Grove Isle is a 20-acre island lying off the north-east coast of Miami's Coconut Grove neighborhood. Three waterfront hi-rise residences have been built on the island which are complemented by a resort hotel, restaurants, marina, club amenities and services.OriginsFirst known as Fair Isle, its land was dredged out from Biscayne Bay in 1924 by the Corps of Engineers and subsequently subdivided in 1925. Fair Isle was then sold to investors at the height of the Florida Land Boom in less than four hours and for over $1.5 million. A combination of real estate crash, freight blockades and hurricane damage during 1925-6 stalled further development of the island.DevelopmentThe island remained largely untouched—a large sand bar covered with Australian Pines—until large scale development came to Coconut Grove in the late 1970s and early 1980s. The island was purchased for $6 million and restrictions on the island's development were finally agreed after protracted litigation was settled in July 1977. Previously, Burton Goldberg's aspiration to make the island's club and residential project the largest in South Florida ended in foreclosure. Cabot, Cabot and Forbes of Massachusetts were one of the principal sellers of the island. Martin Margulies and Sun Bank of Miami subsequently invested $100 million to develop the island. Once completed in 1982, the development consisted of three residential towers, a hotel and club, deep-water marina, pools, professional tennis club, original art and sculpture gardens. The Grove Isle development set the standard for high-end Miami property.
