Miami's real estate scene is buzzing with excitement as Ugo Colombo's CMC Group secures a massive $239 million construction loan for the Vita at Grove Isle project. This significant financial milestone, provided by Bank OZK, propels the development of this luxury waterfront condominium into its next crucial phase. With more than 70% of the units already presold, the project is rapidly shaping up to be a landmark in Miami’s Coconut Grove.

Project Overview: A Fusion of Luxury and Elegance

Vita at Grove Isle, a seven-story, 65-unit condominium, is set to redefine luxury living in Miami. Nestled on Grove Isle, the project promises an exclusive bayfront experience with an expected completion in late 2025. The development, which began construction in April, has already captivated the market, with presales launching in August 2022. Cervera Real Estate, handling the sales, has set the starting price for the remaining units at a staggering $5.7 million, while the penthouses begin at $19.5 million.

A Glimpse into Vita's Opulent Offerings

The units at Vita are designed to cater to the elite, featuring spacious three- to four-bedroom layouts, some with additional dens. The 12 penthouses, sprawling up to 6,600 square feet, boast rooftop pools, offering a blend of luxury and tranquility. Residents will have access to a plethora of amenities, including a bayfront pool, bar and lounge, sports courts, a state-of-the-art fitness center and spa, and exclusive membership to a private club at Vita. The project's design, a collaboration between CallisonRTKL, S & E Architects, and Italian designers Carlo and Paolo Colombo of A++ Architecture, ensures a blend of modern luxury with timeless elegance.

The Journey to Vita's Realization

The nearly 6-acre development site, adjacent to three existing 18-story condo towers completed between 1979 and 1981, has a history of contention. The project, formerly known as the Markers Grove Isle, faced opposition from the neighboring condo association and residents for over a decade. In 2022, CMC acquired the land-owning entity from previous developer Eduardo Avila, paving the way for Vita's development.

Ugo Colombo: A Visionary in Miami's Real Estate

Colombo, renowned for his luxury car dealership The Collection and developments like Brickell Flatiron, is also working on Onda Residences in Bay Harbor Islands, expected to complete early this year. Additionally, in Coconut Grove, he is collaborating with Nadim Ashi’s Fort Partners on a Four Seasons-branded residential project at 2699 South Bayshore Drive.

A Testament to Miami's Resilient Real Estate Market

Despite a challenging financing environment, the closing of this major construction loan for Vita at Grove Isle is a testament to the resilience and potential of Miami's real estate market. Bank OZK's involvement as a dominant player in the market is further evidenced by their recent financing of other major projects, including The Ritz-Carlton Residences, Pompano Beach, and Casa Bella Residences in downtown Miami.

A New Era of Luxury Living

The Vita at Grove Isle project stands as a beacon of luxury and sophistication, promising to elevate Miami's real estate landscape. With its strategic location, unparalleled amenities, and visionary design, Vita is poised to become one of the most coveted addresses in Miami. As the project moves closer, it continues to draw attention and excitement from potential homeowners and real estate enthusiasts alike.

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