Construction has broken ground on the first phase of the CentroCity in Miami, led by Terra Group. This follows the recently secured US$230 million construction financing secured from Athene, an affiliate of Apollo Global Management.
As part of the project, Terra will construct a three-building, 470-unit apartment complex. The complex will have 50,000 square feet of commercial and retail space. In addition, a current strip mall will be repositioned as part of the first phase of CentroCity in Miami. As a result, 350,000 square feet of newly constructed retail and dining space will be delivered.
The Centro Shopping Plaza renovation was planned by RSP Architects.
Funding for this phase
Last year, Target also secured an anchor tenant for a 100,000-square-foot shop that Kmart had previously occupied.
The money will be used by Terra, under the direction of CEO David Martin, to launch the first stage of a massive undertaking on a 39-acre retail property at 3825 Northwest 7th Street, which is close to Magic City Casino.
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A 250,000-square-foot office building, 3,145 parking spots, up to 1,200 multifamily residences spread across seven eight-story buildings, and a charter school will all be a part of the new development’s later phases. Arquitectonica is creating multifamily, office, and educational components. Last year, CentroCity received city permissions.
More on the Miami CentroCity Project
Martin stated in a statement that phase one of the project will be finished in 2024. Due to Miami’s rising demand for market-rate housing and urban infill developments, Terra was able to acquire favorable construction financing, according to Martin.
We want to improve this neglected asset and make it a more beneficial contributor to the community. This will be achieved through the use of low-impact infill construction, which will improve the site while adding much-needed market-rate housing to the neighborhood.
According to documents, Terra purchased the land in 2020 for $28.6 million from HayDay Inc., a business run by the Havenick family, proprietors of Magic City Casino. HayDay still owns a tiny portion of the land.
