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Committee OKs up to $800,000 predevelopment loan from prior GOB allocation for Grand Bahamas Place
Summary
The committee approved using up to $800,000 of a previously approved $4.21 million Miami Forever GOB allocation as a predevelopment loan to Grove Prosperity Partners LLC for Grand Bahamas Place, a 56‑unit micro‑condo homeownership project in Coconut Grove, and extended certain development benchmarks.
The Housing Commercial Loan Committee voted May 20 to permit up to $800,000 of a previously approved $4,210,000 Miami Forever GOB allocation to be used as a predevelopment loan for Grand Bahamas Place, a mixed‑use homeownership project in Coconut Grove.
Grove Prosperity Partners LLC and development partners Collective Empowerment Group and others described the proposal as a five‑story mixed‑use development composed of approximately 56 micro‑condominium units (40 one‑bedroom and 16 two‑bedroom units),…
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