Terra boosts loan for Doral Square retail project by $19M

The project will include a 24-Hour Fitness and Marshalls

Mar.March 06, 2020 08:45 AM
Rendering of Doral Square and David Martin

Rendering of Doral Square and David Martin

Terra added $19 million to its loan for a mixed-use retail development near Downtown Doral.

An affiliate of David Martin’s Terra secured the loan from Fort Lauderdale Finance & Investment for its Doral Square project on the southeast corner of Doral Boulevard and 87th Avenue in Doral, records show.

The project is under construction and is expected to be completed in 2021. The Miami-based development group previously secured a $60 million loan for the project in 2017, according to records.

Tenants of the planned 150,000-square-foot shopping center include 24-Hour Fitness and Marshalls. World of Beer and Panda Express have also signed on as tenants. Touzet Studio is designing the project to include plazas, public seating and pedestrian promenades.

Terra paid $12.5 million for the property in September 2017, property records show.

The project will be next to Modern Doral, a single-family home community that Terra developed with 319 homes. Terra is also building Atrium at Doral nearby, a mixed-use development; and District 79, a mixed-use industrial and retail project.

Codina Partners, along with other partners, developed the nearby Downtown Doral. That complex will have more than 1 million square feet of commercial space, 400,000 square feet of Class A office space and 5,000 residential units. The master-planned community includes a city hall, a charter school and Publix, as well as townhomes, single-family homes and condo towers.

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