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

Oct.October 12, 2017 10:30 AM

Rendering of Pines Market and David Martin

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

David Martin, Russell Galbut, and a 500 Alton rendering (Credit: The Next Miami)

Miami Beach, Crescent Heights, Terra agree to settle dispute over floor-to-area calculations

Andre Agassi and Franklin Academy at 5000 Southwest 207th Terrace (Credit: Getty Images)

Agassi scores again with $61M charter school sale

The sales team and sales gallery for Mr. C Residences

Condos at Mr. C Residences in Coconut Grove will start in the $600Ks

Jack Owoc and a South Florida Distribution Center Building (Credit: Core5)

Bang: Energy drink company drops $40M on warehouse

From left: Edgardo Defortuna, Ron Shuffield, Ana Bozovic, David Martin and David Arditi

The cold spell blanketing South Florida’s luxury condo market will continue in 2020, experts say

Miami Beach seeks to fix floor area ratio controversy involving Galbut and Martin’s Park on Fifth project

Miami Beach seeks to fix floor area ratio controversy involving Galbut and Martin’s Park on Fifth project

701 Northwest 99 Avenue and Bar Invest Group CEO Jacques Barbera (Credit: Google Maps)

Pembroke Pines shopping center sells for $14M

Harvey Hernandez and Michael Patrizio

Newgard hires Terra exec as SVP of development