Four Seasons Private Residences opened sales on a $300M+ waterfront tower in Coconut Grove, Miami, integrating residential units with marina berths and Five-Star hospitality in a market where dock-adjacent inventory remains structurally tight. The project targets yacht owners and family offices already rotating between Caribbean homeports, offering concierge-managed vessel services alongside residential closings expected to begin Q4 2025.
The tower sits on Biscayne Bay frontage previously held by industrial marine operators, part of a 14-acre assemblage now repositioned for residential use. Units start at $2.8M for two-bedroom configurations and approach $18M for penthouses with private rooftop terraces and boat-slip deeding. Four Seasons will manage building operations and marina coordination under a 25-year contract, while developer Terra secured construction financing at 5.4% through a Midtown-based family office and a Canadian pension vehicle. First closings follow a 22-month build schedule, with marina slips delivered concurrently.
This matters because Miami's branded-residence pipeline now assumes marina adjacency as table stakes, not amenity. Coconut Grove's last comparable waterfront project, a 2019 Ritz-Carlton Residences tower three blocks north, sold out in 11 months at 18% lower per-square-foot pricing, before dock scarcity became acute. Post-Surfside code updates pushed coastal construction timelines out 9-12 months, compressing supply while Caribbean allocator interest in Miami homeports climbed 34% year-over-year, per Knight Frank's Q3 2024 Americas Wealth Report. Four Seasons now has six marina-linked projects in development globally, including a 2026 Red Sea launch and a 2027 Bahamas opening, signaling the hospitality operator views yacht-service integration as a repeatable model for $10M+ unit absorption.
Operators should watch Q2 2025 pre-sale velocity at the 62-unit Coconut Grove project, which will indicate whether buyers value Four Seasons branding enough to accept $3,200/sq ft pricing in a submarket historically capped at $2,400. Terra's ability to close construction financing without mezzanine debt suggests institutional appetite for marina-inclusive projects remains strong, even as broader Miami condo sentiment cools. Competing developers with harbor-adjacent land banks—particularly in Edgewater and Brickell—will likely accelerate entitlement timelines if Coconut Grove achieves 40%+ sell-through by mid-year.
Four Seasons' Red Sea partnership with Saudi Arabia's sovereign development entity goes into sales Q1 2026, testing whether the marina-residence formula translates outside established yachting corridors.