Veteran Miami developer Ugo Colombo’s CMC Group secured a $239 million construction loan for its ongoing Vita at Grove Isle ultra-luxury condominium tower.
Situated on the private island of Grove Isle off Miami’s Coconut Grove neighborhood, the seven-story boutique tower will offer 65 waterfront residences. Crews broke ground on the project in April 2023, and completion is expected in late 2025.
More than 70% of the development’s condos are pre-sold. Residences comprise three-, four- and four-plus-den-bedroom condominiums, as well as 12 penthouses with private rooftop pools. Condos begin at $5.7 million, and penthouses start at $19.5 million.
All units have private elevators with foyers, Italian-designed, open-concept kitchens with concealed appliances, ceilings of at least 10 feet and 13-foot-deep waterfront terraces.
Community amenities include a private bayfront pool, poolside bar and lounge, fitness center and spa and membership to the Vita at Grove Isle Club, which will offer a club pool and bar, as well as night-lit tennis, paddleball and pickleball courts. A gourmet restaurant and bar, which will be open to the public, and access to a private marina are also on offer.
Bank OZK provided the loan, and CallisonRTKL, S & E Architects and Carlo and Paolo Colombo of A++ Architecture are the project’s designers.
CMC Group is building another luxury condominium in Miami, Onda Residences in the Bay Harbor Islands, in partnership with Morabito Properties. That community is expected to be completed in early 2024.
“Over the years, our team at CMC Group has made a habit of developing at our own pace – one or two buildings at a time – a strategy that is very much by design,” Colombo said in a press release. “We are globally recognized for the painstaking level of planning and quality execution that goes into each of our developments, and we are continuing that tradition with Vita at Grove Isle, where no detail has been overlooked.”
Community amenities include a private bayfront pool, poolside bar and lounge and access to a private marina. Courtesy of CMC Group.