PRESS - THE REAL DEAL
Developer plans $74M mixed-use project along Grand Avenue in Coconut Grove
Metronomic is under contract to buy 12 properties for $25M
By Katherine Kallergis | November 26, 2018 01:30PM
Rendering of Grand Plaza and Ricky Trinidad
A Miami developer is under contract to purchase a large assemblage in the West Grove where it’s planning a $74 million, mixed-use project.
Ricky Trinidad’s Metronomic announced plans for Grand Plaza, a 12-building development on Grand Avenue in Coconut Grove. Trinidad’s firm isn’t the first to try to purchase the properties. In 2016, David Martin’s Terra canceled a $35 million offer for the buildings.
Metronomic is set to close Feb. 11, paying $25 million for the 12 lots at 3280 to 3461 Grand Avenue, Trinidad said. The sellers are entities led by Orlando Benitez Jr. The properties were tied up in litigation due to infighting among partners, litigation that Trinidad said has been resolved.
The 297,000-square-foot project, planned for the historically black and Bahamian neighborhood in the Grove, would include luxury apartments, affordable housing, retail and office space, community park plazas, underground public parking and a 44-key hotel, according to a release.
Trinidad is also a big proponent of passenger drones – a.k.a flying cars – as a solution to Miami’s traffic issues. He’s pursuing building a helipad on top of the project if and when the Federal Aviation Administration approves them.