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 respected 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.
The 1.6-acre site sits directly north of the 2 Midtown condominium complex, and is bound by US Highway 27 on the north, train tracks and Northeast 2nd Avenue on the east, Northeast 35th Street on the south, and Northeast 1st Avenue on the west.
David Martin, CEO of Terra, expressed enthusiasm about the opportunity to develop a tower at the gateway to the vibrant Design District. He emphasized the location’s appeal for residents seeking a lifestyle characterized by proximity to world-class shopping, dining, entertainment, and convenient access to Miami Beach. Martin further emphasized Terra’s commitment to design excellence and connectivity.
Manuel Vidal, Florida Market Manager for Metropolitan Commercial Bank, highlighted the bank’s focus on supporting exceptional sponsors like Terra. Acknowledging Terra’s track record in revitalizing desirable neighborhoods over the past decade, Vidal expressed pride in adding David Martin and Terra to the bank’s roster of Florida sponsors. The acquisition of the last remaining undeveloped parcel in the Midtown Miami PUD was a great opportunity to contribute to Terra’s vision.
Terra’s portfolio of luxury developments throughout South Florida encompasses impressive projects such as Five Park, an upcoming 48-story residential tower at the entrance of Miami Beach. Additionally, the completion of the two-tower Mr. C Residences Coconut Grove is nearing. THE WELL Bay Harbor Islands, a wellness-oriented mixed-use property featuring 54 luxury residences and 80,000 square feet of class-A office space, is also in the works. Finally, Villa Miami, a striking 55-story waterfront tower in Miami’s Edgewater neighborhood, will showcase approximately 50 full-floor residences, further solidifying Terra’s commitment to exceptional real estate ventures in the region.
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Traffic is terrible at that intersection. And residents will hear vehicles on the East-West highway to/from Miami Beach. And trains, including Brightline, use the adjacent train tracks. And NE 2nd Avenue is a mess. We hope the architects include sound proofing AND we hope the developers agree to pay for sound proofing.
This vacant lot faces 7 to 9 billboards on three sides. Billboards are visual pollution. No rich people willingly want to look at billboards.
can we know the name of this iconic project
the name of this projet