Terra has secured $291 million in permanent financing for the first phase of Centro City, a 38-acre mixed-use development located in Miami-Dade County’s West Little Havana neighborhood. The project, spanning residential and retail components, marks a significant milestone as leasing begins and tenants prepare to move into the completed phase.
JVP Management provided a $187 million loan for the residential component, while Hudson Bay Capital issued a $104 million loan for the retail portion. The financing replaces the original construction loans provided in 2022 by Apollo Global Management and Mack Real Estate Credit Strategies. Walker & Dunlop, represented by Keith Kurland, and Gangemi Law Group facilitated the transactions.
Centro City – Aerial. Credit: Quantum Space Studio, Terra.
“Securing long-term financing for Centro City represents a significant milestone, not just for Terra but for the South Florida real estate market as a whole,” said David Martin, CEO of Terra. “This project embodies our vision of creating vibrant, sustainable communities that enhance the way people live, work, and connect. Centro City’s completion will provide much-needed housing options, state-of-the-art retail experiences, and community spaces in the heart of Miami-Dade, setting a new standard for mixed-use developments in the region. We are excited to continue building momentum with future phases that will further contribute to the area’s growth and vitality.”
The first phase of Centro City includes three eight-story multifamily buildings with 470 market-rate apartments, along with 350,000 square feet of retail space. The residential buildings, designed by Arquitectonica, feature market-rate units ranging from 500 to 1,250 square feet, with monthly rents starting at $2,500. Community amenities include multiple pools, barbecue grill areas, poolside cabanas, a children’s playground, a dog park, resident lounges, and game rooms.
Centro City – Plaza Aerial. Credit: Quantum Space Studio, Terra.
The retail component, designed by RSP Architects, is anchored by a 100,000-square-foot Target and is 95% leased to tenants such as Ross Dress for Less, DD’s, Fresco Y Mas, Walgreens, and Bank of America. Upgrades include a redesigned façade, enhanced common areas, landscaping, signage, and new retail outparcels.
The larger master plan for Centro City is expected to unfold in multiple phases, ultimately delivering up to 1,200 residential units, green spaces, a reimagined shopping center with lifestyle-oriented retail and restaurants, a Class A office building, and a Mater Academy K-8 Charter School. Construction for the second phase, which will add approximately 518 apartments, is expected to begin later this year.
Centro City – Residences Clubroom. Credit: Quantum Space Studio, Terra.
Centro City is located at the northwest corner of NW 7th Street and NW 37th Avenue, near major employment hubs such as Miami International Airport, the Coral Gables Business District, and Blue Lagoon Office Complex. It is also situated across from the Magic City Casino and provides direct access to the 836 Expressway.
“Centro City is well-positioned to meet the growing demand for mixed-use communities in South Florida, offering a vibrant and connected lifestyle,” said Martin. “We look forward to the continued evolution of this project and its role in the transformation of West Little Havana.”
Centro City – Residences Lobby. Credit: Quantum Space Studio, Terra.
Terra’s portfolio includes several notable projects across South Florida, such as Grove Central in Coconut Grove, Natura Gardens in Northwest Miami-Dade, Pines Garden at City Center in Pembroke Pines, and lifestyle-oriented retail developments in Doral. Terra is also currently developing Upland Park, a $1 billion transit-oriented project in West Miami-Dade.
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