Lore, Element Break Ground on The Lincoln in Coconut Grove
The eight-story project is the third disclosed Coconut Grove groundbreaking or delivery in three days, evidence the neighborhood's small-site pipeline is running hot.
Lore Development Group and Element Development have started construction on The Lincoln, a 48-unit condominium at 3151 SW 27th Ave in Coconut Grove, according to Florida YIMBY. The eight-story building will carry a future address of 2650 Lincoln Ave once complete, and is targeted for delivery in the third quarter of 2028.
Why it matters
The Grove keeps producing boutique, low-rise condo starts even as bigger South Florida markets slow, and The Lincoln is the latest test of whether that format still clears at $1.5 million-plus per unit. Winmar Construction is the general contractor and Paredes Architects designed the eight-story building on a 20,970-square-foot site the developers bought for $8.56 million in 2023. Sales launched in December 2024 through One Sotheby’s International Realty, and Florida YIMBY reported roughly 40 percent of the 48 units, 19 in total, were pre-sold as of its June report, meaning the developers broke ground with meaningful pricing already locked in rather than betting entirely on construction-period absorption.
The numbers
Units range from one-bedroom layouts to four-bedroom penthouses, spanning 1,200 to 3,630 square feet, with six penthouses carrying double-height ceilings. Pricing starts above $1.5 million. The building rises eight stories on the 20,970-square-foot parcel, a dense yield for a site of that size, in line with the Grove’s pattern of small-footprint, boutique condo product rather than large towers.
What’s next
Coconut Grove has now produced a land assembly, a sold-out delivery and a fresh groundbreaking within the same week, a concentration of activity that developers pricing sites nearby should read as demand signal rather than coincidence. The next marker to watch is the pre-sale pace through vertical construction: if The Lincoln holds or grows its 40 percent presold rate as it tops out, that is a second data point alongside Arbor Residences that boutique Grove condo still commands pricing power at this scale.