Allen Morris Co. has secured a $138.5 million construction loan to move forward with Ziggurat, a major mixed-use development planned for the heart of Miami’s Coconut Grove neighborhood. The project, considered one of the submarket’s most ambitious upcoming developments, will rise on a 1.7-acre site at 3101 Grand Ave., surrounded by Matilda Street and Florida Avenue.
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The financing was arranged by Faisal Ashraf of Lotus Capital Partners, who sourced the loan from BDT & MSD Partners and BHI, the U.S. banking subsidiary of Israel-based Bank Hapoalim. While the developer did not release further details on loan terms, the scale of financing underscores investor confidence in Coconut Grove’s long-term trajectory and the project’s high-end design vision.
Ziggurat, created by Oppenheim Architecture, will feature two distinct buildings unified by natural stone exteriors, lush greenery, and terraced gardens that wrap around every level. The development aims to blend luxury living, destination dining, and modern office environments while providing a walkable, high-design gateway into Coconut Grove.
The primary structure will be a five-story, 100,000-square-foot trophy office building. Designed to attract top-tier tenants, the building will include a rooftop restaurant with sweeping views of Coconut Grove — a feature expected to draw both corporate users and local diners.
The second building will offer 18 for-sale luxury condominiums and approximately 45,000 square feet of ground-floor retail space. With residences ranging from 1,254 to more than 5,000 square feet, the condos are targeted at buyers seeking boutique, high-end living with privacy and proximity to Coconut Grove’s commercial core. ONE Sotheby’s International Realty is handling sales, with pricing set between $3.5 million and $15 million.
Office leasing will be led by Ryan Holtzman, Andrew Trench and Brian Gale of Cushman & Wakefield, alongside Thad Adams at Allen Morris Co. Retail leasing responsibilities will fall to Daniel Cardenas and Michael Sullivan of Vertical Real Estate, who are expected to curate a mix of luxury brands, chef-led dining concepts, and experiential tenants aligned with the project’s architectural character.
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Allen Morris Co. expects to break ground this month, with completion scheduled for early 2028. The project has deep roots in the area: The Espinosa family, who have operated Grove Laundry & Cleaners on the site since 1961, will partner with the developer in bringing Ziggurat to life. Their involvement reflects the project’s integration with Coconut Grove’s longstanding community identities.
In addition, the company is partnering with the City of Miami on the $8 million revitalization of Kirk Munroe Park, which borders the development. The planned improvements will upgrade recreation areas, enhance landscaping, and improve public access — a move developers say will create a more connected, pedestrian-friendly environment for residents, office tenants, and the broader neighborhood.
Coconut Grove continues to be one of Miami’s most in-demand submarkets, with limited land availability and strong residential and commercial interest driving new development. The introduction of Ziggurat is expected to elevate the district’s high-end architectural offerings and attract further investment in the area.
Industry analysts say the combination of luxury residential units, curated retail, and trophy office space positions Ziggurat to become a new anchor destination within Coconut Grove. Strong leasing activity is anticipated, especially as Miami’s office market continues to draw tenants from finance, technology, legal services, and creative sectors.
The project’s emphasis on natural materials, biophilic design, and integrated public spaces reflects broader trends in South Florida’s premium development pipelines, where wellness-centered environments and architectural storytelling increasingly define market leaders.
Originally reported by Rebusiness Online.
