Developer David Martin’s Terra and his partners closed on a $507 million construction loan for a skinny-tall luxury condo tower in Miami Beach.
Terra is working with Rafi Gibly’s RG Development, Gianluca Vacchi’s GV Development and Lore Development on the planned 28-story, 106-unit building at 1250 West Avenue. Michael Stern’s JDS Development transferred ownership of the site to Terra last year.
Adi Chugh’s Tyko Capital is providing the financing, according to a news release. The construction loan was secured earlier in the development process than is typical in South Florida. Condo sales haven’t begun, nor details about the project released. Sales are expected to launch next year, the release states. Tyko is an active lender in South Florida, financing other Terra projects, and working with developers like the Related Group and BH Group.
Amenities will include pools at ground level and on the rooftop, a spa, padel court and ground-floor retail space. The building will have two penthouses. Hollywood-based ODP Architecture and Design is the architecture firm.
Stern secured a significant upzoning for the site last year, persuading the city commission to grant him an overlay zoning district to allow the 330-foot high rise. In exchange, the developer, now Terra and its partners, has to complete its portion of a baywalk and the redevelopment of the Bikini Hostel across the street into a city park. The hostel at 1247 West Avenue was previously utilized as a shelter by the Miami-Dade Homeless Trust.
Terra is active in Miami Beach. The Coconut Grove-based firm completed Five Park with developer Russell Galbut, and is building the 800-room Grand Hyatt Miami Beach Convention Center Hotel with Jackie Soffer and partners.
Terra also is co-developing the Deauville Miami Beach site, although that partnership is at the center of major litigation with members of the Meruelo family, who own a controlling stake.
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“I live worried”: Terra’s David Martin on what drives him, which branded condos work … and more at The Real Deal’s Salon Series Miami
