Bank OZK (OZK) continues to showcase its prowess by making another move providing a large construction loan, for an impressive waterfront condo development project on Grove Isle in South Florida. The Arkansas-based bank has committed an amount of $239 million to help bring to fruition a waterfront condo development on Grove Isle overseen by Ugo Colombo and the highly regarded CMC Group. This exciting endeavor is set to redefine the Coconut Grove neighborhood in Miami as it takes shape on the enchanting Grove Isle—a 20 acre island. Bank OZKs significant investment not only demonstrates its financial position but also underscores its commitment, to driving innovative and impactful real estate ventures in the area.
Vita at Grove Isle, a seven story building situated at 5 Grove Isle Drive is planned to consist of 65 units. The waterfront condo development on Grove Isle project will offer a variety of top notch amenities like a swimming pool, spa, fitness center, paddle courts and an exquisite restaurant and lounge, for residents. This upscale development aims to deliver an all-inclusive living experience in a location.
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In 2020, CMC, a company based in Miami purchased the ownership entity from Eduardo Avila, a Florida developer who had initially put forward the idea, for the boutique project years ago. The property records do not mention the sale price.
When will the waterfront condo development project on Grove Isle be completed?
Construction work on waterfront condo development on Grove Isle started in April, and is projected to finish by the end of 2025. Over 70 per cent of the homes have already been sold, with prices ranging from $5.7 million to $19.5 million, according to a CMC spokesperson.
During the latter part of December, Bank OZK augmented a previously secured $38.5 million loan, originally obtained in 2021, by an additional $200.5 million. According to mortgage documents, this extension resulted in a total loan amount of $239 million. The bank’s decision to increase the loan underscores its continued financial support and confidence in the project or borrower associated with the initial loan.
