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 Martin, Central Shopping Plaza, and a rendering of the apartment complex
Terra proposes 1,384-unit apartment complex near Magic City Casino
Terra proposes 1,384-unit apartment complex near Magic City Casino
Terra CEO David Martin and 16000 Pines Boulevard, Pembroke Pines
Terra, Lennar’s Pembroke Pines townhome project advances
Terra, Lennar’s Pembroke Pines townhome project advances
David Martin and a rendering of the project
Voters reject Terra’s proposal to redevelop Miami Beach Marina with condo tower
Voters reject Terra’s proposal to redevelop Miami Beach Marina with condo tower
Eighty Seven Park (iStock)
Eighty Seven Park’s priciest penthouse sells for $37M
Eighty Seven Park’s priciest penthouse sells for $37M
Matthew B. Gorson and One Park Grove (Google Maps)
Greenberg Traurig chairman pays $7M for One Park Grove condo
Greenberg Traurig chairman pays $7M for One Park Grove condo
Mike Fernandez and Grove at Grand Bay unit 1901S (Getty, Lifestyle Production Group)
Miami billionaire Mike Fernandez sells Grove at Grand Bay condo
Miami billionaire Mike Fernandez sells Grove at Grand Bay condo
David Martin, Jorge Perez, and One Park Grove (Credit: Robin Hill)
Terra and Related pay off $112M construction loan for Park Grove condo tower
Terra and Related pay off $112M construction loan for Park Grove condo tower
David Martin and a rendering of the project
David Martin’s Miami Beach Marina proposal heads to voters in November
David Martin’s Miami Beach Marina proposal heads to voters in November
arrow_forward_ios

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

Loading...