Allen Morris Company Breaks Ground on Ziggurat Coconut Grove with $138.5M Loan, 65% of Condos Already Sold

Key Points

• Allen Morris Company breaks ground on Ziggurat, a mixed-use project at 3101 Grand Ave in Coconut Grove
• Backed by a $138.5 million construction loan from BDT & MSD Partners and BHI
• Residential component is 65% sold, with prices from $3.5M to $15M and delivery targeted for early 2028

What the Capital Stack Says About Lender Confidence

Ziggurat is supported by a $138.5 million construction loan from BDT & MSD Partners and BHI, signaling strong lender conviction in the Grove’s fundamentals. In today’s tighter credit environment, securing nine-figure construction financing is not a small feat. It underscores how prime, walkable, mixed-use projects in established neighborhoods continue to attract institutional capital. Completion is anticipated in early 2028, giving the developer a multi-year runway to deliver into what many expect will be a more normalized capital markets cycle.

What 65% Presales Mean for Luxury Condo Demand

The three-story residential building will include just 18 ultra-luxury condominiums, ranging from approximately 1,254 to more than 5,000 square feet. Pricing starts at $3.5 million and reaches up to $15 million. With the project already 65% sold, this indicates a sustained appetite for boutique luxury products in Coconut Grove despite broader condo market moderation. For brokers, limited inventory and high presale velocity suggest continued pricing power in well-located, design-driven projects.

What the Office Component Signals for Grove Workplace Demand

Ziggurat will also feature a five-story, 100,000 square foot trophy office building. In a market where traditional office faces headwinds nationally, Coconut Grove has emerged as a niche submarket driven by boutique demand, walkability, and lifestyle integration. The rooftop restaurant and lounge, operated by a local Michelin-starred chef, reinforces the experiential strategy designed to attract high-end tenants seeking more than standard Class A space.

What the Retail and Park Investment Means for Long Term Value

Approximately 45,000 square feet of ground-floor retail will wrap the project, connected by open-air paseos leading to a central courtyard. The development will overlook Kirk Munroe Park, which is slated for an $8 million renovation through a partnership between Allen Morris Company and the City of Miami. For investors, this is strategic placemaking. Enhancing the surrounding public space can materially lift long-term asset value and residential pricing.

Why Ziggurat Matters for Mixed Use in Miami

Ziggurat reflects a broader South Florida trend. Smaller-scale, design-forward mixed-use projects in established neighborhoods are outperforming large-scale speculative plays. With construction financing secured, strong presales in place, and office and retail integrated into a pedestrian-oriented plan, Allen Morris Company is betting on Coconut Grove’s long term scarcity and wealth concentration. For landlords and developers watching Miami, the message is clear. Capital still flows to prime locations with limited supply and strong community identity.