Terra buys land for phase two of Pembroke Pines project

Property traded for about $120,000 per acre

Miami /
Nov.November 02, 2017 08:45 AM

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.


Related Articles

arrow_forward_ios
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
Terra’s David Martin and 1177 Kane Concourse (Google Maps)
Terra paid $32M for Bay Harbor Islands development site
Terra paid $32M for Bay Harbor Islands development site
Developers David Martin, Russell Galbut and renderings of the project.
David Martin and Russell Galbut start sales of Five Park condo tower in South Beach
David Martin and Russell Galbut start sales of Five Park condo tower in South Beach
arrow_forward_ios

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

Loading...