In what is a continuing sign of the steady return of the Miami real estate market, residents of Coconut Grove have been watching the raising of the Grand Bay Plaza Hotel building.
The Terra Group is the new owner and it won't be long before a new gleaming condominium structure takes its place. No doubt the views from this Bayshore Drive landmark was enticing enough for new money and a new vision.
A few lots south, the Coconut Grove Bank building was also recently sold to the same developer. From personal experience, I can tell you their view towards Sailboat Bay was worth millions. Literally. While Coconut Grove Bank will remain on-site, I am told it will be in a different position on the property and the rest will give way to (you guessed it) another massive condominium project.