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.
On the record
What we checked ourselves, and where you can check it too.
- Our coverageThe Lincoln's groundbreaking lands three days after this outlet's own coverage of two other Coconut Grove projects: El-Ad National Properties' back-to-back site assemblage on Mary and Virginia streets (Aug. 19) and Ark Capital Group's Arbor Residences hitting 80% sold at delivery (Aug. 20), putting a start, a sellout and a land assembly all in the same submarket inside one week.Read our earlier story →