Committee backs $4.21 million GOB allocation for Grand Bahamas Place homeownership project in Coconut Grove

The Housing and Community Loan Committee voted to recommend allocating up to $4,210,000 in Miami Forever general obligation bond (GOB) funds to Grove Prosperity Partners LLC to support development of the Grand Bahamas Place condominium project in Coconut Grove.

Staff said the project, to be assembled from three lots in Coconut Grove, will deliver 56 micro condominium units targeted to homebuyers earning up to 80% of area median income (AMI). In staff’s presentation the City’s GOB commitment would be deployed during construction and would serve as acquisition/construction financing and later be used as pass‑through down‑payment assistance of approximately $75,000 per unit. The development team expects total development costs of about $21.3 million and an estimated per‑unit cost of $379,780.

Prospera Real Estate Collective founder and CEO Ellen Buckley, the project’s managing partner, said the units will be condominiumized for homeownership and that the city funds will “run with the property” as deferred‑interest secondary mortgages that will be forgiven after 30 years if buyers remain in the units. Buckley described transit access and neighborhood improvement investments near Grand Avenue as project benefits.

Committee members asked about underwriting, buyer income targeting and protections in case of default or owner transfer. Staff said the down‑payment assistance would be structured as deferred‑interest mortgages recorded against individual units and that standard loan servicing and assumption provisions would apply, with efforts to keep units affordable for up to 30 years.

The committee moved to approve the staff recommendation and voted in favor. Staff noted the project will be subject to the conditions and underwriting requirements recorded in the HCD memorandum and that construction bonds and other standard development safeguards will be required before construction begins.