TERRA BREAKS GROUND ON MIAMI’S THE WELL COCONUT GROVE WITH $410 MILLION CONSTRUCTION LOAN FROM TYKO CAPITAL

The loan sets a new record for construction financing in the Coconut Grove neighborhood 

A joint venture between Terra, South Florida’s leading real estate development firm, and partner AB Asset Management has broken ground on THE WELL Coconut Grove, a transformative mixed-use residential development in Miami’s Coconut Grove neighborhood, with a $410 million construction loan from TYKO Capital. The financing, which provides full development funding for the project, marks the largest construction loan closed in Coconut Grove’s history. Walker & Dunlop represented the development team in the transaction. 

“This construction financing and groundbreaking marks significant milestones for both Terra and THE WELL as we expand our wellness-focused residential and hospitality footprint in one of Miami’s most vibrant neighborhoods,” said David Martin, CEO of Terra. “The strength of this financing underscores lender confidence in our vision for creating spaces that prioritize holistic living and community well-being.” 

With over half of the building’s residences already pre-sold, THE WELL Coconut Grove appeals to individuals who view wellness as a foundational element of lifestyle rather than a convenience or trend. These are buyers who prioritize health, design, and community in equal measure – whether they’re seeking a primary residence or a thoughtfully designed second home. They tend to be purpose-driven professionals and creatives who value access to integrative wellness offerings, a meaningful sense of place, and a neighborhood that fosters both connection and retreat. 

“Coconut Grove has always been home to me and I’ve watched the neighborhood evolve immensely over decades,” says Getzy Fellig, CoFounder of AB Asset Management. “When we look at projects like this, it’s essential that development enhances the community rather than diminishing it. The Grove has a unique sense of charm and conviviality that needs to be protected, especially as Miami continues to grow. Partnering with Terra reflects our shared belief that thoughtful, community-driven development can benefit the neighborhood while prioritizing what makes it a true sanctuary within the city.” 

Opening in Q4 2028, THE WELL Coconut Grove represents the next chapter in Terra and THE WELL’s collaboration, bringing together 194 residences across eight stories with holistic wellness amenities, office and club components, and retail experiences designed around the principles of mindful living. Designed by Arquitectonica with interiors by Meyer Davis, the project will integrate biophilic design, natural materials, and advanced sustainability measures to achieve a Florida Green Building Design Silver Certification. 

The property offers one- to four-bedroom residences from 960 – 4,200 square feet, with prices starting at $1.5 million. The residences at this landmark building embody unparalleled craftsmanship and thoughtful design, offering a lifestyle of luxury and wellness. Amidst the entirety of the project, every detail reflects the commitment to creating a masterpiece that redefines luxury living. 

Terra has been thoughtfully enhancing Coconut Grove for decades, contributing to the neighborhood’s unique charm and appeal with several landmark developments including the Bjarke Ingels-designed Grove at Grand Bay towers; the Rem Koolhaas/OMA-designed Park Grove towers; the Touzet Studio-designed Mary Street office and retail complex; the Arquitectonica-designed Mr. C Residences; and Grove Central, a transit-oriented residential and retail development that integrates with Miami’s Metrorail system. 

As Miami’s most historic enclave, Coconut Grove boasts a vibrant legacy of community and culture. The addition of THE WELL will further enrich the neighborhood, introducing a wellness club designed as a hub where locals can come together, foster connections, and prioritize their well-being. 

Holistic Wellness in Every Residence 

● Residences at THE WELL Coconut Grove are designed to nurture and restore. Each unit features spacious private balconies, natural light-filled spaces and Italkraft Italian cabinetry. Kitchens are equipped with Kraus Kore™ sinks, quartzite countertops and premium appliances by Sub-Zero and Wolf, enhancing both functionality and aesthetic appeal. 

● Select units include dedicated Wellness Dens for meditation, workouts and massages. THE WELL practitioner team has curated custom wellness packages available to enhance in-home experiences, such as The Longevity Den, The Mindful Den, The Mobility Den, and THE WELL Office. 

Exclusive Amenities to Support a Balanced Lifestyle 

THE WELL Coconut Grove offers an extensive array of amenities that cater to a balanced, wellness-focused lifestyle: 

● 40,000-square-foot Rooftop Wellness Oasis: Features a private resident swimming pool, hot and cold plunges, cabanas and a pickleball court, all set within lush tropical landscaping. 

● 13,000-square-foot. State-of-the-Art Wellness Center: This space includes a communal bathhouse, crystal cave relaxation lounges, hyperbaric chamber and Vitality Lounge, physical therapy and functional medicine practices. 

● Unique Social Spaces: Residents can unwind at the aperitif bar, enjoy the tea garden, or explore the Conservatory, which provides indoor/outdoor seating and a calm environment for coworking and IV therapy. 

● Personalized Wellness Services: Exclusive offerings include bi-annual health coaching sessions, curated events and preferred pricing on wellness treatments. Residents also have access to the latest wellness technologies through THE WELL Locker, which features items like Theraguns, infrared blankets and lymph boots. 

Sustainable Design and Industry-Leading Team 

● THE WELL Coconut Grove is designed with environmental mindfulness at its core, achieving a Florida Green Building Design Silver Certification. The collaboration between Terra, Arquitectonica and Meyer Davis reflects a shared vision for sustainable luxury that enhances both the environment and resident wellness. 

With its holistic vision and thoughtfully integrated design, THE WELL Coconut Grove is set to redefine how residents live well in the heart of Miami. 

About Terra 

Terra is a Miami-based real estate development and investment company that creates communities, enhances neighborhoods, and connects people. Led by CEO David Martin, Terra was founded in 2001 and is active across all major real estate asset classes, including multifamily apartments, luxury condominium and single-family residences, retail and office space, hotels, and industrial properties. Terra owns and operates a carefully curated portfolio of real estate developments that elevate quality of life; maximize the way in which people work, live and entertain; and innovate the urban and suburban landscape with an eye toward resiliency and sustainability. Since its launch, Terra has developed more than eight million square feet of residential, commercial, and mixed-use projects across South Florida. Terra thrives by assembling teams comprised of the world’s most accomplished architects, designers, planners, engineers and builders who collaborate to bring the firm’s development vision to life. Learn more at www.terragroup.com. 

About THE WELL 

THE WELL is your one-stop shop for wellness. We integrate modern medicine and ancient healing, focusing on whole-person care. Our services, classes and experiences address the physical, mental and spiritual aspects of well-being — tailored to you — in beautifully designed spaces around the world. Our one goal: to help you feel your best. 

About AB Asset Management 

AB Asset Management is a vertically integrated real estate investment firm based in Miami Beach, focused on value-add and opportunistic investments across select U.S. markets. The firm executes a disciplined, hands-on investment strategy across the full real estate lifecycle, from acquisitions through asset management and dispositions. Co-founded by Sam Zalmanov, AB Asset Management is focused on disciplined capital allocation, risk management, and long-term value creation for its investors. 

About TYKO CAPITAL 

TYKO Capital (“TYKO”) is a multi-billion-dollar Commercial Real Estate Private Equity and Private Credit Investment Management Platform, which is a joint venture between Adi Chugh & a Florida based hedge fund. TYKO was established in August 2023 to capitalize on the void in the CRE capital markets caused by the current macro-economic environment, focusing on institutional borrowers and institutional assets, in top tier markets. TYKO’s focus and reach in the CRE space is unique, given the firm’s proprietary deal sourcing capabilities and ability to commit large amounts of capital to institutional deals. For more information, visit tykocapital.com .