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
Terra Group's David Martin and the CentroCity project at 3825 Northwest 7th Street (Terra Group, Getty)
Terra’s CentroCity Little Havana project nets $230M in financing
Terra’s CentroCity Little Havana project nets $230M in financing
Federal Realty CEO Donald Wood and The Shops at Pembroke Gardens at 527 Southwest 145th Terrace in Pembroke Pines (Getty Images, Pembroke Gardens, Federal Realty)
Federal Realty buys Pembroke Pines shopping plaza for $180.5M
Federal Realty buys Pembroke Pines shopping plaza for $180.5M
Bay Harbor Islands, Miami-Dade County, CMC Group, Morabito Properties, Terra, Alta Developers
Here are the resi projects planned for Bay Harbor Islands
Here are the resi projects planned for Bay Harbor Islands
Brookfield Properties' Jared Chupaila and Pembroke Lakes Mall in Pembroke Pines (Brookfield Properties, LoopNet, iStock)
Saddled with $260M debt, Pembroke Lakes Mall could be in trouble: Morningstar
Saddled with $260M debt, Pembroke Lakes Mall could be in trouble: Morningstar
TPA's J Bradford Smith with conceptual site plan for Edison Pembroke (TPA,Nelson)
Developer switches office park plan in Pembroke Pines to mixed-use apartment project
Developer switches office park plan in Pembroke Pines to mixed-use apartment project
Hollywood Locations' Christopher Ursitti and 1400 Northwest 31st Avenue (Hollywood Locations, Google Maps)
Movie studio complex may rise on former incinerator site in Fort Lauderdale
Movie studio complex may rise on former incinerator site in Fort Lauderdale
McDowell wants to build 201 apartments near Homestead, puts land under contract
McDowell wants to build 201 apartments near Homestead, puts land under contract
McDowell wants to build 201 apartments near Homestead, puts land under contract
Jackie Soffer with 2750 Northeast 199th Street (Google Maps, Turnberry.com)
Jackie Soffer’s Turnberry proposes office/retail project near Aventura Mall
Jackie Soffer’s Turnberry proposes office/retail project near Aventura Mall
arrow_forward_ios

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

Loading...