Allen Morris Gets Construction Loan for Ziggurat Coconut Grove

The Allen Morris Company has secured a $138.5 million construction loan for its Ziggurat mixed-use project in Coconut Grove, The Real Deal has learned.

Based in Coral Gables, Allen Morris and its partner, the Espinosa family—owners of the property at 3101 Grand Avenue—obtained financing from BDT & MSD Partners and BHI, the U.S. branch of Israel-based Bank Hapoalim, according to a company statement.

The Ziggurat development is slated to feature a five-story office building with 100,000 square feet of space, alongside a three-story, 18-unit luxury condominium building. The project will also offer approximately 45,000 square feet of ground-floor retail. Plans call for the office building to include a rooftop restaurant and lounge operated by a Michelin-starred chef, as detailed in the release.

The project was first announced about a year ago by Allen Morris, led by Chairman and CEO W. Allen Morris and President Spencer Morris. Morris said that lenders were particularly interested in the mixed-use aspect of the development.

“This is one of the top three submarkets in South Florida for office space, including West Palm Beach,” Morris noted. “Even without the other components, this would have qualified for construction financing. The area’s demand and limited supply are strong factors.”

Lotus Capital Partners, headed by Faisal Ashraf, arranged the financing.

Construction is scheduled to commence this month, with completion anticipated in 2028. According to Morris, foundation work is expected to begin early next year.

The 1.7-acre site, located at the intersection of Grand Avenue, Matilda Street, and Florida Avenue, currently houses the Espinosa family’s Coconut Grove Dry Cleaners and several small businesses, including the Italian restaurant Sapore di Mare, which plans to relocate elsewhere in Coconut Grove.

One Sotheby’s International Realty is leading condo sales, with units priced between $3.5 million and $15 million. Residences will range from 1,250 square feet to more than 5,000 square feet, overlooking the city’s Kirk Munroe Park. A new experiential sales center is expected to open across the street, in collaboration with Chevre Miami—a gourmet market, cheesemonger, and wine shop, which will also operate a cafe. The Miami City Commission is scheduled to vote next week on a development agreement with Allen Morris Co. to renovate both Kirk Munroe Park and Fuller Street.

Morris reported that over half of the condominium units have already been sold. The majority of buyers are international, with many planning to use their residences as pied-à-terres. Morris himself said he will purchase a unit in the building.

The Ziggurat’s architectural design is being led by Chad Oppenheim’s Oppenheim Architecture and will feature pedestrian paseos leading to a central courtyard.

Retail leasing is being managed by Daniel Cardenas and Michael Sullivan of Vertical Real Estate, with 40 to 45 percent of space already leased, according to Morris. Office leasing is being handled by Cushman & Wakefield’s Ryan Holtzman, Andrew Trench, and Brian Gale, along with Thad Adams of Allen Morris Co.

Allen Morris plans to move its corporate headquarters to the new office building, joining several other prominent developers based in Coconut Grove, including Related Group, Terra, Mast Capital, and Swerdlow Group.

Nearby, the family of the late Isaac Kodsi is nearing completion of Arbor Residences, a 45-unit condominium project at 3034 Oak Avenue, which Kodsi acquired out of foreclosure in 2023. The building is located about a block from the Ziggurat site, with both developments situated in downtown Coconut Grove near CocoWalk.