Terra Group under contract to buy post office from Pembroke Pines

Miami /
Jan.January 14, 2016 04:30 PM

Terra Group put its check in the mail to purchase a post office from the city of Pembroke Pines, with hopes of redeveloping it into a new lifestyle center.

City officials recently approved the sale of the 27.4-acre site at 16000 Pines Boulevard to Terra for $23.5 million, according to the South Florida Business Journal.

Pembroke Pines had purchased the property from the U.S. Post Office for $17.88 million only three months ago, and quickly flipped it for a neat profit.

Terra now plans to redevelop the acreage into a mixed-use development. The commercial component would include a 115,00-square-foot complex with restaurants, medical offices and retail space, according to the South Florida Business Journal. On top of that, Terra would erect 120 new homes.

The deal will close in two phases: $9.2 million for the initial 10 acres, where the commercial portion would be, and another $14.3 million for the tract where the houses would be built.

However, the purchase comes with one caveat: city officials want Terra to build a 7,240-square-foot post office in the commercial section. USPS will pay $149,500 annually for the space, according to the Journal.

The Miami-based developer will need to score zoning approval for the project before moving forward. [South Florida Business Journal] — Sean Stewart-Muniz


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