Kodsi to relaunch condo sales after buying stalled development, prices start at $1.2M

Article by South Florida Business Journal

Developer Isaac Kodsi has relaunched condo sales of the Arbor Residences in Miami's Coconut Grove after acquiring the stalled development.

Arbor Grove Development LLC, managed by the Pembroke Pines-based attorney, recently acquired the 35,850-square-foot site at 3034 Oak Ave. through a deed in lieu of foreclosure. The buyer agreed to assume the $20.96 million loan on the project.

The original developer broke ground on the Arbor in 2017, when prices started at

$799,000. Much of the five-story structure is standing, but it hasn't been fully completed.

Now, Kodsi said he hired Sandra Masis of Cervera Real Estate to sell the 45 units in Arbor. Prices start at $1.2 million. The condos range from 1,450 square feet to 3,000 square feet.

"Arbor's narrative is a testament to its exceptional character, redefining the very essence of Coconut Grove living by providing expansive, eco-conscious residences at a remarkably accessible price point;' Kodsi stated.

He added that he fully reimbursed the deposits of the previous buyers and they are free to purchase units in Arbor at today's prices.

Kodsi said he performed a thorough inspection before purchasing the project and engineers confirmed the building was structurally sound and safe to complete. He expects to finish construction on the Arbor by the third quarter of 2024.

Behar Font & Partners in Coral Gables designed the project. Amenities include a fitness center, a lounge and a pool.

Developers who took a long time to complete condos could run into trouble, since construction costs have increased dramatically while they are locked into condo prices from many years ago. But, selling those units at today's higher condo projects makes it easier to cover the cost of construction.