Allen Morris Scores $139M Construction Loan For Coconut Grove Luxury Office, Condo Development
Allen Morris Company has secured a $138.5 million construction loan to launch Ziggurat, a high-end mixed-use development planned for the heart of Coconut Grove.
The financing—arranged by Lotus Capital Partners—comes from BDT & MSD Partners and BHI, the U.S. division of Bank Hapoalim.
Located at 3101 Grand Avenue, Ziggurat will feature a five-story, 100,000-square-foot Class A office building and an 18-unit luxury condo building, along with roughly 45,000 square feet of ground-floor retail. Plans also include a rooftop restaurant and lounge helmed by a Michelin-starred chef. The project is being developed in partnership with the Espinosa family, longtime owners of the 1.7-acre site.
Developers say the strong office fundamentals in Coconut Grove—one of South Florida’s most in-demand submarkets—made the project especially appealing to lenders. Construction is slated to begin this month, with foundation work underway early next year and completion targeted for 2028.
The site currently houses Coconut Grove Dry Cleaners and several small businesses, including popular Italian eatery Sapore di Mare, which plans to relocate nearby. Condo sales, led by One Sotheby’s International Realty, are already more than 50% complete, with units priced from $3.5 million to $15 million and ranging from 1,250 to over 5,000 square feet. An immersive sales center will also open soon in collaboration with gourmet market Chevre Miami.
Designed by Oppenheim Architecture, Ziggurat will include pedestrian paseos and a central courtyard. Retail leasing is roughly 40–45% underway, while office leasing is being handled by Cushman & Wakefield and the Allen Morris team.
The developer also plans to relocate its corporate headquarters to the new building, joining other major firms based in Coconut Grove. The project rises near several other developments, including the nearby Arbor Residences, further contributing to the neighborhood’s ongoing revitalization.
