Terra Group

Terra And Lion Development Group Acquire Prime Property For ‘Iconic’ Condominium Tower Designed By Arquitectonica In Miami

8:00 am on June 28, 2023 By Oscar Nunez

In partnership with Lion Development Group, Miami-based Terra has acquired a prominent 1.6-acre property at 3501 Northeast 1st Avenue in Miami for $40 million. The site’s strategic location will transform into an iconic luxury condominium tower at the intersection of highly sought-after neighborhoods, including the Design District, Midtown, Wynwood, and Miami Beach. The esteemed architectural firms Arquitectonica and Yabu Pushelberg have been entrusted with the design of this forthcoming landmark. Metropolitan Commercial Bank has provided $30 million in financing to facilitate the property acquisition and fund initial site development, paving the way for groundbreaking in 2024. The completion of this project is estimated for 2026.

Construction Permits Filed For 58-Story Villa Residences At 710 NE 29th Street In Edgewater, Miami

8:00 am on May 3, 2023 By Oscar Nunez

Developers One Thousand Group and Terra, in partnership with Major Food Group, have submitted a permit application to the Miami Building Department for Villa Residences, a 58-story residential condominium tower designed by the acclaimed ODP Architecture & Design (ODP Architects), set to rise at 710 Northeast 29th Street in the Edgewater neighborhood of Miami. The application, filed on April 20, outlines a tower reaching 650 feet in height. The gross square footage for the development is listed at 358,944, with the residential portion occupying 351,221 square feet. The permit filing estimates the construction cost at $62,817,300 with Moss Construction listed as the general contractor.

Terra Acquiring Former Miami Herald Site From Genting Group For $1.225 Billion, Plans Waterfront Transformation

8:00 am on May 2, 2023 By Oscar Nunez

SmartCity Miami LLC, an investment group led by Miami-based Terra and its CEO, David Martin, has finalized terms for acquiring a 15.5-acre development site on Biscayne Bay in Downtown Miami. The group will purchase the site, previously home to the Miami Herald newspaper offices, from its owner, Genting Group, for $1.225 billion. The site is the largest undeveloped waterfront property in Miami’s urban core, midway between Miami Beach and Miami International Airport. It offers over 800 feet of direct frontage along Biscayne Bay and is adjacent to Miami’s Museum Park, the Adrienne Arsht Center for the Performing Arts, and the Metromover transit system. The closing is set to take place later this year.

Terra Group, One Thousand Group, and Major Food Group Team Up to Reveal 58-Story Villa Residences in Edgewater, Miami

8:00 am on April 4, 2023 By Oscar Nunez

Miami-based real estate developers Terra Group and One Thousand Group partnered with Major Food Group to reveal the Villa, a lustrous 58-story residential tower planned for 710 Northeast 29th Street in Edgewater, Miami. Local architect, Kurt Dannwolf of ODP Architecture & Design, leads the architectural design team, while Vicky Charles of Charles & Co will lead the interior design. The 650-foot-tall crystalline structure will feature a copper color-clad exoskeletal design containing 60 – 70 units. The building will offer expansive full-floor vertical “villas” with 360-degree views of Biscayne Bay and the city, personalized service, curated amenities, exceptional design, and privacy.

$43.2 Million Refinancing Loan Secured For Residential Development At 2835 Tigertail Avenue In Coconut Grove, Miami

8:00 am on March 2, 2023 By Oscar Nunez

Miami-based Terra and AB Asset Management have secured a $43.2 million refinancing loan for Residences in the Grove, a 148-unit residential building planned at 2835 Tigertail Avenue in the heart of Miami’s Coconut Grove neighborhood. The financing provided by the City National Bank of Florida and KS Finance Corporation will fund preliminary demolition and site work in preparation for the project’s groundbreaking. Construction of Residences in the Grove is estimated to get underway later this year, with completion slated for 2025.

Developers Tap Balfour Beatty To Lead Construction for the Grand Hyatt Miami Beach Convention Center Hotel

8:00 am on January 18, 2023 By Oscar Nunez

Two of South Florida’s premier real estate development groups, Terra and Turnberry, have selected Balfour Beatty as the general contractor for the new Grand Hyatt Miami Beach Convention Center Hotel. Located at the intersection of 17th Street and Convention Center Drive, the 17-story, 800-room hotel will serve as the central anchor of the Miami Beach Convention Center District, steps away from the beachfront, hundreds of shops and restaurants along Lincoln Road, the New World Center, the Bass Museum, and the Fillmore Miami Beach. Early site work at the property is now underway, with vertical construction anticipated to start this year and be completed in 2025.

Plans Filed For First Portion Of Upland Park Phase One Beside Dolphin Station In Sweetwater, FL

8:00 am on August 24, 2022 By Oscar Nunez

Miami-Dade County planners received an Administrative Site Plan Review (ASPR) application for the first portion of Upland Park Phase 1, a 15-story mixed-use building planned for 11897 Northwest 12th Street in Sweetwater, Florida, dubbed Building L. Designed by Arquitectonica and developed by Terra Group (Terra) under the Terra International Services, LLC, this phase of the development will consist of 384 multi-family dwelling units, approximately 50,000 square feet of grocery and retail, and approximately 853 parking spaces in a structured garage. The 2.575-acre subject property is owned by Miami-Dade County and leased to Terra for developmental purposes, representing a fraction of the overall planned 43-acre Upland Park transit-oriented mixed-use community where the developer is spending $1 billion to build nearly 2,000 residential units, 200,000 square feet of retail, a 12-story hotel, a 16- story office building, medical facilities and a school.

Grand Hyatt Miami Beach At 1701 Convention Center Drive Slated For Completion By November 2025

8:00 am on February 20, 2022 By Oscar Nunez

Construction is expected to commence in the Spring of 2023 for the Grand Hyatt Miami Beach, a 17-story hotel and commercial development planned for 1701 Convention Center Drive in City Center, Miami Beach. Designed by Arquitectonica with EoA and Stonehill Taylor as the interior designers and developed by MB Mixed Use Development, LLC, a joint venture between real estate developers Terra Group and Turnberry Associates, the development is projected to yield 702,607 square feet of space including 800 hotel rooms, 90,000 square feet of indoor meeting/conference space across 4 floors and 10,000 square feet of outdoor meeting space, 15,000 square feet of retail space, 5 food and beverage outlets and 320 parking spaces. Miami and Los Angeles-based Americaribe is the general contractor; Hyatt Hotels Corporation will manage operations at the property.

Sprouts Farmers Market To Open At Miami’s 23-Story Grove Central Mixed-Use Development in Coconut Grove

8:00 am on February 16, 2022 By Oscar Nunez

Sprouts Farmers Market, a popular Phoenix-based natural food supermarket chain, has inked a 24,014-square-foot commercial lease at Grove Central, a new 23-story mixed-use transit-oriented development currently under construction at 2780 Southwest 27th Avenue in Miami’s Coconut Grove neighborhood. The grocer’s newest Coconut Grove location is part of an expansion into Miami-Dade, marking its third store in the County with additional locations opening soon in Kendall and Homestead. Situated at the intersection of US-1 and 27th Avenue, the project is designed by Touzet Studio, a Miami-based design firm led by Carlos and Jackie Touzet in collaboration with architecture firm RSP Architects and Walter Meyer of New York’s Local Office Landscape Architecture.

Developers Propose Massive Mixed-Use Projects To Replace College Station Garage In Downtown Miami

8:00 am on February 1, 2022 By Oscar Nunez

In the summer of 2021, the Miami Parking Authority (MPA) received an unsolicited proposal for the redevelopment of the College Station Garage at 190 Northeast 3rd Street in Downtown Miami. Following the unsolicited proposal, the MPA requested public bids for the site and received proposals from College Station Partners LLC, a joint venture between Miami-based developers Related Group (Related) and ROVR Development (ROVR), and from Terra International Services LLC, a joint venture between Terra Group (Terra) and Apollo Global Management (Apollo). Both ventures are proposing to build massive mixed-use projects, and as of January 19, 2022. the MPA has ranked the proposal from Related and ROVR as the top bid ahead of Terra and Apollo. The MPA will consider a 99-year land lease and development agreement for the replacement of 1,439-space garage, which was built in 1973 and stands 7-stories.

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