Miami developers Terra and AB Asset Management have secured funding for a luxury condominium building in the heart of Coconut Grove. 

The $43.2 million refinancing loan provided by City National Bank of Florida and KS Finance Corporation will pay for demolition and site work for the eventual Residences in the Grove at 2835 Tigertail Ave. Construction is scheduled to begin this year with completion set for 2025. 

The five-story development will include 148 condominiums, sustainable features and street-level retail space. 

“Our ability to secure favorable financing for Residences in the Grove speaks to the growing demand for residential product in the thriving Coconut Grove district, which is home to walkable streets, top-tier schools and some of Miami’s most exciting retail and dining destinations,” Terra CEO David Martin said in a news release. “Terra has been on the front lines in reinvigorating Coconut Grove dating back nearly a decade and we’re excited about continuing that tradition with this new development.”