UPDATED September 20th, 9:45 a.m.: Terra Group just paid $12.5 million for a parking lot near the Trump National Doral Miami, property records show.
The 3.9-acre lot on the corner of Northwest 87th Avenue and 36th Street traded for about $74 per square foot. Records show Miami-based Banyan Street Capital is the seller.
Banyan owns an adjacent 5.5-acre parcel, which holds the Doral Court office building at 8600 Northwest 36th Street. It took ownership of the 9.4-acre property last year in March after making a stalking horse bid of $25.9 million once the property’s previous owners filed Chapter 11 bankruptcy.
Terra President David Martin said in a statement that the company plans to build a “low density retail property” on the site.
Miami-based Terra Group is currently building a 78,000-square-foot, mixed-use office building in Coconut Grove called Mary Street with Mayfair Real Estate Advisors. It also owns a community of single-family homes in Doral called Modern Doral and a retail center occupied by Publix, Citibank, McDonald’s and TJ Maxx, called Doral Commons.
The site is close to a number of up-and-coming developments in Doral, like Codina Partners’ Downtown Doral project and CityPlace Doral by The Related Group and Shoma Homes.
Correction: A previous version of the story reported the purchase as the office building instead of the parking lot.