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. The joint venture secured $30 million financing from Metropolitan Commercial Bank for acquisition and initial site development ahead of groundbreaking planned for 2024 with completion estimated for 2026.
David Martin, CEO of Terra commented on the project: “We are committed to promoting design excellence and connectivity which is why this opportunity to develop a tower at the gateway to Miami’s Design District was so appealing. This tower will cater to residents who want easy access world-class shopping, dining experiences as well as arts and entertainment – all just minutes away from Miami Beach.”
