Allen Morris Co. secures $138.5 million construction loan for Ziggurat

Allen Morris Co. has officially secured a major financial milestone that pushes one of Coconut Grove’s most ambitious new mixed-use projects into motion.

The Miami-based developer has secured a $138.5 million construction loan from BDT & MSD Partners, through affiliated funds, alongside BHI, the U.S. arm of Bank Hapoalim, to finance Ziggurat — a transformative mixed-use community rising at the intersection of Grand Avenue, Matilda Street, and Florida Avenue. The financing was arranged by Lotus Capital Partners, led by Faisal Ashraf.

Planned across 1.7 acres at 3101 Grand Avenue, Ziggurat is designed as a next-generation Grove landmark, introducing a carefully layered mix of office, residential, and retail anchored by strong public realm integration. The project will feature two architecturally distinct structures: a five-story, 100,000-square-foot trophy office building and a three-story residential building comprising 18 ultra-luxury condominium residences, with roughly 45,000 square feet of ground-floor retail activating the streetscape.

At the top of the office building, a signature rooftop restaurant and lounge by a local Michelin-starred chef is planned, offering sweeping views over Biscayne Bay. Between the buildings, landscaped pedestrian paseos will lead to a central interior courtyard lined with local restaurants, boutiques, and wellness-focused retail, reinforcing Ziggurat’s walkable, neighborhood-first vision.

The residential component, exclusively represented by ONE Sotheby’s International Realty, will include floor plans ranging from approximately 1,254 square feet to more than 5,000 square feet, with pricing from $3.5 million to $15 million. Every residence will overlook a revitalized Kirk Munroe Park, which is set to undergo a significant renovation through a public-private partnership between Allen Morris Co. and the City of Miami.

Designed by Oppenheim Architecture, the project emphasizes natural materials, layered greenery, and contextual massing intended to respect Coconut Grove’s historic character while introducing a distinctly modern architectural identity.

Office leasing will be led by Ryan Holtzman, Andrew Trench, and Brian Gale of Cushman & Wakefield alongside Thad Adams of Allen Morris Co., with retail leasing handled by Daniel Cardenas and Michael Sullivan of Vertical Real Estate, and condo sales are led by Justin Neyra and Sean Presti with the Abaunza Group at ONE Sotheby's International Realty.

The Espinosa family — longtime Grove residents who have operated Grove Laundry & Cleaners on the site since 1961 — will partner with Allen Morris Co. on the development.

Groundbreaking is anticipated in December 2025, with full completion targeted for early 2028.