Terra Under Contract for Midtown Miami Site
The Miami-based developer appears to be developing condos
By Julia Echikson February 3, 2023 3:54 pm
reprints
Terra is making its way to Miami’s Midtown area.
The Miami-based developer signed a purchase agreement last month to buy a 1.6-acre parcel at the northeast corner of the district, according to a memo filed in Miami-Dade County records, first reported by The Next Miami.
The vacant site, located at 3501 NE First Avenue, is zoned for a 24-story building, but a developer can add another 24 stories by offering public benefits such as affordable housing or parks, or by paying into a fund for public benefits. The seller, Midtown Development, paid $4.8 million for the land in 2011, per property records.
The purchase agreement does not list a sale price, but it suggests the deal is scheduled to close by June 20. A spokesperson for Midtown Development could not be reached for comment, while representatives for Terra did not immediately respond to requests for comment.
Terra, led by David Martin, appears to be laying the groundwork for a condo project.
Across the street from the site, Terra has a leasehold at 3600 NE Second Avenue, home to a one-story retail building. The developer filed a demolition notice with Miami-Dade County “for the removal of all existing structures and the construction of all onsite and offsite improvements to the Midtown 1 Sales Center.” Developers typically open sales galleries to sell luxury condo units.
As residential prices have risen in Miami over the past two years since the pandemic hit, developers have sought to bring luxury condos to Midtown Miami, an area typically geared toward rentals for young professionals. The former head of Related Group’s condo division, Carlos Rosso, is developing a Standard Hotel-branded condo property across the street from a Trader Joe’s store.
Midtown Development, which operates a mall and other stores in the area, has sold off development parcels over the years. In 2015, the firm, led by Alex Vadia, sold six sites to Chicago-based AMLI Residential for $55 million.
Julia Echikson can be reached at jechikson@commercialobserver.com.
