The Real Deal Miami

Terra closes $16M land deal for first phase of Pines City Center in Pembroke

Developer also scored $54M in financing for project

September 16, 2016 02:15PM
By Sean Stewart-Muniz

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Terra Group President David Martin and the firm's Pembroke Pines City Center project

Terra Group President David Martin and the firm’s Pembroke Pines City Center project

UPDATED 3:34 p.m. September 16: Terra Group just paid $15.9 million for the Pembroke Pines land it needs to build the first phase of Pines City Center, a large-scale mixed-use development.

County records show Terra bought 17.23 acres at the southwest corner of Palm Avenue and Pines Boulevard from the city, with SunTrust as its trustee.

The deal gives Terra the land for phase one of Pines City Center, which will include 200,000 square feet of retail space anchored by a grocery store. According to an announcement of the deal from Terra, the developer hopes to complete phase one next year. The developer signed a lease earlier this month with Publix Super Markets for 45,600 square feet of space with an initial term of 20 years, with eight options to renew for five years each after that.

In addition to the land, Terra also closed on a $54.3 million loan from Oakland Finance & Investment, according to county records. The developer originally slated groundbreaking for the second quarter of 2016, though a spokesperson said it’s now slated sometime later this year.

Pines City Center’s second phase would include another 100,000 square feet of retail space that would house a movie theater and restaurants, as well as 385 rental apartments. Altogether, the project would cover 47 anchors when completed.

Terra has two other projects in the pipeline for Broward: Botaniko Weston, a residential community with 125 homes, and the mixed-use Pines Village Market that it purchased a development site for in Pembroke Pines earlier this year.