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**Allen Morris Co. Secures $138.5M Construction Loan for The Ziggurat in Coconut Grove**
Allen Morris Co. has secured a $138.5 million construction loan for its upcoming development, The Ziggurat, in Coconut Grove. The financing was provided by BDT & MSD Partners through its affiliated funds, along with BHI, the U.S. branch of Bank Hapoalim. The loan arrangement was facilitated by Lotus Capital Partners.
The development, poised for construction at 3101 Grand Avenue, spans 1.7 acres and will include two distinct towers. One building will be a five-story, 100,000-square-foot office space, while the second will be a three-story residential condominium featuring 18 luxury residences. Additionally, the project includes approximately 45,000 square feet of ground-floor retail space.
The residential units will range in size from 1,254 square feet to over 5,000 square feet, with pricing between $3.5 million and $15 million.
Groundbreaking for the Ziggurat is scheduled for December 2025, with construction expected to be completed by early 2028.
Office leasing for the project will be managed by Cushman & Wakefield’s Ryan Holtzman, Andrew Trench, and Brian Gale, alongside Thad Adams of the Allen Morris Company. Retail leasing will be led by Daniel Cardenas and Michael Sullivan of Vertical Real Estate.
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