On June 15, 2021, Coconut Grove-based Terra Group, lead by founders David and Pedro Martin, came to an early agreement with Miami-Dade County for the development of Upland Park, a 3 million square-foot transit-oriented mixed-use project to be located in Beacon Lakes near Dolphin Station. The developer has taken on a 97-year lease on the 43-acre property at the crossroad of the Florida Turnpike and Dolphin Expressway. Terra is also planning to incorporate Dolphin Station into the development to make it fully transit-oriented.
The 97-year lease between Terra and Miami-Dade will generate the county over $4 billion in revenues, including $1.17 billion from the lease and roughly $3 billion in tax revenues over the course of the terms; thats nearly $43 million per year from the lease and taxes streams combined. The developer is committing to paying all costs related to the project, including the estimated $20 million price tag to integrate Dolphin Station, which is a large-scale transit hub located just under 12 miles west of Miami International Airport, addressed as NW 117th Pl, Miami, FL 33182.
Aerial view of Dolphin Station under construction. Courtesy of Google Maps.
Subject Property. Courtesy of Google Maps.
Terra’s plans for Upland Park include building up to 1,837 new apartments, 200,000 square feet of retail space, a hotel, a school and with a science facility. Some of the apartments will be reserved for military personnel at the US Southern Command in Doral, and just may have units dedicated to workforce housing as well. Affordable housing appears to be a prime focus for the development firm, as they aim to keep prices low, and so they’ll make efforts to keep development costs low to meet that goal. They have already paid a $1 million deposit plus an additional ‘non-refundable’ $4 million development fee to ensure the forward movement of the project.
No renderings or additional detail regarding Upland Park are available, as Terra Group will now enter the planning and design stages and prepare for a future application/submission.
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