MIAMI—Coconut Grove is seeing plenty of interest from commercial real estate developers. The latest to launch a multifamily project there is Paragon Group. The full-service commercial real estate development company is partnering with Oxford Universal Design and Build on Grove Place.

Grove Place is an 18-unit townhome community just north of US-1 and 27th Avenue. Essentially, it sits at the entrance of Coconut Grove.

Each urban townhome rises three stories from the largest contiguous piece of land in the area. The project, which is next to the Grove Station Metrorail stop, promises modern luxury living at a fraction of the cost of Downtown Miami residences.

“The area we chose for this project is ideal due to the proximity to US 1 and the Grove Station Metrorail stop, at the entrance of Coconut Grove,” Luis Gonzalez, president of Paragon, tells GlobeSt.com. “The residents living at Grove Place are a quick car or train ride to some of the hottest destination points in Miami—Downtown Coconut Grove, Coral Gables, Downtown Miami and Miami Beach. We also have the opportunity to provide a luxurious living experience at a fraction of the cost.”

This project is high-tech from the ground up. All units are pre-wired using CAD 5 wiring for ultra fast Internet connections. There are video camera connections both inside and outside, along with a garage door opener, alarm and motion sensor detection system that can be operated from your smartphone or tablet. An optional upgrade package lets owners integrate the operation of lighting, temperature control, door locks, water leak detection, and shutoff valves.

Each unit comes with a two-car garage, ground-floor flex space that can be converted into a personal space such as a den, office or guest room, a second-floor kitchen, dining and family room, Italian cabinetry and stainless steel appliances, and shaded private rooftop terraces. Ground should break on the first construction phase in the fourth quarter.

Commercial real estate is getting interesting in Coconut Grove. Federal Realty Investment Trust made acquired an 80% stake in CocoWalk with joint venture partners Grass River Property and Comras Company in May and is planning to revitalize the project.

Some say Coconut Grove is following Coral Gables' momentum. And multifamily developers are taking notice. Grass River Property is building Grove Station Tower, a 184-unit multifamily building at the entrance of Coconut Grove and literally steps away from the Metrorail system.