The 5-acre Coconut Grove Bank site has been sold to Terra Group.
They intend to build residential towers similar to Grove at Grand Bay. The towers will be about 20-stories with 200 units. Construction will begin in 2014.
Building on the site could get complicated. The 1959 building is old enough to be considered a historic site under Miami-Dade’s preservation laws, and is admired by local preservationists. It was designed by the firm of a premiere Miami architect, Robert Law Weed, and is considered a prime example of the same style as the Herald, “Miami Modern.”
“If that’s not Miami Modern, I don’t know what is,’’ said Arva Moore Parks, a top Miami historian and leader of the preservationist movement.