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Announcement

Terra is doing big things!

By
Cashflow In Miami
on
April 5, 2021

3825 NW 7th St, Hialeah, FL 33126

NW 170 St and I75 intersection

16000 Pines Blvd, Pembroke Pines, FL

David Martin and his enterprise are moving on building amazing condo buildings -they have recently completed One Park Grove and are in full construction mode with Mr C-we have written about the both!

One of the true masterpieces is 87Park ( we had a blog about it already) in Surfside!!

Here, I would like to mention three more developments happening with this company.

16000 Pines boulevard in Pembroke Pines will be complete this year-here is the info about.

16000 Pines Market is a 135,000 sq.ft. mixed-use village center that will include an upscale mix of retail, restaurant, post office and office with connectivity to 122 new urban chic design single family homes, integrated into one of Southwest Florida’s most prominent intersections at Pines Blvd and Dykes Rd, (Signalized Intersection) in beautiful western Pembroke Pines.

The center’s first phase is nearly 75% pre-leased with a tenant roster that includes 24 Hour Fitness, Petsmart, a natural gourmet foods grocer, Gyu Kaku Japanese Restaurant, MOD Pizza, Floss Dental, Tipsy Nails, and a United States Postal service branch.

Terra Group also had 72 acre site in NW Miami Gardens and sold off 45 acres to GreyStar for $53,5 million and is currently developing 460 unit apartment project.

Instead of building a phased multifamily project with nearly 1,400 units, as originally planned, Terra is keeping just 27 acres of the original 72-acre site for its Natura Gardens apartment development.

Butters and Greystar are planning a 500,000-square-foot industrial and 360-unit multifamily project on its site.

Terra and its partner New Valley had paid $52 million for the 72 acre site in 2019.

Terra’s project, designed by Pascual, Perez, Kiliddjian Architecture, will include a two-story clubhouse with a pool and spa, media room, game room and children’s playroom, a fitness center, co-working space with a coffee bar, and a dog park, according to a press release. Units will range from one to three bedrooms, and from 727 square feet to 1,476 square feet. Natura Gardens will also feature a walking/running trail, lakes and preserves.

Terra plans to deliver the apartments early next year. The developer and New Valley are self financing construction and plan to close on a loan soon.

Another big one is Hialeah multifamily development with plans for almost 1400 units right across from the Hialeah Casino!

Terra acquired the development rights at the Central Shopping Plaza in Miami for $28.6 million and obtained a construction loan for its multifamily project.

Hayday Inc., co-owned by Barbara Havernick and Isabel Amdur, sold the development rights on the 38.4-acre property at 3800 N.W. 11th St., 3899 N.W. Seventh St., and 901 N.W. 39th Ave. to CSP Commercial I LLC, an affiliate of Coconut Grove-based Terra. The buyer obtained a $55 million leasehold construction mortgage from Central Shopping Plaza Finance & Investment.

The property currently has a 301,806-square-foot retail center built in 1959. While making upgrades to the retail center, Terra will build 1,384 multifamily units and 1,559 square feet of commercial space in seven eight-story buildings. They would largely be behind the shopping center.

The new development would total 1.74 million square feet. Most of the apartment buildings would have interior atriums and pool decks. It was designed by Arquitectonica.

Really exciting news!!‍

...

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