Miami insiders have long known that the beach is for tourists. Now the bayside neighborhoods of Coconut Grove and Coral Gables — revered for their ritzy old abodes and top schools — are seeing a surge of new developments and bigger price tags (without all those bikini-clad crowds).
Mr. C Residences, which launched sales in February, is the latest luxury condo project to land in single-family centric Coconut Grove. A complement to the suave Mr. C hotel (just half a mile away), this sail-shaped, Arquitectonica-designed, Cipriani-branded building will rise to 20 stories and house 118 units when it opens in 2022. Douglas Elliman is handling sales, with units priced from $600,000 to more than $5 million. “I think the secret is out that Coconut Grove is the most desirable address in Miami,” says Mr. C developer David Martin of Terra. “And Mr. C Residences is a completely different offering from anything else in the Grove.”
But if your heart desires a family estate, turn to neighboring Coral Gables. A 10,694-square-foot, six-bedroom Tuscan-inspired mansion, at 150 Arvida Parkway, hit the market for $48 million last fall with broker duo the Jills. For that kind of cash you get 200 feet of Biscayne Bay frontage, plus another 200 feet on a protected inlet with a private dock. The property makes a splash with an infinity pool and waterfall, while inside it’s marble and Macassar-wood everything. The 2,200-bottle wine room should keep collectors busy.
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