Terra buys parking garage, retail in Coconut Grove for $16M

Oak Avenue Plaza Parking and David Martin

David and Pedro Martin's Terra Group has picked up a Coconut Grove parking garage with retail for $16 million. 

Miami-Dade County records show the city of Miami Parking Authority sold the Oak Avenue Parking Plaza at 2860 Oak Avenue. The garage was developed in 2000.

Terra is developing Park Grove and Grove at Grand Bay, two luxury residential projects in Coconut Grove. In December, Terra president and co-founder David Martin said two of Park Grove's towers are more than 95 percent sold. The three-tower development, designed by OMA/Rem Koolhaas, will also include a 2-acre sculpture park and a Michael Schwartz-helmed restaurant. Terra is partnering with Related Group on the waterfront project.

Grove at Grand Bay broke ground in 2013.

The Coconut Grove-based developer agreed to keep 50 spaces available to the public for five years. Martin has said he will eventually renovate the ground-floor retail, remove a floor of parking and convert it to office space.

The Miami Herald reported in October that the parking authority said it will use the proceeds from the sale of the 402-space garage to build two new parking structures in other parts of Coconut Grove. The Herald reported that the garage was shut down in September.

In a statement, Martin said the garage will "remain open for public use for the indefinite future."

"We are gratified that 100% of the proceeds generated by this purchase will be reinvested back into Coconut Grove through projects like the planned Coconut Grove Playhouse parking garage and other neighborhood improvements," he said.