Terra Breaks Ground on The Well Coconut Grove
South Florida’s pipeline of wellness-branded residential projects continues to grow as Terra, alongside partner AB Asset Management, begins construction on The Well Coconut Grove after closing a $410 million construction loan.
The financing was provided by Tyko Capital, a commercial real estate private equity firm known for backing several high-profile developments across South Florida. According to the developers, the loan represents the largest construction financing ever secured in the history of the Coconut Grove neighborhood.
Walker & Dunlop advised the development team on the transaction.
Tyko Capital has been an active lender in the region, previously providing $425 million for a major land acquisition in Miami’s Brickell financial district, a $285 million construction loan for a Major Food Group–branded condominium developed by Terra in Edgewater, and a $525 million bridge loan in 2024 for the development of 830 Brickell in downtown Miami.
David Martin, CEO of Terra, said the new construction financing reflects strong lender confidence in the project’s wellness-focused vision, which emphasizes holistic living and community-centered design.
The eight-story condominium will rise at 2835 Tigertail Ave., approximately four miles from downtown Miami. The Well Coconut Grove marks the second branded residential project in the Miami area for The Well, a New York–based wellness brand. The development will feature 194 one- to four-bedroom residences ranging from 960 square feet to 4,200 square feet, with pricing starting at $1.5 million. About half of the units have already been sold, with Douglas Elliman Development Marketing leading sales efforts.
Branded residential developments have become increasingly common throughout South Florida. Miami now ranks second only to Dubai in the number of branded residences, which often command pricing premiums over traditional condominiums and generate licensing revenue for brand partners, according to a recent report from real estate marketing firm Graham & Associates.
Getzy Fellig, co-founder of AB Asset Management, emphasized the importance of responsible development, noting that projects should strengthen communities rather than detract from them. He added that Coconut Grove’s distinct character and sense of community are especially important to preserve as Miami continues to expand.
Coconut Grove is one of Miami’s most sought-after neighborhoods, known for its tree-lined streets, luxury homes, parks, and close proximity to the urban core. Fellig also highlighted his personal connection to the area.
Designed by Arquitectonica with interior design by Meyers Davis, The Well Coconut Grove is scheduled for completion in the fourth quarter of 2028. Planned amenities include a 40,000-square-foot rooftop wellness deck featuring a swimming pool, hot and cold plunge pools, cabanas, and a pickleball court, along with a 13,000-square-foot wellness center, a tea garden, conservatory, and lush tropical landscaping. Residents will also have access to wellness services provided by The Well brand.
Source: Original reporting by Joshua S. Andino, CoStar News.
