Developer Scoops Up Aging Coconut Grove Condos Staring Down Forced Demolition

The Canero Group, led by Jose Canero, has acquired all 25 units of the Chateau Grove condominium in Coconut Grove for $17.3 million.

The two-story building, constructed in 1963, had been at risk of demolition due to the owner’s failure to complete the required 40- to 50-year building recertification by the City of Miami. As of May 5, 2025, no recertification documents had been submitted, prompting the city’s Unsafe Structures Board to schedule a hearing for May 16 regarding the condo association’s non-compliance. At the hearing, Canero and his partners were granted an additional six months to obtain the necessary recertification.

The acquisition was financed with a $12.5 million loan from ROK Lending.

Canero plans to rent out the units for immediate cash flow while exploring future redevelopment options. The property, located at 3265 Virginia Street, spans 20,000 square feet and includes amenities such as a pool and 32 parking spaces. The Canero Group’s team, including Michael “Axel” Neree, Maria Patty Bolaños, and Raquel Rivas, led the transaction, completing the buyout over six months.

This strategic acquisition highlights the Canero Group’s proactive approach in securing properties with potential for redevelopment, even amid challenges posed by aging infrastructure and regulatory requirements.

Source:  Bisnow