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June 6, 2016 / Johanna Bassols / 0 Comments / Investment Opportunities

Coconut Grove Boutique Condo Underway

The Fairchild Coconut Grove, a boutique mid-rise condo project, is moving forward now that developers have received city approval. Oscar Rodriguez and Ricardo Vadia plan to break ground on the waterfront property in early 2017. The new building will replace the Bay Colony Condominiums at 3581 Glencoe Street. Rodriguez has referred to the Fairchild as a “private” boutique with only 26 units, ranging in size from 1,700 square feet to 4,200 square feet.

The project, designed by well-known Grove architect, Max Strang, will be comprised of two buildings, five and three stories. A recently revealed rendering of the property shows the building wrapped in foliage and vines, a nod to the nearby Fairchild Tropical Botanic Gardens in Coral Gables.

“We wanted to build something that was within context of the neighborhood,” Rodriguez said in a recent article from The Real Deal.

Even though rumors are flying about a significant slowdown in the Miami real estate market, Rodriguez said he feels that the Fairchild will not be effected, mainly because of its size and location.

“This is a highly exclusive private area; you walk out the front door of the building you’re in a beautiful single-family neighborhood,” he said. “It’s not an urban setting.”

Rodriguez and Vadia met while working with Related Group. They launched their company ROVR Development last year. Coconut Grove has long been known as a community of expensive single-family estates, but a recent new wave of development has brought more condos to the area. Sales for the Fairchild will launch this fall, with prices starting at $1.4 million.

For more information about available and upcoming properties in, and around, Coral Gables, contact Oceanica Real Estate at (786) 270-1743 or info@oceanicarealestate.com.

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