David Martin
CEO at Terra
For years, David Martin has been a major player in Miami real estate, building condos with world famous architects, developing large-scale mixed-use development that anchored towns, and landing some of South Florida’s largest construction loans.
But, in recent months, he’s emerged as a true power player — outmaneuvering other high-profile developers.
In March 2023 came the $500 million offer to buy out an oceanfront condo building in Miami Beach, where Terra plans to demolish the existing structure to make way for a luxury development. Before Terra, Related Group had made the same offer, but walked away after its financing fell apart and some unit owners held out.
Just a month later came an even larger offer. A joint venture, led by Terra, went under contract to buy a vacant waterfront site near Downtown Miami for $1.2 billion, beating out at least four other groups, some of whom had higher bids. The deal could go down as one of the most expensive land trades in the country.
The condo buyout and $1 billion acquisition have yet to close — and given their price tags, these investments carry their share of risks — but, for now, they’re a sign of Terra’s prowess and ambition.
Beyond the shopping spree, Terra also courted hospitality powerhouse Major Food Group, the company behind celebrity hot spot Carbone, to develop a condo tower in Miami’s Edgewater neighborhood. The joint venture came together after the restaurant operator pulled out of developing a tower with Michael Stern’s JDS Development.
All these deals came in the face of high-profile litigation over Champlain Towers South, the condo building in Surfside that collapsed in 2021, killing 98, and which was blamed by some survivors and victims’ relatives on the construction of Terra’s luxury condo next door. Last June, the developer — and a dozen other defendants — settled a suit for over $1 billion. Terra admitted no wrongdoing, and its insurance carriers paid the settlement.
The fact that Terra emerged from the tragedy still churning out billion-dollar real estate deals is a testament to its mastery of South Florida real estate.
