COCONUT GROVE, FL-A new residential tower will be built at the site of a former Grand Bay Hotel located at 2669 S. Bayshore Drive in Coconut Grove. Terra Group will demolish the hotel to build the 20-story tower that will feature 96 residential units. Terra Group acquired the hospitality property in 2011 for a price of $24 million from Merco Group, which purchased it in 2005.
The 177-room, 393,292-square-foot hotel was shut down for renovation in 2008, but was never opened again. For the full story, go to South Florida Business Journal .
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