Coconut Grove is rapidly morphing into the city’s newest billionaire enclave, fueled by a wave of nine-figure real estate deals.
Island brokers and builders say interest from South Florida luxury buyers has surged, driven by Vero’s relative affordability and its uniquely relaxed, refined lifestyle.
Even as the post-pandemic real estate boom cools, home prices in the Sebastian–Vero Beach metro area continue to rise.
Miami’s economic momentum continues to be driven by solid consumer spending and ongoing construction activity. Growth in the first quarter is expected to exceed national averages, reaching approximately 2.5% to 3%, although lingering economic uncertainties warrant caution.
Once dismissed as “Zero Beach,” Vero Beach is increasingly proving itself as a refined, tranquil alternative for luxury buyers seeking space, value, and a slower pace of life.
The 0.91-acre development site at 340 Biscayne Blvd. is approved for an 82-story tower with about 950,000 square feet of sellable space, including 374 condominium units and 120 hotel rooms. The new auction is scheduled for Jan. 28.
The bankruptcy auction has been accused of unfairly leaving out other bidders.
The loan will fund One West Twelve Residences (One W12), a 22-story development with 372 units planned at 105 Northwest Eleventh Terrace. The short-term-rental-friendly condo project will feature a mix of studio and one-bedroom condominiums, along with a limited number of townhouse-style units.
The project is planned to encompass nearly 830,000 square feet, including 278 apartments, more than 100,000 square feet of office space, and roughly 56,000 square feet of retail.
The Miami City Commission offcials are considering proposals to transfer city-owned land at no cost and provide millions of dollars in financial incentives to two developers planning affordable housing projects in Little Havana.