Terra, partner land $32M construction loan for office building in Coconut Grove

Construction is set to begin in August

TRD MIAMI /
Jul.July 05, 2017 01:05 PM

Terra Group and Mayfair Real Estate Advisors have closed on a $32.26 million construction loan for their 78,0000-square-foot, mixed-use office building in Coconut Grove called Mary Street.

Property records show Terra and Mayfair took out the mortgage from BB&T Bank. Chris Dekker is marketing and leasing the office component. The retail space will front Mary, Oak and Rice streets.

The soon-to-come Class A office and retail complex at 2860 Oak Avenue was once a 402-space parking garage. Records show Terra paid $16 million for the site in January of last year from the Miami Parking Authority.

Plans for Mary Street’s redevelopment include three floors of office space with 18,000 square feet of retail space, according to a press release.

Touzet Studio is designing the project, which will have retail on the ground floor and above ground public and office parking, according to the release. Touzet also designed the new Nike and Apple stores on Lincoln Road, and the renovations of the Delano Hotel and the Raleigh Hotel in Miami Beach.

The building’s amenities will include 24-hour security, covered valet and drop-off, elevators with direct office access, electric car charging stations and bicycle stations.

Construction is planned to begin in August with completion slated for late 2018, according to the release.

Terra, led by David Martin, is busy in the Grove. The firm delivered Grove at Grand Bay, a 98-unit twin-tower project designed by starchitect Bjarke Ingels, in August, and is completing Park Grove with the Related Group. – Amanda Rabines


Related Articles

arrow_forward_ios
(iStock)

Bargain shopping: Here’s where resi prices fell the most in Miami in Q2

Bargain shopping: Here’s where resi prices fell the most in Miami in Q2
3604 Matheson Avenue with Mike Komaransky and Corwynne Carruthers (Compass)

Crypto investor sells waterfront Coconut Grove mansion at a loss

Crypto investor sells waterfront Coconut Grove mansion at a loss
David Martin and a rendering of the project

David Martin’s Miami Beach Marina proposal heads to voters in November

David Martin’s Miami Beach Marina proposal heads to voters in November
From left: David Martin, Barry Sternlicht, Don Ghermezian, and Pedro Garcia

Triple Five, Terra, Starwood sue Miami-Dade property appraiser over tax bills

Triple Five, Terra, Starwood sue Miami-Dade property appraiser over tax bills
From left: Magnus Jennemyr, Timo Khammash, and Irving Padron

Engel & Völkers cuts ties with managing broker, expands to Coconut Grove

Engel & Völkers cuts ties with managing broker, expands to Coconut Grove
Charles and Daneen Stiefel with One Park Grove (Getty)

Pharma mogul Charles Stiefel buys Coconut Grove penthouse

Pharma mogul Charles Stiefel buys Coconut Grove penthouse
David Martin, Rene Gonzalez and Glass 120 Ocean Drive (RGA, Google Maps)

Glass condo owners in South Beach sue Terra, architect and contractors, alleging construction defects

Glass condo owners in South Beach sue Terra, architect and contractors, alleging construction defects
Todd Leebow and Glass in South Beach (Credit: AMM, Seaside Properties Group)

Ohio steel family sells South Beach condo for 48% off ask

Ohio steel family sells South Beach condo for 48% off ask
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...