Terra Group cancels $35M offer for West Grove assemblage

"Environmental concerns" killed the deal, attorneys said

Dec.December 08, 2016 11:15 AM
Developers Pedro Martin and David Martin

Developers Pedro Martin and David Martin

David Martin’s Terra Group has canceled a $35 million offer for a group of 40 properties in the West Grove.

Yet, an attorney for Terra said at a bankruptcy hearing on Wednesday that the developer is still interested in buying the Coconut Grove land, which takes up the majority of six blocks from Elizabeth Street to Plaza Street, the Miami Herald reported. “Environmental concerns” killed the deal, attorneys said.

Terra’s interest in buying the properties, which are tied up in litigation, became public because two of the corporations that own the land filed for Chapter 11 bankruptcy protection. Negotiations for a new contract will begin soon, with a hearing for the pending sale set for early January, the Herald reported.

The sale has been held up by infighting among partners Julio C. Marrero, Phillip Muskat, Orlando Benitez Jr. and others. Benitez, who reportedly stated that he brought Terra Group to the deal, tried to stop the sale in July. Marrero called him a “rogue stockholder,” the Herald previously reported.

Developer Peter Gardner had bid on the land in 2013, then asking $30 million, but the deal fell through. In July, the city of Miami sued the owners over poor living conditions and code violations at the dilapidated apartment buildings along Grand Avenue, Hibiscus Street and Florida Avenue.

If Terra ends up purchasing the properties, it would mark its first major foray into the West Grove. The Coconut Grove-based firm has developed and plans to develop more property on the east end of the Miami neighborhood. [Miami Herald] – Katherine Kallergis

Related Articles


Condo at Glass Miami Beach sells at 15% loss

Mike Fernandez and Park Grove (Credit: Wikipedia)

Miami billionaire Mike Fernandez flips PH in Coconut Grove

David Martin and the site at 2655 South Bayshore Drive (Credit: Realtor)

Terra closes on $185M construction loan for latest Coconut Grove project

Pines Garden at City Center and David Martin

Terra closes on $91M loan for Pines Garden at City Center

Alex Rodriguez and the Grove at Grand Bay (Credit: Getty Images)

A-Rod scores new home base for his investment company

Convention Center Hotel renderings with David Martin and Jackie Soffer

Miami Beach Convention Center Hotel wins approval

Rendering of Grand Plaza with Toni Schrager and Ricky Trinidad

Metronomic buys land for first phase of Coconut Grove development

Ken Russell and historic conch house in the Grove (Credit: Alexf)

Incentives could be coming for West Grove property owners, developers