Terra Lands $170M for First Phase of $1B Mixed-Use Dev in Miami-Dade

Terra secured $170 million to build the first phase of a $1 billion mixed-use campus adjacent to the Dolphin Park and Ride transit terminal in Western Miami-Dade County, the Miami-based developer announced. 

The loan from Scale Lending, the financing arm of Slate Property Group, will fund the construction of 578 apartments, which is expected to start early next year. 

The public-private transit-oriented development, called The Upland Park, will include 2,000 apartments in mid-rise and garden-style multifamily buildings, 282,000 square feet of retail, and 414,000 square feet of commercial space.

The Dolphin Park and Ride terminal will remain at 11897 Northwest 12th Street in Sweetwater between the Florida Turnpike and the Dolphin Expressway, servicing the 836 Express Bus to Downtown Miami. 

Four years ago, Miami-Dade County commissioners approved a 47-acre ground lease for 97 years, which is set to cost $1.17 billion in total. Terra will pay $20.1 million to maintain the station.

The new financing will replace a $35.3 million loan from Coral Gables-based lender S&K that dates back to 2022. 

Terra, led by David Martin, remains active with other large mixed-use developments. In 2022, the Miami-based developer secured $230 million from Apollo Global Management to build the first phase of the 38-acre CentroCity development, near Miami International Airport, which will include about 350,000 square feet for retail, a charter school and three eight-story multifamily buildings with 470 apartments.

This year, Terra also completed the transit-oriented Grove Central development, for which it secured $245 million in permanent financing from J.P. Morgan Chase. The development features a 23-story rental tower with about 170,000 square feet of retail space by the Coconut Grove Metromover station. 

Julia Echikson can be reached at jechikson@commercialobserver.com.