Grove Bay Residences, will be a three-building mid-rise development, consisting of a total of 300 luxury bayfront residences averaging 3,500 square feet and ranging from $3 million to $15 million. Jorge M. Perez, chairman, The Related Group of Florida states, "This is one of the most incredible sites in the City of Miami, every residence will have unobstructed water views." Ocean Land and Related will co-own the land, on which Related will build Grove Bay Residences once the city of Miami issues a zoning variance to allow residential development on the site. The development should generate $13 to $14 million of additional tax revenue for the city. Re-zoning of this tract of land could take from six to 18 months, but Ocean Land says it is confident the project will garner the support of Coconut Grove residents and the city. Mercy Hospital's campus is located at 3663 S. Miami Ave., just south of the Vizcaya Museum and Gardens. The property overlooks Biscayne Bay and Grove Isle.