Terra Buys Out Condo Development, to Build New Biscayne Bay Venture
A Miami planning agency greenlit Terra’s plan to build a 28-story tower in Miami Beach overlooking Biscayne Bay. The Miami Business Journal reports that the 238-unit condo development will take up the 1.9-acre parcel where much of the 106-unit project will go up. The Bay Garden Manor Condominium will be demolished to make way for the new development.
The project, at 1250 West Ave., will complement the recently acquired Bikini Hostel across the street. Terra paid $120 million for the property last year.
Besides the 100+ units, the project will include 1,653 square feet of commercial space, 11,803 square feet of fitness spaces, and 250 parking spaces. The condo would include a ground-level pool, a rooftop pool, a spa, and a padel court.
Terra has partnered with RG Development Group and GV Development for this project. It was designed by ODP Architects.
The units would range from 1,692 to 5,066 square feet.
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout