Terra Group Buying Bay Harbor Islands Development Site for $31.5M: Sources
One of Miami’s most prolific development firms, Terra Group, is once again on the prowl, Commercial Observer has learned.
Terra, led by CEO David Martin, is said to be buying Kane Concourse, a 1.82-acre development site in Bay Harbor Islands, Fla., for $31.5 million, according to sources not involved in the deal. The details and current status of the sale remain unclear.
Martin did not respond to repeated requests for comment.
Located at 1177 Kane Concourse along West Bay Harbour Drive, the parcel sits two miles north of Miami Beach. It’s also situated right above Indian Creek Island, commonly known as “Billionaire’s Bunker,” which boasts billionaire investor Carl Icahn, American football legend Tom Brady and supermodel Gisele Bündchen as homeowners.
In 2016, a joint venture between North Carolina-based Northwood Ravin and New York-based Wharton Equity Partners, bought the land for $20.25 million, according to property records and media reports. The developers sought approval to build a mixed-use, five-story project in 2020. But the land remains barren, property records show.
Northwood Ravin and Wharton Equity Partners did not respond to requests for comment.
Terra holds 10 million square feet of residential, commercial, and mixed-use developments valued at more than $10 billion in its portfolio. In March, the group scored a massive $340 million loan to build a residential tower on Miami Beach’s 500 Alton Road. Earlier this month, UFC Gym, a franchise chain owned by former MLB superstar Alex Rodriguez’s investment firm, signed a 36,500-square-foot lease at a Terra-owned mall in Doral.