A senior housing and market-rate complex called the Gibson Plaza was opened on Grand Avenue. The 56-unit project that was partially funded by a $9 million community fund was developed by the Pinnacle Group.
According to The Real Deal, $9 million has been allocated by Commissioner Xavier Suarez in Better Community Bonds aiming to start the development in the West Grove. "Most of our high-rises in our portfolio are built using low-income tax credits," Michael Wohl said.
West Grove has Gibson Plaza as one of its new developments, although Coconut Grove has seen a group of developments including retail and luxury residential in the east side throughout this real estate cycle. Thus, luxury residential projects near the bay at Grand Bay and Park Grove are on its way.
CocoWalk, an outdoor mall located in the commercial core, was sold to Federal Realty Investment Trust, Comras Company and Grass River Company, planning to reshuffle the tenant roster. The newly renovated Engle Building across the Main Highway will have new retail like Büro Group, Panther Coffee, Harry's Pizzeria, Clyde Butcher gallery and Kit and Ace. The properties near Gibson Plaza, which are marketed as development sites, have hit the market in the past few months as well.
Pinnacle Housing Group said that the project is the first major multi-family residential development in West Grove for 50 years. It is located at 3629 Grand Avenue, Miami, as reported by Miami Herald.
A historically Bahamian neighborhood, West Grove has lost most of its population, mostly the middle class, as they have gone into poverty and neglect. However, the Coconut Grove's waterfront and downtown sections are being revived as the developers build ultra-luxury condo towers on Bayshore Drive.
On the other hand, the project also received aid from nonprofit group Collaborative Development Corporation, the Theodore Roosevelt Gibson Memorial Fund and Mitchell Wolfson Sr. Foundation of Miami Dade College. Workforce training and on-site classes to residents and local will be offered by the college.
