
Terra Spends $40M on Land for Miami Condos
Miami-based Terra, in partnership with Lion Development Group, has closed on the $40 million purchase of a 1.6-acre property located at 3501 NE 1st Avenue in Miami. Plans call for an iconic luxury condominium tower designed by Miami-based architect Arquitectonica and international design studio Yabu Pushelberg.
The joint venture has secured $30 million in financing from Metropolitan Commercial Bank for acquisition and initial site development in advance of groundbreaking in 2024. Completion is estimated for 2026.
“Terra has long been committed to promoting design excellence and connectivity, so the opportunity to develop a tower at the gateway to the Design District, which has come alive as one of South Florida’s most walkable neighborhoods, is appealing. This tower will cater to residents who want to live steps away from world-class shopping, dining, and arts and entertainment – and minutes away from Miami Beach,” said David Martin, CEO of Terra.
- ◦Sale/Acquisition