Elliott Management buys Coconut Grove's Mayfair House hotel for $110M
An investment firm's hotel buy, a park-design vote, and new restaurants headed to CocoWalk.
Elliott Management buys Coconut Grove's Mayfair House hotel for $110M
Elliott Management, the investment firm founded by Paul Singer, has bought the Mayfair House Hotel & Garden in Coconut Grove from Brookfield Asset Management. The hotel sits at 3000 Florida Avenue, next to Virginia Street, in the heart of the Grove. It was built in 1982 and carries roughly 180 rooms, making it one of the neighborhood's established hotel properties. A Brookfield representative said the hotel traded for about $110 million. A recent deed, however, recorded a figure of $69.4 million — a number that, according to the representative, likely covers the real estate alone and excludes the furniture and operating assets that came with the deal. To finance the purchase, the buyer took on a $79 million loan from ACORE Capital. The Real Deal reported that Elliott, working alongside Lifestyle Hospitality Capital Group, acquired the property for $110 million, a price it described as including the business, the furniture, fixtures and equipment, and other assets tied to the hotel. The two figures — the $110 million cited by Brookfield and the $69.4 million on the deed — point to the same transaction viewed through different lenses, with the larger number reflecting the going concern and the smaller one the recorded land-and-building value. Representatives for Elliott did not immediately comment on the acquisition. What the change in ownership will mean for the hotel's name, staffing, or day-to-day operations was not detailed. (Commercial Observer)
Miami may scrap independent environmental reviews on land deals
A proposed overhaul of Miami's traffic-impact regulations would also do away with a little-known requirement for independent environmental studies on major city land deals. Eliminating that requirement raises questions about how upcoming redevelopment projects across the city would be reviewed for environmental impact, and who would be left to weigh those effects once the independent step is gone. Because the environmental-review change is folded into the broader rewrite of the traffic-impact rules, it is easy to miss inside a larger traffic measure — and easy for residents tracking Grove development to overlook until it has already passed. (Coconut Grove Spotlight)
Commission weighs final designs for Kirk Munroe Park, Fuller Street
Final design plans for two public spaces in Center Grove — Kirk Munroe Park and the pedestrian promenade on Fuller Street — go before the Miami City Commission for final approval Thursday. Commissioners are being asked to approve plans prepared by the Allen Morris Company. Approval would clear the way for the two Grove projects to advance from the drawing board toward construction, putting a closer timeline within reach for both the park and the walkable street work. With both items on the same agenda, the vote could set the pace for a pair of public-space upgrades at the center of the neighborhood at once. (Coconut Grove Spotlight)
Grand Public Kitchen + Bar headed to CocoWalk
Grand Public Kitchen + Bar is set to open at CocoWalk in Coconut Grove, billed as the center's newest dining destination. The restaurant will offer a globally inspired menu with daily programming, including a reverse happy hour and a weekend brunch with bottomless mimosas. The opening was announced for this spring, adding another all-day food-and-drink option to a CocoWalk lineup that keeps expanding for both Grove locals and visitors looking for a reason to linger at the center. (What Now Miami)
La Sponda, an Italian restaurant, is coming to the Grove
La Sponda, a new Italian restaurant, is opening in Coconut Grove. The arrival will bring a selection of Italian items to the neighborhood, adding to the Grove's roster of sit-down dining options. A specific opening date was not given in the announcement. (What Now Miami)
BODYROK brings reformer workouts to Coconut Grove
BODYROK, a fitness brand built around high-intensity, low-impact reformer workouts, is bringing a studio to Coconut Grove. The brand's Miami location launches with a stated mission rooted in inclusivity, longevity and community. The arrival marks BODYROK's entry into the Miami market, with the Grove serving as its first foothold in the area. (What Now Miami)
Spanish Conversation Circle at the Coconut Grove Library
The Coconut Grove Library hosts a Spanish Conversation Circle — Círculo de Conversación en Español — on Thursday, June 25, at 4 p.m. The drop-in session offers a chance to practice Spanish and meet new friends, with no registration required to take part. (Coconut Grove community calendar)
Fun with Perler Beads at the library Saturday
Fun with Perler Beads returns to the Coconut Grove Library on Saturday, June 27, at 11 a.m. The hands-on crafting session uses Perler beads and is open to participants of all ages, making it an easy weekend stop for families. (Coconut Grove community calendar)
Hundreds turn out at Peacock Park for World Cup watch party
Hundreds of soccer fans turned out at Peacock Park for a World Cup watch party in Coconut Grove, gathering for the Group C match between Brazil and Morocco. The Saturday event drew a sea of yellow from Brazil supporters, with a splash of red from those backing Morocco. The match brought a large crowd to the Grove park, turning a public green space into a neighborhood gathering point for the afternoon. (Coconut Grove Spotlight)