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

Rendering of Pines Market and David Martin
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.

Sign Up for the undefined Newsletter

By signing up, you agree to TheRealDeal Terms of Use and acknowledge the data practices in our Privacy Policy.

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.