Ugo Colombo’s CMC Group and Nadim Ashi’s Fort Partners secured a $328.8 million construction loan for the planned Four Seasons-branded condo building in Coconut Grove.
Bank OZK is the lender, according to a news release. Colombo, founder of CMC, said the developers were considering more than 10 lenders “providing highly competitive terms.”
The 20-story, 70-unit luxury condo tower, at 2699 South Bayshore Drive, is expected to be completed in the middle of 2028. The developers demolished the previous building last year.
The project will mark the first Four Seasons in the popular Miami neighborhood. Over the past decade, a handful of condo towers have been completed in Coconut Grove, most recently including the two-building Mr. C Residences, a Terra development.
Similar to Fort Partners’ other developments, sales are being handled in-house by brokerages led by both developers.
Property records show CMC owns the corner property, which is across Southwest 27th Avenue from the Ritz-Carlton Coconut Grove.
Fort Partners owns all of the Four Seasons properties in South Florida. The firm developed the uber successful Four Seasons Hotel and Residences at the Surf Club in Surfside, the Four Seasons Hotel and Residences Fort Lauderdale, and owns the Four Seasons Miami hotel in Brickell and Four Seasons Resort in Palm Beach.
The Coconut Grove tower will include a restaurant, library, gym, spa, yoga room, children’s room, lounge and bar, with access to Four Seasons amenities, including dining, spa, housekeeping and grocery services. The building will also have a pool deck and bar. Luis Revuelta is the architect, and Michele Bönan is designing the interiors. The financing from Bank OZK adds to a steady stream of large construction loans that condo developers have secured across South Florida in recent months. Also this week, Terra and AB Asset Management closed on a $410 million construction loan for the Well Coconut Grove, a 194-unit condo project near the Four Seasons development. Tyko Capital is the lender.
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