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.
November 2, 2016 | South Florida Business Journal
While much of Miami and Miami-Dade County can be thought of as new — or relatively new — Coconut Grove is not. It’s one of the oldest, if not the oldest permanent settlement in Miami-Dade, getting its start in the late 1800’s before being annexed by the City of Miami in 1925. And now, more than a century after residents began calling Coconut Grove home, the jungly waterfront enclave is entering its next era as a luxury real estate, retail and cultural hub.
To some extent, the Grove has already seen luxury real estate and restaurant, retail and nightlife hot spots. But a confluence of new developments either set to open or underway, in addition to a high-concentration of local restaurants and the turnover of legacy retail projects to new investors sets the stage for the Grove’s next incarnation.
Miami-based Terra Group is one developer that’s changing the landscape of Coconut Grove. Terra is responsible for the two twisting towers of the Grove at Grand Bay project, which is ready for residents to move in. The Grove at Grand Bay sits on the former Grand Bay Hotel site, a former icon of Grove’s past.
The twisting twins are just down Bayshore Drive from another Terra project, the Park Grove complex which the developer is producing along with the Related Group. The Park Grove condominium project is currently under construction and when complete, will add three high-rises to Coconut Grove’s waterfront.
On the retail side, Coconut Grove’s CocoWalk open-air retail center was acquired last year by Federal Realty Investment Trust in partnership with Grass River Partners and Comras Co. The new owners seek to update CocoWalk and transform the retail center into an integral part of Coconut Grove.
In terms of restaurants, a local outpost of Harry’s Pizzeria from chef/owner Michael Schwartz opened in the Grove, as did the new seafood concept the Spillover from local restaurateur Matt Kuscher.
These join Glass & Vine, a concept led by Miami chef Giorgio Rapicavoli as well as a new concept from Grove marquee Strada, and Ariete, a restaurant from Schwartz alum Michael Beltran. A Panther Coffee also recently opened in Coconut Grove, complementing the two Starbucks locations.
Development is also picking up near Coconut Grove’s gateways. A joint venture between three developers aims to build the Cassa Grove apartment building about a block from the Coconut Grove Metrorail station, and a major mixed-used project near the Douglas Road Metrorail station could be on its way.
Park of the Grove’s appeal is its jungly environment and beautiful architecture, nearby attractions like the Vizcaya Museum & Gardens, the Barnacle Historic State Park and the Kampong National Tropical Botanical Garden play off of the landscape and architecture.
Coconut Grove also has a history as a Bahamanian enclave, and recent efforts have sought to highlight the neighborhood’s diversity. Last year was the opening of the Coconut Grove Village West Visitor Center and the Kroma Gallery.
These are just some of the variety of projects and renovations coming to Coconut Grove. It’s safe to say that in a couple years, the area that Grovites know and love will have a few new neighbors.
Want to check out other hot areas in South Florida See our neighborhood tours of Miami Beach, Delray Beach, Wynwood or Fort Lauderdale's FAT Village.
April 19, 2017 | South Florida Business Journal
Apr 19, 2017, 12:45pm EDT
NDUSTRIES & TAGS
By: Brian Bandell
READ ON: bizjournals.com
Terra Group announced new tenants for its retail center at Pembroke Pines City Center, which is currently under construction.
The Miami-based developer previously announced that Publix Super Markets signed a 45,600-square-foot lease at the project. It now says the 200,000-square-foot first phase is 70 percent pre-leased, with additional tenants including Carl’s Patio, Cooper’s Hawk, BurgerFi, Smoothie King, PizzaRev, Bento Cafe and the Halal Guys. Outback Steakhouse and City Mattress will occupy stand-alone buildings on the outparcel area.
“The vast majority of residential product in Broward County is located in the suburbs, and the increasing population and rising income levels in Pembroke Pines are driving retail demand and expansion,” said David Martin, president Terra. “Our mission at Terra has always been to develop projects that improve communities, and we’re doing just that with Pines City Center by meeting growing retail demand with a development that caters to residents’ everyday needs.”
The first phase of the retail project at the southwest corner of Pines Boulevard and Palm Avenue should be completed in late 2018. Terra Group acquired the 17.2-acre site for $15.94 million in 2016 from the City of Pembroke Pines.
The developer has a second parcel in City Center under contract with the city and holds approvals for 100,000 square feet of commercial space plus 385 apartments.
Recently, the city completed a $60 million civic building at City Center including a 3,500-seat performing arts center and conference hall, an outdoor plaza, a 10,000-square-foot art gallery and a new city hall.
August 4, 2017 | South Florida Business Journal
READ on www.bizjournals.com
Congratulations to our Director: Adam Adler, for being featured in South Florida Business Journal's "40 Under 40".
Education: B.A in economics, Cornell University; MBA and Masters in finance, Northeastern University
Birthplace: Toronto, Ontario Canada
Current town/city: Pembroke Pines, Florida
First job: Working in a bindery at a printing company, while in high school. My first job as a professional was working on a restructuring team at Burger King.
Ultimate career goal: To create impactful and meaningful projects.
Hot topic in my field: Experiential Retail
Greatest business achievement: I am most proud of facilitating projects that enhance their surrounding communities.
Civic/charitable organization involvement: Big Brothers Big Sisters
Biggest mentor: Sandra Conwiser
Best career advice received: Remain true to yourself.
Fantasy job: I’m working in the industry I’ve always wanted to be in.
Guilty pleasure: Talenti Sea Salt Caramel Gelato
Best stress reliever: Cooking
Favorite book: The Count of Monte Cristo
Favorite website: Bloomberg.com
Favorite local spot: Capital Grille
Favorite vacation spot: Grand Cayman
In a movie, I’d be placed by: Patrick Warburton
I’d most like to have a business lunch with: Henry Kravis
My six-word memoir: Cautious optimism leads to great achievements.
(photos: South Florida Business Journal)
August 21, 2017 | South Florida Business Journal
READ on www.bizjournal.com
Terra Group acquired a strip of retail properties along Coral Way in Miami and plans to redevelop the site with the addition of self-storage.
Coral Way Storage Investments, led by Terra Group co-founder and President David Martin, acquired the property at 2749, 2761, 2769 and 2811 S.W. 22nd Street from Miami-based 2811 Coral Way LLC, managed by Robert A. Eckstein, Edward Schmidt, Josh Rodstein. A source close to the deal said it was for $4.25 million.
Coral Gables-based Venera Finance & Investment provided a loan of $16.82 million to the buyer. The proceeds would be enough to support a significant amount of construction.
The property currently has 13,572 square feet of retail on 26,250 square feet of land. It was developed between 1946 and 1951.
Martin said the deal is an example of Terra Group diversifying its portfolio.
"Coral Way is coming alive as an in-demand residential and commercial corridor that's perfectly situated between Coral Gables, Coconut Grove and Brickell,” Martin said. "We saw the need for a climate controlled self-storage facility that will serve nearby residents and businesses, especially those who have downsized their homes and offices. A series of shops and restaurants at street-level will cater to the Coral Way area's growing daily population.”
A site plan has yet to be approved by the city.
Terra Group is also building condos and an office building in Coconut Grove. Its other projects include a condo on the north side of Miami Beach, homes in Weston, and shopping centers plus apartments in Pembroke Pines.
September 1, 2017 | South Florida Business Journal
BY: JOCK FISTICK
READ ON: www.bizjournals.com
The real estate developer, who heads Miami-based development firm Terra, credits hometown pride as a major driver in the region’s ascent as an international hub of both leisure and business.
“One of the secrets for Miami’s success is that anyone from any country in the world can come here and feel like they can make Miami home and grow their business here,” Martin said. “Our residents can say, ‘Hey, I’m from France,’ or ‘I’m Colombian,’ but in the same breath, people also say, ‘I’m from Miami.’ We have a lot of pride in our city.”
Martin knows from experience how being welcomed by a new place can impact someone’s aspirations. His grandparents from both sides of the family immigrated to Miami from Cuba and established businesses here that exist to this day.
Martin’s maternal grandfather started a chain of funeral homes, Bernardo Garcia Funeral Homes, which can be found in four cities across Miami-Dade County, each of them in predominantly Hispanic neighborhoods, such as Hialeah.
On his father’s side, the family business was a cigar company.
For his part, Martin has carried on his family’s legacy in Miami business by founding Terra when he was just 23 years old in 2001 with his father, Pedro Martin.
Together, the two have transformed the firm from a builder of residential projects among growing submarkets, such as Kendall, to a full-service firm with an in-house construction division.
The firm is touted as having been among pioneers of the growing transit-oriented development trend that places apartment and condo towers just steps from mass transit, encouraging residents to eschew car ownership for public transportation.
Terra is also credited with bringing avant-garde design to Coconut Grove, a Miami neighborhood known for its lush greenery and bohemian feel.
The firm’s portfolio includes the Grove at Grand Bay, two luxury towers built on the site of the old Grand Bay Hotel. The condos grabbed Coconut Grove dwellers’ attention in a few ways. For one, units sets a record price for the neighborhood at an average of $1,100 per square foot. From an aesthetics standpoint, the project looks like nothing surrounding it, with each tower spiraling its way 20 stories into the sky.
At its core, however, Terra is pretty traditional, Martin said. The office has a family feel to it, even with a growing staff of more than 100.
“One of the things my father told me when we were starting out is, ‘David, people will work with you and do things for you if they love you or if they fear you. And you don’t wanna lead by fear. Your relationships will be much stronger and deeper on a basis of love,’” Martin said. “When we select people to join us at Terra, they’re with us for more than a decade.”
Editor's Note: This story is part of our cover package highlighting the leaders behind the region's top women-owned and Hispanic-owned companies. These businesses were featured because they ranked high on our lists. Scroll to the bottom of this article to get access to the full list of South Florida's Top Hispanic-Owned Businesses.