November 2, 2017 | South Florida Business Journal
By Brian Bandell – Senior Reporter, South Florida Business Journal
READ ON: www.bizjournals.com/southflorida
Terra has launched the second phase of its retail project at Pines City Center. The development will be anchored by Publix Super Markets.
The Miami-based developer secured a $28 million construction loan from Oakland Finance and Investment to build 100,000 square feet of retail at the southwest corner of Pines Boulevard and Palm Avenue in Pembroke Pines. Terra paid $8.5 million to the city to acquire land for the second phase.
The first phase, with 200,000 square feet, broke ground in fall 2016 with a $54.3 million construction loan. Terra purchased the land from the City of Pembroke Pines, which encouraged the development of a mixed-use project in the City Center area.
"More than 65 percent of the total leasable space at Pines City Center has been pre-leased by tenants including Publix, Hobby Lobby, West Marine, Carl’s Patio, Cooper’s Hawk, Outback Steakhouse and BurgerFi,” Terra President David Martin said. "Construction of both retail phases is expected to be completed in late 2018. Once finished, Pines City Center will meet rising demand for lifestyle-oriented retail in West Broward’s growing suburban market.”
Courtelis Co. is the leasing agent for the shopping center. The Publix will occupy 45,600 square feet.
Terra also has the right to build 385 apartments at City Center.
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.