Three waterfront hi-rise residences have been built on the island which were master-planned to include a resort hotel, restaurants, marina, club amenities and services.

[7][8] A combination of real estate crash, freight blockades and hurricane damage during 1925–26 stalled further property development of Miami and the island.

[12] Martin Margulies and Sun Bank of Miami were its eventual buyers and subsequently invested $100 million to develop the property.

[14][15] Burton Goldberg, the notorious Miami nightclub impresario,[16][17] had previously hoped to make the island's "sailboat key" club and residential project the largest in South Florida.

[30][31] Grove Isle provides one of the most secluded spots to live in Miami and is highly prized "by residents for its tranquility and panoramic bay views".

[32] Its residents have included past Heads of State, Senators, judges, lawyers, doctors, corporate leaders, entrepreneurs and philanthropists.

Its 1980 development was only permitted under a landmark settlement after the project was significantly scaled back over a decade of litigation and protest.

[4][52][53] The residents association also worked to protect the island against the impact of a high-rise project on an adjacent Mercy Hospital site.