Ugo Colombo’s CMC Group and Nadim Ashi’s Fort Partners have secured a $323.8 million construction loan from Bank OZK for the development of a Four Seasons-branded condominium building in Coconut Grove, Miami. According to a news release, the developers evaluated offers from more than 10 lenders before selecting Bank OZK.
The planned project is a 20-story tower with 70 luxury condo units located at 2699 South Bayshore Drive. Completion is anticipated by mid-2028. The site previously housed another building, which was demolished last year.
This development will introduce the first Four Seasons property to Coconut Grove, an area that has seen several new condominium towers over the past decade. Recent additions include the two-building Mr. C Residences by Terra.
Sales for the new tower are being managed internally by brokerages led by both CMC Group and Fort Partners. Property records indicate that CMC owns the site, situated across Southwest 27th Avenue from the Ritz-Carlton Coconut Grove.
Fort Partners holds ownership of all Four Seasons properties in South Florida, including developments such as the Four Seasons Hotel and Residences at the Surf Club in Surfside, Four Seasons Hotel and Residences Fort Lauderdale, Four Seasons Miami hotel in Brickell, and Four Seasons Resort in Palm Beach.
Amenities planned for the Coconut Grove tower include a restaurant, library, gym, spa, yoga room, children’s room, lounge and bar. Residents will have access to additional services provided by Four Seasons such as dining options, spa treatments, housekeeping and grocery delivery. A pool deck and bar are also part of the design. Luis Revuelta is serving as architect while Michele Bönan is responsible for interior design.
Bank OZK’s financing continues a trend of large construction loans being issued to condominium developers throughout South Florida recently. In a related development this week, Terra and AB Asset Management obtained a $410 million construction loan from Tyko Capital for their Well Coconut Grove project—a 194-unit condo complex near the new Four Seasons site.
