconut Grove” /u003enu003clink rel=”alternate” type=”application/rss+xml” href=”https://therealdeal.com/miami/feed/” /u003enu003cmeta name=”region” content=”South Florida” /u003enu003clink rel=”alternate” type=”application/rss+xml” href=”https://therealdeal.com/sector/development/feed/” /u003enu003cmeta name=”sailthru.image.thumb” content=”https://static.therealdeal.com/wp-content/uploads/2025/12/MIA_Allen-Morris-Coconut-Grove-50×33.jpg” /u003enu003cmeta name=”sailthru.image.full” content=”https://static.therealdeal.com/wp-content/uploads/2025/12/MIA_Allen-Morris-Coconut-Grove-700×467.jpg” /u003enu003cmeta name=”sailthru.title” content=”Allen Morris scores $139M construction loan for Coconut Grove project” /u003enu003cmeta name=”sailthru.date” content=”2025-12-02″ /u003enu003cmeta name=”sailthru.author” content=”Katherine Kallergis” /u003enu003cmeta name=”sailthru.tags” content=”South Florida,Development” /u003enu003cmeta name=”parsely-title” content=”Allen Morris scores $139M construction loan for Coconut Grove project” /u003enu003cmeta name=”parsely-link” content=”https://therealdeal.com/miami/2025/12/02/allen-morris-gets-construction-loan-for-ziggurat-coconut-grove/” /u003enu003cmeta name=”parsely-image-url” content=”https://static.therealdeal.com/wp-content/uploads/2025/12/MIA_Allen-Morris-Coconut-Grove-300×200.jpg” /u003enu003cmeta name=”parsely-type” content=”post” /u003enu003cmeta name=”parsely-pub-date” content=”2025-12-02T09:00:00-05:00″ /u003enu003cmeta name=”parsely-section” content=”South Florida” /u003enu003cmeta name=”parsely-tags” content=”South Florida,Development” /u003enu003cmeta name=”parsely-author” content=”Katherine Kallergis” /u003enu003c!– / Yoast SEO Premium plugin. –u003e”,”__typename”:”PostTypeSEO”},”bylineInformation”:{“authors”:[{“id”:”dXNlcjo0Mw==”,”name”:”Katherine Kallergis”,”uri”:”https://therealdeal.com/author/katherine-kallergis/”,”__typename”:”User”}],”researchers”:null,”__typename”:”BylineInformation”},”markets”:{“nodes”:[{“id”:”dGVybTo5NTc0″,”name”:”South Florida”,”uri”:”https://therealdeal.com/miami/”,”__typename”:”Market”}],”__typename”:”PostToMarketConnection”},”primaryMarket”:{“id”:”dGVybTo5NTc0″,”name”:”South Florida”,”uri”:”https://therealdeal.com/miami/”,”__typename”:”Market”},”sectors”:{“nodes”:[{“id”:”dGVybTo5NjEw”,”name”:”Development”,”uri”:”https://therealdeal.com/sector/development/”,”__typename”:”Sector”}],”__typename”:”PostToSectorConnection”},”primarySector”:{“id”:”dGVybTo5NjEw”,”name”:”Development”,”uri”:”https://therealdeal.com/sector/development/”,”__typename”:”Sector”},”tags”:{“nodes”:[{“id”:”dGVybToxNjE2Nw==”,”name”:”Cocowalk”,”uri”:”https://therealdeal.com/tag/cocowalk/”,”__typename”:”Tag”},{“id”:”dGVybTo0NDIyMQ==”,”name”:”Construction loan”,”uri”:”https://therealdeal.com/tag/construction-loan/”,”__typename”:”Tag”},{“id”:”dGVybTozNTE5MQ==”,”name”:”development agreement”,”uri”:”https://therealdeal.com/tag/development-agreement/”,”__typename”:”Tag”},{“id”:”dGVybTozODE1OQ==”,”name”:”luxury condos”,”uri”:”https://therealdeal.com/tag/luxury-condos/”,”__typename”:”Tag”},{“id”:”dGVybToxMzE0MA==”,”name”:”Mixed-use”,”uri”:”https://therealdeal.com/tag/mixed-use/”,”__typename”:”Tag”},{“id”:”dGVybToxODcwMQ==”,”name”:”Office Building”,”uri”:”https://therealdeal.com/tag/office-building/”,”__typename”:”Tag”},{“id”:”dGVybTo0NjA4Nw==”,”name”:”Ziggurat”,”uri”:”https://therealdeal.com/tag/ziggurat/”,”__typename”:”Tag”}],”__typename”:”PostToTagConnection”},”companies”:{“nodes”:[{“id”:”dGVybTo0Mzg2MA==”,”name”:”Allen Morris Company”,”uri”:”https://therealdeal.com/company/allen-morris-company/”,”__typename”:”Company”},{“id”:”dGVybTo1ODI2OQ==”,”name”:”Bank Hapoalim”,”uri”:”https://therealdeal.com/company/bank-hapoalim/”,”__typename”:”Company”},{“id”:”dGVybTo0MjMzMw==”,”name”:”BDT u0026 MSD Partners”,”uri”:”https://therealdeal.com/company/bdt-msd-partners/”,”__typename”:”Company”},{“id”:”dGVybTo1ODI3MA==”,”name”:”BHI”,”uri”:”https://therealdeal.com/company/bhi/”,”__typename”:”Company”},{“id”:”dGVybToyNjQ2MQ==”,”name”:”Cushman u0026 Wakefield”,”uri”:”https://therealdeal.com/company/cushman-wakefield/”,”__typename”:”Company”},{“id”:”dGVybToyOTAwNw==”,”name”:”One Sotheby’s International Realty”,”uri”:”https://therealdeal.com/company/one-sothebys-international-realty/”,”__typename”:”Company”}],”__typename”:”PostToCompanyConnection”},”people”:{“nodes”:[],”__typename”:”PostToPersonConnection”},”storyTypes”:{“nodes”:[{“name”:”News”,”__typename”:”StoryType”}],”__typename”:”PostToStoryTypeConnection”}}},”__N_SSG”:true},”page”:”/[firstLevel]/[secondLevel]/[thirdLevel]/[fourthLevel]/[fifthLevel]”,”query”:{“firstLevel”:”miami”,”secondLevel”:”2025″,”thirdLevel”:”12″,”fourthLevel”:”02″,”fifthLevel”:”allen-morris-gets-construction-loan-for-ziggurat-coconut-grove”},”buildId”:”trd-news-25.11.30+231.1″,”isFallback”:false,”isExperimentalCompile”:false,”gsp”:true,”scriptLoader”:[{“async”:true,”defer”:true,”strategy”:”afterInteractive”,”src”:”https://www.queryly.com/js/queryly.v4.min.js”},{“async”:true,”defer”:true,”strategy”:”lazyOnload”,”src”:”https://www.queryly.com/js/therealdeal-advanced-search.js”},{“async”:true,”defer”:true,”strategy”:”lazyOnload”,”src”:”https://connect.facebook.net/en_US/sdk.js”}]}
Miami market relevance
If this topic impacts buyers or sellers, the most useful context is what is happening locally. Track current pricing, inventory, and days on market in Miami, and compare active listings by building or neighborhood before making decisions.
Browse current Miami listings or request a tailored report.
FAQ: Allen Morris Gets Construction
What should be planned first?
Start with the goal, audience, and deliverables so the final content and media support the same outcome.
Need help implementing this workflow? Contact Miami Real Estate Insights & Market Trends to plan a practical content and media process.
Talk to a Brickell Specialist
Need help comparing Brickell condos, timing a Miami move, or evaluating a new-construction opportunity? Speak with the Brickell Sold team.
