Terra Raises $24M For Boutique Miami Condo
By Julia Echikson August 5, 2024 4:01 pm
reprints
Terra, in partnership with AB Asset Management, has raised another $24 million for a boutique luxury condo development in Miami’s Coconut Grove neighborhood.
Called Residences in the Grove, the eight-story project will house condos on the top floors and retail space on the ground floor at 2835 Tigertail Avenue, across the street from fellow developer Related Group’s headquarters.
The loan from City National Bank of Florida brings the current total financing to $67 million, according to a spokesperson for Terra, which is led by David Martin. Last year, the joint venture secured $43 million from the same bank.
Plans for the project, which was initially set to feature 148 units and 22,000 square feet of retail, appear to have grown with the addition of three floors. Construction is expected to begin in 2025.
The joint venture purchased the 2-acre site for $21.7 million in 2021, according to property records. The parcel is home to a three-story residential building that was first constructed in 1966.
Terra, a prominent developer based in the neighborhood, has completed numerous luxury condo projects in the area, including the Rem Koolhaas-designed Park Grove, Bjarke Ingels’s Grove at Grand Bay, and, most recently, the Mr. C-branded condo.
Julia Echikson can be reached at jechikson@commercialobserver.com.
