What's the Deal? | Christine Martinez de Castro of CMC Group on Vita at Grove Isle & Transforming Coconut Grove

What attracted you to the deal?

Vita at Grove Isle (Vita) is situated on one of the last prime waterfront properties in Coconut Grove, offering unrivaled water views from every residence. Located on the exclusive Grove Isle, this private island setting ensures unparalleled tranquility and scenic beauty. Since 2006, CMC Group, led by founder Ugo Colombo, has been deeply invested in Coconut Grove, beginning with The Grovenor—the first luxury condominium in the area. Coconut Grove's exceptional location, near Brickell, Downtown, Coral Gables, and Pinecrest, combined with its rich history and intimate community feel, sets it apart. Recently, the neighborhood has undergone a vibrant renaissance with the renovation of CoCoWalk and an influx of new restaurants and businesses, further enhancing its appeal.

What’s your vision for this project?

The opportunity to develop Vita aligned perfectly with Coconut Grove's resurgence, sparking renewed demand for ultra-luxury condominiums. Vita offers buyers the feel and customized finishes of a single-family home with the convenience of condo living. With the Four Seasons Private Residences and Vita, we aimed to set a new benchmark for luxury in Coconut Grove. As a boutique builder, we focus on a limited number of projects to ensure each reflects our brand's commitment to quality. For Vita, we emphasized natural materials like stone and wood to enhance the building's artistry and ambiance, continuing our strategy of delivering high-end, luxury residences.

How did you secure financing for the construction loan?

We always talk to a number of lenders when we're trying to secure financing for any project. In this case, we secured a construction loan with Bank of Ozark, who we have a long-standing relationship with.    

What are some key partners or collaborators on the deal?

Ugo's Italian heritage profoundly influences our design philosophy. We source nearly all our finishes, including marble and millwork, from Italy. For Vita, we partnered with A++ Group, an esteemed Italian interior design firm known for their distinctive global services. This collaboration, also featured in our development with Morabito Properties, Onda Residences, marks their debut U.S. projects. Their involvement brings a unique flair to Vita, setting it apart from other condos that often rely on the same designers. Milan’s status as the fashion capital of the world ensures that our aesthetics remain at the cutting edge of design trends. 

What are your key takeaways from this project?

The key takeaway from this deal, as with the Four Seasons, is the crucial role of positive reputation in development. CMC Group is known for exceeding expectations, and Ugo’s name alone draws buyers seeking his projects. This reputation is vital during the pre-construction phase, where trust in an unbuilt project is essential. The world-renowned Four Seasons name, combined with this project's status as the brand’s first standalone residences and Ugo’s impressive track record, has generated significant positive momentum among buyers. Similarly, Vita generated excitement due to its prime location and Ugo's hands-on involvement.

What are CMC Group’s development criteria when assessing a site?

CMC Group has been building in South Florida for more than 35 years and is considered the premier luxury residential developer in the area. We typically seek out waterfront land parcels in desirable neighborhoods that offer an exceptional location to complement our standard of quality finishes and high-end luxury style in our residences. 

How does your experience influence the delivery of Onda residences and the upcoming Four Seasons residences?

CMC Group has been in the business far longer than I've been involved. We have a fantastic team with vast experience in managing development deals at the highest level. Ugo’s success as a developer and leader is well-earned, and I don’t think it can be stressed enough that the strength of the team is critical in maintaining the reputation of our company through every project that we deliver. 

How did you get started in Real Estate Development?

I started selling real estate about 15 years ago, pivoting from my career in Public Relations and Marketing. Previously, I worked in management for Fortune 500 companies and transitioned into real estate after the downturn in 2008 when the market was slow, thinking it would be a temporary change. Unintentionally, I got in right when the market was starting to pick up and found myself working as a sales agent for a few years. I sold a few projects at a relatively quick pace, showing strength in the real estate market, leading to a kickstart in the development engine once everyone rebounded from the market crash. When I transitioned back into marketing, I used the skills I learned from the sales floor, where I was dealing with buyers directly, to create effective sales materials and strategies. Eventually, I was able to leverage my experience as a sales agent to jump into development, which is what I specialize in today.

 

Do you have any advice for young professionals starting out in commercial real estate or just trying to land their very first deal?

Don't ever think of your career as linear, because if I had thought of my career as linear, I would never have ended up here.There are times when you take divergent paths, where you learn and garner a useful knowledge base that you can apply later on. So, don't be scared to be flexible in your career. My second piece of advice is, whatever you're going to do, learn it from the bottom up. Whether you need to step back from your position or spend a day or two with the people who report to you, it’s extremely valuable.