The former Grand Bay hotel
The former Grand Bay hotel in Coconut Grove, once one of Miami’s most exclusive hotels, will be demolished in favor of a new planned residential project. The project, which will be developed by Terra Group, is slated to have 20 stories and 96 residential units. Former owner Merco Group closed the property for a renovation four years ago, but the hotel never reopened. [SFBJ]
The Terra Group has purchased 30 acres in Doral for $14 million in what could be signal the company’s intention to make a larger purchase of the entire 120-acre Town Center at Doral site. The price represented a steep discount from the site’s last transaction, when it went for $25.9 million in 2006. The lot is located on the west side of NW 107th Avenue at NW 70th Street. The buyer was M&M Doral Investment, which is a company controlled by Terra President Pedro Martin. [SFBJ] [more]
A Terra Group affiliate has paid $16.5 million for a distressed 35.5-acre site in Doral, a 56 percent discount off of its original mortgage. The property was purchased by Terra Acon Doral Palms, the second major purchase for the company this month. The site, which is located on NW 102nd Avenue south of Northwest 74th Street, was purchased by Doral Palms Development in 2008 for $31.8 million. [more]
Construction has largely ground to a halt in South Florida, but one
builder is staying strong. Habitat for Humanity of Greater Miami, which
is one of the few builders that has not reduced production, is now one
of the top five home builders in Miami-Dade County, according to a
recent study by real estate consultancy Metrostudy. The Miami branch of
the organization, which is supported by volunteer builders and
donations, built and sold 79 homes in the 12-month period that ended in
June, fourth in the county. The top builder in Miami-Dade County in that
period was Terra Group, which constructed 116 new homes, followed by
Miami-based Lennar. [Miami
Herald]
A state appeals court has offered South Florida condo buyers some relief in the form of refunded deposits for units in developments caught in the real estate bust. Buyers whose contracts include a liquidated damages clause are entitled to 25 percent of their money back, the Third District Court of Appeal said, even if they are eventually are found to be in default. The decision backs a Miami-Dade Circuit Court ruling in a case filed by attorney Robert Cooper against Terra Group, in which about 20 buyers put down $80,000 each in deposits on units at Quantum on the Bay in Miami. They later backed out of the deal, saying the developer did not deliver on promised amenities and monthly maintenance. The latest ruling could have a major impact on condo buyers elsewhere, according to Joseph Altschul, an attorney who is representing buyers trying to get out of their contracts at Trump International Hotel in Hollywood. [SFBJ]
Citisquare Group has pushed back the closing date for its purchase of 10 acres next to the Miami Herald building until the end of the year. The deal was supposed to close today after a previous extension in January. Developer Pedro Martin’s Terra Group had originally contracted to buy land for $190 million in 2005. Martin then made a deal to flip the contract to Citisquare for $230 million. The proposal for the site included two residential towers and a retail complex. [SFBJ] and [Miami Herald] [more]
