Ugo Colombo’s CMC Group and Nadim Ashi’s Fort Partners have secured a $323.8 million construction loan from Bank OZK for a new Four Seasons-branded condominium building in Coconut Grove, Miami. The planned 20-story, 70-unit luxury tower will be located at 2699 South Bayshore Drive and is expected to be completed by mid-2028.
According to a news release, Colombo, who is the founder of CMC Group, said the developers had considered more than ten lenders. He stated: “providing highly competitive terms.”
The site previously housed another structure that was demolished last year to make way for the new development. This project will introduce the first Four Seasons property in Coconut Grove, joining other recently completed condo towers in the area such as Mr. C Residences.
Property records indicate that CMC owns the corner property across Southwest 27th Avenue from the Ritz-Carlton Coconut Grove. Fort Partners owns all of the Four Seasons properties in South Florida, including developments in Surfside, Fort Lauderdale, Brickell, and Palm Beach.
Sales for the new tower are being managed internally by brokerages led by both developers. The building will offer amenities such as a restaurant, library, gym, spa, yoga room, children’s room, lounge and bar. Residents will also have access to Four Seasons services including dining options, spa treatments, housekeeping and grocery services. A pool deck and bar are also planned.
Luis Revuelta is serving as architect while Michele Bönan is responsible for interior design.
The loan from Bank OZK comes amid ongoing activity in South Florida’s condo development sector. In recent months there has been a trend of large construction loans supporting major projects throughout the region. For example this week Terra and AB Asset Management closed on a $410 million construction loan with Tyko Capital for Well Coconut Grove—a 194-unit condo project located near the planned Four Seasons building.
