Lore Development and Element Break Ground on The Lincoln Coconut Grove

• Lore Development Group (backed by Leste Group and Brazil's Opportunity Fundo de Investimento Imobiliário) and Miami-based Element Development broke ground on The Lincoln Coconut Grove, an 8-story, 48-unit luxury condo at 3151 SW 27th Ave.
• The partners paid $8.56M for the half-acre site in 2023, roughly $178K per door in land cost; units start at $1.5M, and 19 of 48 (40%) were under contract before shovels went in.
• Berkadia is arranging construction financing; the loan amount has not been publicly disclosed.
• Winmar Construction is the GC; Paredes Architects and Rio de Janeiro-based Cité Arquitetura designed the building. Delivery: Q3 2028.

Lluch Builds Across the Street From His Last Project

Javier Lluch, president of Element Development, knows this corner well. A few years ago he co-developed Glasshaus at 3161 Center Street, the five-story, 23-unit boutique condo directly across from the Lincoln site. Now he and his JV partner have broken ground on something twice as tall on the opposite corner.

The Lincoln Coconut Grove rises eight stories on a 20,970-square-foot assemblage at 3151 SW 27th Ave. The 91,000-square-foot building holds 48 units ranging from 1,200 to 3,630 square feet, a mix of one- to four-bedroom homes, each with a den or home office. Prices start at $1.5 million. When construction started in June 2026, 19 units — 40% of the building — were already under contract.

The Numbers Behind the Land

Lore and Element assembled the half-acre site for $8.56 million in 2023, about $178,000 per door in land cost. The project needed a height and density waiver from the city. Lluch secured that approval in late 2024 before the team could move to permitting. Berkadia was tapped to arrange the construction loan. The developers have not disclosed the loan amount.

On the design side, Miami's Paredes Architects handled the structure, Rio de Janeiro firm Cité Arquitetura designed the facade, and Design Philosophy oversaw interiors. Winmar Construction is the general contractor. One Sotheby's International Realty is the exclusive sales broker.

After completion, the building takes a new address: 2650 Lincoln Ave.

Brazilian Capital Making Moves in Miami

Lore Development Group is a joint venture between Leste Group, a Brickell-based alternative asset manager, and Opportunity Fundo de Investimento Imobiliário, one of Brazil's larger real estate funds. The Lincoln is their first delivered project in South Florida, but not their last: Lore is also moving forward on Summit Brickell, a 505-unit multifamily tower at 1015 SW 1st Ave near the Brickell Metrorail station, with a reported $340 million construction budget.

"Leste is proud to partner with Opportunity to establish LORE as one of South Florida's leading residential developers," said Stephan de Sabrit, managing partner at Leste Group.

A Block Filling In Fast

The Lincoln sits just north of Coconut Grove's established bayfront condo cluster, Grove at Grand Bay, Park Grove, and Mr. C Residences, and immediately across from where Fort Partners and Ugo Colombo's CMC Group are advancing a Four Seasons-branded condo project to the south.

The Grove address gives residents walkable access to CocoWalk, the neighborhood's parks, and its marinas, with Coral Gables and Brickell both minutes away. Delivery is targeted for Q3 2028.