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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), roughly 2,950 square feet of ground‑floor retail and about 4,000 square feet of religious/multi‑purpose space. Under the city’s first‑time homebuyer guidelines the memo states the maximum sale price for units would be up to $451,000 and the units are intended for households earning up to 80% AMI.
Staff said the original $4.21 million GOB allocation, approved Feb. 25, 2025, remains unchanged; the department recommends offering up to $800,000 of that prior allocation as a predevelopment loan to help cover reasonable soft costs. The committee also approved minor adjustments to prior conditions, including extensions to construction benchmarks to account for a lengthier predevelopment and zoning process for a for‑sale project.
Representatives for the sponsor, including Ellen Buckley of Grove Prosperity Partners and Antonio Prado of Collective Empowerment Group, presented a rendering, described community outreach and said they have early buyer interest. Committee members asked questions about sales strategy, buyer financing, and whether other forms of down‑payment assistance could be layered with the project. Staff noted county down‑payment assistance programs may be available for eligible buyers.
The committee adopted the staff recommendation; the vote passed with one committee member recorded as opposed. Staff said loan terms and the original allocation’s terms remain otherwise unchanged, and that staff will work with the sponsor to document the predevelopment loan and adjusted construction benchmarks.
