Terra just paid $8.5 million for land it needs for phase two of its Pines City Center mixed-use development in Pembroke Pines, property records show.
An affiliate of the Coconut Grove-based developer paid about $120,000 per acre for 71 acres at the southeast corner of Pines Boulevard and Palm Avenue. Records show the seller is a land trust that lists SunTrust Bank’s Brickell address.
In addition to the land, Terra also closed $28 million in financing for the acquisition and construction of phase two, according to a spokesperson for Terra.
In January, the city’s planning and zoning board approved a site plan that allows for a 387-unit rental community that will be called City Center Residences. Phase two will also include 100,000 square feet of commercial space.
The first phase of the mixed-use project is being built on a 47-acre plot on the southwest corner of Palm Avenue and Pines Boulevard and is scheduled to be completed by the end of 2018.
Tenants at Pines City Center include Publix Super Markets, Carl’s Patio, Cooper’s Hawk, BurgerFi, Smoothie King, PizzaRev, Bento Café, The Halal Guys and Hobby Lobby, which will anchor phase two of the project.
The mixed-use project is one of at least three Terra developments underway in Broward County. Terra is planning another mixed-use development in Pembroke Pines, called Pines Market, and is developing a 121-acre master-planned residential community in Weston called Botaniko, featuring 125 contemporary-style homes designed by architects Chad Oppenheim and Roney J. Mateu.