The Kodsi family announced on Mar. 16 that the Arbor Residences condominium project in Miami’s Coconut Grove has secured a temporary certificate of occupancy, marking the completion of a development that faced delays and changes in ownership.
The completion of the five-story, 45-unit building is significant for buyers and the local real estate market, as it was originally expected to be finished in 2019 under previous owners. The project had stalled until developer and real estate attorney Isaac Kodsi purchased it out of foreclosure in 2023. Kodsi returned deposits to original buyers before relaunching sales and construction at 3034 Oak Avenue in downtown Coconut Grove.
Following Isaac Kodsi’s unexpected death last year at age 59, his daughter Camilla Kodsi took over leadership of the project with guidance from her uncle, developer Dan Kodsi. According to a press release, more than 70 percent of units are presold. Cervera Real Estate’s Sandra Masis has led sales and marketing since Isaac Kodsi assumed control. Remaining units start at $1.7 million and include two-bedroom condos with dens as well as three-bedroom, two-bathroom layouts. Closings have not yet been recorded.
Designed by Behar Font & Partners, Arbor Residences features amenities such as a rooftop terrace, pool deck, gym, valet service, and concierge. The building is located just north of CocoWalk.
Camilla Kodsi now leads Ark Capital Group, her late father’s Pembroke Pines-based real estate investment firm specializing in debt and equity for projects valued under $50 million. The property was acquired three years ago from a partnership led by Nick Hamann after Hamann’s group became involved in a foreclosure lawsuit filed by Trez Capital in 2022.
Since the original launch prior to the pandemic, home prices in Coconut Grove have risen sharply alongside new luxury condo developments like Mr. C Residences and Four Seasons Private Residences. Notable recent buyers include Google co-founder Larry Page, who reportedly spent $188 million on three properties in the area.
