July 24, 2015 | South Florida Business Journal
Terra Group’s Eighty Seven Park condo project, on the north end of Miami Beach, exemplifies what the developer is all about: bold design by a star architect, luxury over density, and incorporating a building with its environment.
The Miami-based developer and partners Bizzi & Partners Development and New Valley LLC hired Pritzker Prize-Winning architect Renzo Piano to design the 68-unit, 18-story condominium at 8701 Collins Ave. The Italian’s work includes the Morgan Library in New York City, the NEMO science museum in Amsterdam, the expansion of the Art Institute of Chicago, the California Academy of Sciences in San Francisco, the New York Times Building and the Shard in London. This will be his first project in Florida.
The site is on the ocean and the north side of North Shore Open Space Park, which Terra Group President David Martin considers one of the project’s most attractive features.
“The views are not only of the ocean, but of the nature.” he said.
Piano designed Eighty Seven Park with suspended decks to take advantage of both viewpoints and not to block the public view of the ocean.
Terra Group bought a 230-room hotel there and could have added an additional 100 units. Instead, it opted for a lower density, but with larger spaces, upscale amenities and service that will be modeled after a hotel, Martin said.
“North Beach has a very bohemian atmosphere,” Martin said. “It has great juice bars, great restaurants. It has the feeling Miami Beach had 10 or 20 years ago, and it hasn’t been commercialized. When we bought the property, we were considering building a high-density hotel or condo. We decided to go in line with our philosophy of low density.”
The developer also contributed $10.5 million to the city for improvements at the neighboring park, including a beach walk and public access to the ocean from 87th Street. Residents of Eighty Seven Park will have a private 2-acre park and a botanical garden.
Martin said he’s close to launching sales for Eighty Seven Park after getting strong interest from potential buyers. Douglas Elliman will be broker. Units will average 2,500 square feet. Prices haven’t been determined.
Terra Group has a handful of projects moving forward, all aimed at the luxury market. The Grove at Grand Bay in Coconut Grove is sold out and will be delivered in the fourth quarter, while the neighboring Park Grove – a joint venture with the related Group – is under construction, Martin said. Miami Beach’s Glass is a month from completion and sold out. Atlantic 15 in Sunny Isles Beach is almost finished. The modern Doral single family home community will begin closings in August, while the Botaniko neighborhood in Weston should deliver its first homes in the first half of 2016. Its Doral Commons retail center should open in the fourth quarter.