Grass River Property has closed on the leasehold interest of the Coconut Grove Metrorail development site with plans for a reported $196 million mixed-use project. The 5.18 acre property, which currently serves as the parking lot for the Metrorail stop, is located on the northwest corner of Southwest 27th Avenue and South Dixie Highway in Miami. The plans call for 180,000 square feet of office space, 40,000 square feet of retail, 180 hotel rooms, 250 apartments and an 850-space parking deck. The company has signed a development agreement that requires Grass River to pay Miami-Dade $500,000, as well as $450,000 a year or 3 percent of revenues. Grass River will also be obligated to spend $5 million on the Metrorail station to upgrade the escalators and elevators plus build a new bus terminal. Additionally, approximately 200 parking spaces will be reserved for transit users.
