Terra, a South Florida-based residential and commercial development firm, has closed on $91 million in financing for its newest multifamily community, Pines Garden at City Center in Pembroke Pines. The firm secured the loan through an affiliate of Mack Real Estate Group.Read More
Terra has launched leasing at its newest luxury rental development, Pines Garden at City Center, ahead of opening to residents this month. The 387-unit residential community is part of Pines City Center, a 47-acre master-planned village rising within the city of Pembroke Pines.Read More
The FAA has approved the Touzet Studio-designed Grove Central, an innovative $200 million mixed-use project that will use solar panels to produce its own electricity. Grove Central is located at the Coconut Grove Metrorail station and is being developed by Terra Group and Grass River Property.Read More
Eighty Seven Park by Renzo Piano Building Workshop has revealed its penthouse in record breaking fashion. Priced at $68 million, the penthouse is unlike any other property on the market and is 2018’s most expensive home in Miami.Read More
In the highly anticipated election on Tuesday night, Miami Beach residents approved the construction of an 800-room convention center hotel. The referendum needed a 60 percent vote in order to lease public land from the city and passed at 64 percent in its third attempt to bring a headquarter hotel to Miami. The hotel will be built on a city-owned parking lot adjacent to the newly renovated convention center.
The previous attempt in 2016 failed due to concerns over the size, originally twice as large as the current proposal, and traffic congestion. The tourism bureau estimates Miami Beach lost at least $250 million in economic revenue over the last several years because it was unable to accommodate larger scale conventions.
South Beach resident Andres Montejo, 43, said that the convention center hotel was one of the issues that drove him to the polls. Montejo, a businessman who travels frequently for work, said that the other cities he visits already have hotels connected to their convention centers.
“A convention center is great, but without a hotel it’s just another convention center,” he said after casting his ballot at Miami Beach Senior High School. “Anybody that travels ... you know that’s how the game works. It’s like that all over the world.”
Other residents, annoyed with the constant flow of construction and resulting noise and traffic in the area, decided to vote against the hotel.
The hotel will connect to the convention center via a pedestrian bridge and include a 53-foot podium containing parking, meeting spaces and ballrooms as well as two 185-foot-tall wings of hotel rooms. Voters authorized the lease and the construction of an 800-room hotel with a maximum height of 185 feet, but specifics of the hotel design will be evaluated by the city’s Design Review Board at a later date.
The group behind the proposal — Turnberry’s Jackie Soffer, Terra Group’s David Martin, Miami Design District developer Craig Robins and architecture firm Arquitectonica — emphasized that the hotel would be roughly 100 feet shorter than the previous proposal and include six times more space for cars to queue on the property so that they don’t spill onto the street.
“This is the right project for our city at the right time, and Jackie, Craig and I look forward to working with the community to deliver a hotel that will make Miami Beach proud,” said developer David Martin.
On a related ballot item, residents voted to earmark the guaranteed hotel rent payments for traffic reduction measures, stormwater projects and education initiatives, rather than sending the money to the city’s general fund where it could be used for a broader range of expenses.
According to the terms of the lease agreement, the hotel will have to pay Miami Beach either fixed rent totaling $16.6 million over the first 10 years or a percentage of hotel revenue, whichever is greater. Miami Beach estimates that the city will also collect $96 million in taxes from the hotel over the next 30 years.
Article by: Katya Demina
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Park Grove, a 3-building joint venture between Terra Group and Related Group, has celebrated the grand opening of Two and Three Park Grove as One Park Grove pushes skyward. The Park Grove project is transforming the Coconut Grove skyline with architecture by Pritzker Prize winning architects OMA/ Rem Koolhaas.Read More
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David Martin, President of Terra, the developers behind the Bjarke Ingels-designed Grove at Grand Bay, has listed his personal penthouse atop the twisting towers for $25 million. The penthouse is completely custom redesigned by Catalina Echevarria of CEU Studio and has been listed with Eloy Carmenate + Mick Duchon of Douglas Elliman.Read More
Terra Group and The Related Group celebrated the groundbreaking of One Park Grove, the third and final tower of the elite residential enclave designed by OMA/Rem Koolhaas. The development, architecture and sales teams, as well as elected officials, commemorated the milestone with a shovel-in-hand ground breaking ceremonyRead More