Terra Breaks Ground on THE WELL Coconut Grove With Record $410M Loan

Key Points

• Terra and AB Asset Management secured a $410 million construction loan from TYKO Capital, the largest ever in Coconut Grove
• THE WELL Coconut Grove will deliver 194 luxury residences across eight stories, with wellness, office, and retail components
• More than 50% of residences are already pre-sold, signaling strong buyer demand in Coconut Grove

Record Construction Financing in Coconut Grove

The project is being developed through a joint venture between Terra and AB Asset Management, with construction financing provided by TYKO Capital. The $410 million loan represents the largest construction financing ever closed in Coconut Grove, providing full funding for the project. The transaction was brokered by Walker & Dunlop, highlighting continued institutional appetite for best in class luxury residential assets in top-tier submarkets. According to David Martin, CEO of Terra, the financing reflects lender conviction in wellness driven residential concepts and long-term confidence in Coconut Grove’s fundamentals.

A Wellness-Driven Luxury Residential Offering

Scheduled to open in Q4 2028, THE WELL Coconut Grove will deliver 194 residences ranging from one to four bedrooms, with unit sizes spanning 960 to 4,200 square feet. Pricing starts at approximately $1.5 million, positioning the project squarely in the ultra-luxury segment. The development combines residential living with a full-service wellness ecosystem, appealing to buyers who view health and design as core lifestyle priorities rather than optional amenities. More than half of the residences are already under contract, supporting the project’s absorption outlook well ahead of completion.

Design and Development Team

Architecture is led by Arquitectonica, with interiors by Meyer Davis. The project incorporates biophilic design principles, natural materials, and sustainability features targeting Florida Green Building Design Silver Certification. Residences will feature private balconies, expansive natural light, Italkraft Italian cabinetry, quartzite countertops, and premium Sub-Zero and Wolf appliances. Select units include dedicated Wellness Dens designed for meditation, fitness, and in-home treatments.

Amenities Built Around Holistic Living

THE WELL Coconut Grove is anchored by a deep amenity offering that differentiates it from traditional luxury condominiums. Highlights include a 40,000 square foot rooftop wellness oasis with pools, plunge areas, cabanas, and pickleball, as well as a 13,000 square foot wellness center featuring bathhouses, relaxation lounges, and advanced recovery therapies. Additional offerings include coworking and social spaces, personalized wellness programming, and curated resident services designed to support long-term lifestyle engagement rather than short-term luxury appeal.

 

Terra’s Longstanding Bet on Coconut Grove

For Terra, the project builds on decades of investment in Coconut Grove, including landmark developments such as Grove at Grand Bay, Park Grove, Mr. C Residences, and Grove Central. The firm’s track record in the neighborhood has helped establish Coconut Grove as a premier low density alternative to Brickell and Miami Beach, attracting both primary residents and second home buyers.

Bottom Line

THE WELL Coconut Grove’s groundbreaking and record $410 million construction loan highlight the depth of capital and buyer demand still flowing into Coconut Grove luxury residential. With strong presales, institutional financing, and a differentiated wellness focused product, the project reinforces why best in class developments in top Miami submarkets continue to outperform.