The End of an Era - Last High-Rise on South of Fifth Completed

November 17, 2015   |   Multi-Housing News

The completion of GLASS, an 18-story boutique building in the ‘South of Fifth’ neighborhood, marks the end of an era in Miami Beach history.

has announced the completion of GLASS, its 18-story residential tower, designed by Rene Gonzalez Architect. Located at 120 Ocean Dr., GLASS marks Terra’s first residential tower in Miami Beach during this real estate cycle, as well as the last high-rise built in the ‘South of Fifth’ district, due to zoning restrictions.

With only 10 full-floor residences, GLASS reflects Terra’s low-density approach to development. The building’s first five floors house the common areas including the lobby, a swimming pool and a gym. An amenities deck offers residents lounging and sunning areas, an additional swimming pool and a spa.

With closings now complete, residents of the sold-out GLASS are expected to begin moving in later this month.

Terra’s next residential development, Eighty Seven Park, will soon rise a few miles to the north in Miami Beach’s North Beach neighborhood. Designed by Renzo Piano, the development will comprise 70 oceanfront residences adjacent to a 35-acre public park.

Miami Apartment Tower Nearing Full Occupancy

July 27, 2017   |   Multi-Housing News

By: Timea Papp

Read on: www.multihousingnews.com

The Terra Group’s Bayshore Grove, a 98-unit apartment tower in Miami’s Coconut Grove neighborhood, is 80 percent leased only six months after the company completed a full-scale renovation at the property. The seven-story building is occupied by a mix of young professionals, families and empty nesters.

Located at 2655 S. Bayshore Drive, the property features on-site management, 24-hour concierge services, an outdoor pool with private cabanas, a fitness center, a laundry service and a clubroom with coffee service. Additionally, the building offers bike storage, an outdoor yoga space, covered parking and valet dry cleaning. Apartment amenities include designer kitchens with modern cabinets, granite countertops, stainless steel appliances, plank flooring, impact-resistant windows and sliding glass doors.

STRONG DEMAND DRIVERS

Bayshore Grove sits on a 1.53-acre site across from the Grove Marina Bay, attracting renters who work in Coconut Grove, downtown Miami or adjacent neighborhoods including Coral Gables, Brickell, and Key Biscayne. The location offers access to the waterfront, nearby parks and Coconut Grove’s growing collection of restaurants, boutiques, and nightlife venues.

“We’re seeing strong demand from local millennials—university students, young professionals, area employees—who can’t necessarily afford to buy a new luxury condo but still want to take advantage of everything Coconut Grove has to offer,” said David Martin, president of Terra, in prepared remarks.

KW Property Management is spearheading leasing efforts at Bayshore Grove. Residents can choose from 16 different floor plans, with monthly rents for one-bedroom units available from $1,950 and two-bedroom units starting at $2,950.

Miami Luxury Project Tops Off

November 7, 2018   |   Multi-Housing News

A joint venture of Terra, Bizzi & Partners Development, New Valley and Pacific Eagle, has topped of Eighty Seven Park, a luxury condominium development in Miami’s neighborhood of North Beach.

Located at 8701 Collins Ave., the 18-story property was designed by Renzo Piano Building Workshop, marking the firm’s first residential project in the Western Hemisphere. With interiors designed by RDAI and landscapes sculpted by West 8, the 66-unit Eighty Seven Park is scheduled for completion by late 2019. Apartments range from one- to five-bedroom floorplans, varying from 1,400 to more than 7,000 square feet. Units will feature interiors offering large outdoor living spaces with summer kitchens, European-influenced kitchens and bathrooms, as well as the use of American oak, Italian stone and crystal glass walls. Common area amenities include:

  • concierge and butler service
  • outdoor Fugo juice bar
  • swimming pool with cabanas
  • library
  • Enoteca wine bar
  • private park and garden
  • Hammam spa with steam rooms and sauna
  • state-of-the-art fitness center

“We’re thrilled to watch our vision come to life,” David Martin, president of Terra Group, told Multi-Housing News. “We’ve always strived to construct projects that will have a positive impact on their surroundings and, by extension, the people who live there. Eighty Seven Park is no exception, and will offer a residential retreat that will bring a dynamic energy to the environment.”

The development team secured a $155 million construction loan for Eighty Seven Park in the fall of 2017.

Terra Group Starts Leasing of Pembroke Pines Community

April 11, 2019   |   Multi-Housing News

By  Greg Isaacson

The new 387-unit luxury Pines Garden at City Center is part of the firm’s Pines City Center master-planned village in Florida.

Terra Group has kicked off leasing for Pines Garden at City Center, a new 387-unit luxury community in Pembroke Pines, Fla. The rental development, which will open to residents this month, forms part of the 47-acre first phase of Terra’s Pines City Center master-planned village.
 
Located at 10400 SW City Center Blvd., Pines Garden features one- to three-bedroom garden apartments and two- or three-bedroom townhouses. Floorplans range from 651 to 1,491 square feet, in addition to private balconies and terraces. The monthly rents start at $1,645 for a one-bedroom unit and go up to $2,845 for a three-bedroom townhouse.
 
Units in the South Florida property are equipped with hurricane-grade, impact-resistant windows. Amenities of the gated community include a two-story clubhouse with a fitness center, playroom and game room, resort-style pool, and coworking lounge.
 
LUXURY RENTALS AND A UFC GYM
Pines Garden sits adjacent to a wide array of retailers from a Publix Supermarket and Outback Steak House to a UFC gym. The property also neighbors a recently opened civic center that includes a new city hall, 3,500-seat auditorium and 10,000-square-foot art gallery.
 
Located just off Pines Boulevard, the two phases of the Pines City Center development will encompass about 300,000 square feet of retail and entertainment space in addition to residences. The mixed-use project is slated to deliver 1,465 apartments in total and potentially 120,000 square feet of office and hotel space.
 
“Our team created a master plan comprising of high-end rental homes and lifestyle-centered retail that services the community’s tenants as well as surrounding residents,” noted David Martin, president of Terra in a prepared statement. “The result is a condensed area of development that is introducing a new amenity for Pembroke Pines and maximizing value for the neighborhood.”
 
Terra Group obtained $56.8 million in construction financing for the luxury residential project from Florida Community Bank in January 2018. Also part of the Pines City Center development is a 356-unit community called Town at Pembroke Pines, which Related Development completed in 2016. Rockpoint Group bought the property for $87 million in April 2017.

Terra Group Scores $91M Refi for South Florida Community

August 8, 2019   |   Multi-Housing News

By  Greg Isaacson

The recently completed, 387-unit luxury property forms part of Pines City Center, a master-planned village in Pembroke Pines.

Development firm Terra Group has closed on a $91 million refinancing loan for its 387-unit luxury rental community, Pines Garden at City Center in Pembroke Pines, Fla. The company secured the loan through an affiliate of Mack Real Estate Group. Terra scored $56.8 million in construction financing for the project in January of last year.

The recently completed property is located at 10400 Southwest City Center Blvd., part of Terra’s 47-acre master-planned village Pines City Center. Roughly 40 percent of its apartments are already leased after opening to residents 3 months ago, according to a statement by the developer.

The community features garden apartments ranging from one to three bedrooms and townhouses with two or three bedrooms, measuring 651 to 1,491 square feet of living space along with private balconies and terraces. Monthly rents start in the range of $1,645 to $2,256 for the apartments and from $2,475 to $2,845 for the townhouses, depending on the number of rooms.

Amenities of the gated community include a two-story clubhouse with a fitness center, pool, coworking lounge, outdoor cooking area and other recreational facilities. The property is also within walking distance of the urban conveniences of Pines City Center, which is designed as a self-contained, live-work-play environment offering 300,000 square feet of retail, entertainment and restaurant space north of Miami.