Terra closes on land, scores construction loan for Pines Market

Last year, Terra won approval to build 135,000 sf of retail and 20,000 sf of restaurants

Miami /
Oct.October 12, 2017 10:30 AM

Terra just scored $48.8 million in financing to begin construction on its planned mixed-use development in Pembroke Pines, called 16000 Pines Market, property records show.

The lender was Pineland Finance and Investment. Terra also purchased a portion of the development site at 16000 Pines Boulevard for $11.5 million from the city of Pembroke Pines, records show. The city had purchased the entire 27-acre property for $17.8 million in 2015 from the US Postal Service.

Last year, Terra won approval from the Pembroke Pines Planning and Zoning/Architectural Review Board to build 135,000 square feet of retail and 20,000 square feet of restaurants. The site is currently occupied by a post office and a postal distribution center.

A spokesperson for Terra confirmed that the construction financing is for the first phase of 16000 Pines Market. In a statement David Martin, president and co-founder of Terra, said Terra will also develop a new post office within the planned development.

The second phase will be building a neighboring residential community with more than 120 single-family homes. Terra will break ground on the development some time next year, according to the spokesperson.

Roughly five miles to the east, Terra is building an even larger mixed-use development called Pines City Center. Anchored by Publix, the 47-acre project will have 300,000 square feet of retail and restaurant space, and is set to open in late 2018.


Related Articles

arrow_forward_ios
The current Miami Beach North Shore library with Mayor Dan Gelber (Google Maps, Gelber)
Miami Beach seeks buyers for city-owned development sites
Miami Beach seeks buyers for city-owned development sites
Developer David Edelstein and Robert Levine of RAL Development with the project (Getty, RAL)
David Edelstein, partner close on missing piece of Wynwood assemblage for office towers
David Edelstein, partner close on missing piece of Wynwood assemblage for office towers
David Grutman and Pharrell’s Goodtime Hotel had received nearly 30 noise violations (Carma Connected, Getty)
Too much of a good time? David Grutman and Pharrell’s Goodtime Hotel could lose entertainment permit
Too much of a good time? David Grutman and Pharrell’s Goodtime Hotel could lose entertainment permit
Related Companies Chairman Stephen Ross with One Flagler (Related, Getty)
Prayers answered? Related Companies closes on church site for planned office tower in downtown West Palm
Prayers answered? Related Companies closes on church site for planned office tower in downtown West Palm
Grover Corlew principal Mark Corlew with Bank of America Tower in Boca Raton (Grover Corlew)
Grover Corlew buys Bank of America Tower in Boca Raton for $45M
Grover Corlew buys Bank of America Tower in Boca Raton for $45M
The partially collapsed 12-story Champlain Towers South condo building (Getty)
Inside the tug-of-war over the Surfside condo site’s future
Inside the tug-of-war over the Surfside condo site’s future
Moishe Mana and the downtown parking lot he purchased (Google Maps, Getty)
Moishe Mana expands downtown Miami assemblage with $12M purchase
Moishe Mana expands downtown Miami assemblage with $12M purchase
Harbor Group president Richard Litton and AIR Communities CEO Terry Considine in front of the apartment complex (Harbor, AIR, City Center on 7th)
Aimco spinoff buys Harbor Group’s Pembroke Pines apartments for $223M, marking largest South Florida multifamily sale this year
Aimco spinoff buys Harbor Group’s Pembroke Pines apartments for $223M, marking largest South Florida multifamily sale this year
arrow_forward_ios

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

Loading...