CMC Group and Fort Partners secured a $323.8 million construction loan from Bank OZK for a Four Seasons-branded condo in Miami’s Coconut Grove neighborhood, the developers announced. 

The 20-story Four Seasons Private Residences Coconut Grove will feature 70 condo units. Construction, which got underway in October, is expected to be completed in mid-2028. 

The development will rise on a 1.2-acre site at 2699 South Bayshore Drive, adjacent to Southwest 27th Avenue, facing Regatta Park. The joint venture demolished a nine-story office building that was completed in 1972 and designed by Kenneth Treister. 

CMC Group purchased the asset in 2020, before partnering with Fort Partners, which owns all Four Seasons properties in South Florida, The Real Deal reported. The joint venture launched sales in 2024 for the project, which will be the Four Seasons’ first stand-alone condo building in Florida without a hotel component.

“The level of interest was exceptional, with more than 10 lenders providing highly competitive terms,” Ugo Colombo, founder of CMC Group, said in a statement. Jim Shindell and Hannah Lidicker of law firm Bilzin Sumberg represented the development team in the transaction.

The Luis Revuelta-designed project is over 50 percent presold, per a representative for the developers, who declined to provide sales figures. 

The loan is yet another sign of Coconut Grove’s status as one of Miami’s most coveted residential neighbourhoods. In the past few months, Google’s billionaire co-founder Larry Page has spent nearly $200 million on estates in the area. In 2024, Citadel’s billionaire founder Ken Griffin paid $110 million for a waterfront compound.

The financing comes just days after Terra nabbed a $410 million construction loan — the largest in Coconut Grove’s history — for a boutique condo development. The eight-story Well Coconut Grove development is set to include 194 units.

Julia Echikson can be reached at jechikson@commercialobserver.com.