Terra secures construction loan for apartments in Northwest Miami-Dade

David Martin from Terra and project renderings (Terra, iStock)

Terra is moving forward with its multi-family project in northwest Miami-Dade County, near the American Dream Miami mega-mall.

Terra and New Valley secured $ 64.8 million construction loan from Little Rock, Arkansas OZK Bank for Natura Gardens, a 460-unit development planned for a 23-acre site along Northwest 170 Street between Interstate 75 and Florida’s Turnpike near Miami Lakes.

Construction began in February and vertical construction of the 12 three-story buildings will begin within a month, with completion slated for late 2022, according to a press release.

The gated community will offer one to three bedroom units, ranging from 727 to 1,476 square feet. Units will have large balconies, custom shaker-style kitchen cabinets, kitchen islands, stainless steel appliances, washers and dryers, and walk-in closets.

Community amenities will include a clubhouse, pool and spa, all-terrain play area, lounge, gym, business center, resident dog park, covered kitchen area for grilling with a sink and fridge, tiki huts and a walking and running trail. .

In February, Coconut Grove-based Terra, run by father-son duo Pedro and David Martin, sold 45 acres of the 72-acre site for $ 53.5 million, after abandoning plans to build a multi-stage project with 1,400 apartments. Buyers Butters Group and Greystar will develop 500,000 square feet of industrial space and a 360-unit multi-family community, according to a press release from CBRE.

Terra purchased the 72 acres in December 2019 from builder and industrial operator Prologis $ 52 million.

Miami-based New Valley, run by Howard Lorber, is a subsidiary of the listed Miami-based holding company Vector Group, according to the New Valley website. New Valley owns the Douglas Elliman brokerage.

Northwestern Miami-Dade is poised to expand further. Triple Five, which plans to build American Dream Miami just north of Natura Gardens, completed in June a 40 acres land swap with the Graham Companies for the mall.

Graham Companies, which is based in Miami Lakes and developed the city, has sold most of the land to Triple Five for the mall and is also planning a $ 1.6 billion mixed-use project nearby with apartments, a business complex and shops.

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