Allen Morris Company has obtained a $138.5 million construction loan for its planned Ziggurat development in Coconut Grove, according to information obtained by The Real Deal.
The financing was provided by BDT & MSD Partners and BHI, which is the U.S. arm of Israel-based Bank Hapoalim. Allen Morris Company, based in Coral Gables, is developing the project with the Espinosa family, who own the property at 3101 Grand Avenue.
Plans for Ziggurat include a five-story office building spanning 100,000 square feet and an 18-unit luxury condominium across three stories. The project will also feature approximately 45,000 square feet of ground-floor retail space. A rooftop restaurant and lounge operated by a Michelin-starred chef is planned for the office building.
W. Allen Morris, Chairman and CEO of Allen Morris Company, said that lenders found the mixed-use aspect of the project appealing. “This is one of the top three submarkets in South Florida, including West Palm Beach, for office,” Morris said. “This would have secured construction financing even without the other components. The demand and supply drivers are there.”
Lotus Capital Partners arranged the financing for the project.
Construction is scheduled to begin this month with completion targeted for 2028. Foundation work is expected to start early next year.
The site covers 1.7 acres at Grand Avenue’s intersection with Matilda Street and Florida Avenue. It currently houses Coconut Grove Dry Cleaners and several small businesses such as Sapore di Mare; this Italian restaurant intends to relocate elsewhere in Coconut Grove.
Sales of condo units are being managed by One Sotheby’s International Realty, with prices between $3.5 million and $15 million and unit sizes ranging from 1,250 square feet to over 5,000 square feet. The condo building will face Kirk Munroe Park. An experiential sales center will soon open across from the site through collaboration with Chevre Miami—a gourmet market that will also run a café on-site.
The Miami City Commission plans to vote next week on a development agreement with Allen Morris Co., which would allow renovations to Kirk Munroe Park and Fuller Street.
Morris reported that more than half of Ziggurat’s condo units have been sold so far; buyers are mostly international clients planning to use their condos as secondary residences or pied-à-terres: “Buyers at Ziggurat are ‘more international,’ and many plan to use their condos as pied-à-terres.” He added that he personally intends to purchase one of these units.
Chad Oppenheim’s Oppenheim Architecture is leading design efforts for Ziggurat—including features like pedestrian paseos connecting toward a central courtyard.
Retail leasing efforts led by Daniel Cardenas and Michael Sullivan (Vertical Real Estate) have reached about 40–45 percent occupancy according to Morris’ estimates; office leasing responsibilities fall under Cushman & Wakefield’s Ryan Holtzman, Andrew Trench, Brian Gale along with Thad Adams from Allen Morris Co.
Allen Morris Company plans to move its headquarters into Ziggurat once completed—joining several other major developers already based in Coconut Grove such as Related Group, Terra, Mast Capital and Swerdlow Group.
Nearby developments include Arbor Residences at 3034 Oak Avenue—a block away—which was acquired out of foreclosure by Isaac Kodsi’s family in 2023; it consists of 45 condo units near CocoWalk in downtown Coconut Grove.
