Allen Morris Co Secures $138.5M Construction Loan From BDT & MSD and BHI for Coconut Grove Mixed Use Community Ziggurat

Located at the intersection of Grand Ave, Matilda St and Florida Ave, the mixed-use development includes enhancements to Kirk Munroe Park and surrounding areas

COCONUT GROVE, FL, UNITED STATES, December 3, 2025 /EINPresswire.com/ -- Allen Morris Co., one of the leading real estate firms in the Southeast U.S., announced that it has secured a $138.5 million construction loan from BDT & MSD Partners (“BDT & MSD”), through its affiliated funds, and BHI, the U.S. Bank of Bank Hapoalim, B.M. for Ziggurat, a mixed-use development that will enhance the heart of Coconut Grove, while ensuring homage to the area’s deep history and heritage. The financing was arranged by Lotus Capital Partners, led by Faisal Ashraf.

Located on 1.7 acres at 3101 Grand Avenue, at the intersection of Grand Avenue, Matilda Street and Florida Avenue, Ziggurat will introduce world-class office, residential, and retail offerings, that reflect the vibrant and unique character of Coconut Grove.

The development includes two towers: a five-story 100,000 square foot trophy office building which will set the high watermark for office space in Miami, and a three-story condominium building with 18 ultra-luxury residences, and approximately 45,000 square feet of retail space on the ground floor.

The rooftop of the office structure will house a restaurant and lounge by a local Michelin-starred chef with spectacular views of Biscayne Bay.

Ziggurat also features pedestrian-friendly paseos leading to a central interior courtyard filled with lush landscaping and surrounded by best-in-class local bistros, boutiques and wellness-oriented retail.,

The residential component, exclusively represented by ONE Sotheby’s International Realty, features residences from 1,254 sq ft to over 5,000 sq ft. Prices ranging from $3.5 million to $15 million. Each residence overlooks the soon-to-be revitalized Kirk Munroe Park, set to undergo an $8 million renovation in partnership between Allen Morris Co. and the City of Miami.,

Groundbreaking is anticipated for December 2025, with completion expected for early-2028.

Designed by Oppenheim Architecture, the development will be a captivating addition to Coconut Grove’s landscape, blending the area's rich natural surroundings with modern architectural elements.

Ryan Holtzman, Andrew Trench and Brian Gale with Cushman & Wakefield will manage office leasing alongside Thad Adams with The Allen Morris Company. Daniel Cardenas and Michael Sullivan with Vertical Real Estate will lead the retail leasing efforts.

The Espinosa family, a longstanding and highly regarded family in the Grove, who have owned and operated Grove Laundry & Cleaners on the site since 1961, will partner with The Allen Morris Company on the project.

“We designed Ziggurat to be a contextual extension of the Grove’s essence. With natural stone cladding and gardens wrapping every level of the building, we are seeking to build a landmark that respects the past while elevating the future of architecture in South Florida,” said W. A. Spencer Morris, President of Allen Morris Co. “Paired with a reimagined public greenspace and a lineup of extraordinary local culinary talent, this project reflects our deep commitment to place-marking at the highest level.”

“This project reflects our strategy of identifying high-quality real estate opportunities backed by experienced sponsors in markets with durable, long-term demand drivers,” said Jason Kollander, Partner & Head of Real Estate Credit at BDT & MSD. “Coconut Grove’s enduring appeal and development momentum make it an attractive submarket, and we’re pleased to support the Allen Morris Company in delivering a development that adds vibrancy and momentum to the neighborhood’s continued evolution.”

“BHI’s strategy is rooted in thoughtfully expanding into markets where we can help deliver highly distinguishable inventory that adds meaningful value”, said Adrian Rahimi, VP of Commercial Real Estate Financing at BHI.  “We’re excited to continue to expand the bank’s South Florida presence by partnering with world-class sponsors and highly sophisticated and experienced lenders.”

“Ziggurat sets a new standard for luxury living in Coconut Grove,” said Daniel de la Vega, President of ONE Sotheby’s International Realty. “The appeal and interest in this project, not unexpectedly, has been on a global scale.”

For additional information on any facet related to the development, contact info@zigguratcoconutgrove.com or contact One Sotheby’s International Realty at 786-926-505.



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About Allen Morris Company:

Allen Morris Company is one of the leading real estate firms in the Southeast U.S., specializing in office buildings, multi-family residential, hotels, mixed-use developments, leasing and brokerage, and property management. With offices in Miami and Atlanta, the Allen Morris Company has served its business and investment clients for 66 years. For more information, please visit www.allenmorris.com, or follow us on Instagram at @allenmorrisco.


About BHI:

BHI, the U.S Branch of Bank Hapoalim, B.M., Israel's leading financial institution, provides commercial banking solutions to middle market clients in sectors including commercial real estate; general, domestic and Israeli C&I; private equity; food and beverage; apparel; healthcare; corporate banking; and high-tech. In addition to its New York headquarters, the bank operates U.S. Representative Offices in Woodcliff Lake, New Jersey; Miami, Florida; and Los Angeles, California. For more information, visit www.bhiusa.com.


About BDT & MSD:

BDT & MSD Partners is a merchant bank with an advisory and investment platform built to serve the distinct needs of business owners and strategic, long-term investors. The firm is distinguished by its decades of experience advising at the intersection of founders, families, and businesses, as well as by its differentiated capital base and culture of aligned investing. BDT & MSD was established in 2023 through the combination of BDT & Company, the merchant bank to the closely held, founded in 2009 by Byron Trott, and MSD Partners, a premier investment firm, led by Gregg Lemkau, that since 2009 has invested on behalf of Dell Technologies Founder Michael Dell, his family, and other like-minded investors. For more information, visit www.bdtmsd.com.

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