Terra sells piece of northwest Miami-Dade dev site to Butters and Greystar, moves forward with apartment project

Butters Group and Greystar bought 45 acres of the 72-acre site, with plans for an industrial and multifamily project

Miami /
Feb.February 03, 2021 12:30 PM
David Martin with a rendering of Natura Gardens

David Martin with a rendering of Natura Gardens

David Martin’s Terra sold a big piece of its massive development site in northwest Miami-Dade County near the planned American Dream Miami mall, and is moving forward with plans for an apartment project.

The Coconut Grove-based developer sold 45 acres to Butters Group and Greystar for $53.5 million, and broke ground on a 460-unit apartment complex on the property, Martin told The Real Deal.

“For us it was important that we would continue to develop the remaining 45 acres or find a developer like Malcolm Butters with job creation ideas,” Martin said.

Instead of building a phased multifamily project with nearly 1,400 units, as originally planned, Terra is keeping just 27 acres of the original 72-acre site for its Natura Gardens apartment development.

Butters and Greystar are planning a 500,000-square-foot industrial and 360-unit multifamily project on its site, according to a press release from CBRE. CBRE found Greystar and its partner Whitman Peterson to be Butters’ institutional partner on the development.

Terra and its partner New Valley had paid $52 million for the 72-acre site in 2019. It is along Northwest 170th Street between I-75 and the Florida Turnpike.

Terra’s project, designed by Pascual, Perez, Kiliddjian Architecture, will include a two-story clubhouse with a pool and spa, media room, game room and children’s playroom, a fitness center, co-working space with a coffee bar, and a dog park, according to a press release. Units will range from one to three bedrooms, and from 727 square feet to 1,476 square feet. Natura Gardens will also feature a walking/running trail, lakes and preserves.

Terra plans to deliver the apartments early next year. The developer and New Valley are self financing construction and plan to close on a loan soon, Martin said.

The target renter demographic will be the workforce who live in northwest Miami-Dade and in west Broward, from Weston, Sunrise and Davie to Miami Lakes and Hialeah, Martin said. He also said there’s been an influx in major companies and families looking to relocate to Florida due to the tax benefits and quality of life.

“We’ve seen a very resilient rental demand and a very strong rental pool of families that have the job security,” Martin said, noting the site’s proximity to the Florida Turnpike.

Terra has been active throughout Miami-Dade and Broward counties. In January, the company paid $29.1 million for the Central Shopping Plaza near Magic City Casino, in Miami’s Flagami neighborhood. There, the developer plans to renovate the retail center and build a multifamily component with nearly 1,400 apartments.

The northwest Miami-Dade property is near the site of the American Dream Mall, where the Ghermezian family’s Triple Five Group plans to open a massive mixed-use development on more than 170 acres.

CBRE’s Chris Lee, Chris Riley, Jose Lobon, Devin White, David Albert and Royce Rose worked on the deal.





    Related Articles

    arrow_forward_ios
    Tal Aventura (Tal Aventura, Getty)
    Aventura officials give thumbs-up to 86-unit condo tower
    Aventura officials give thumbs-up to 86-unit condo tower
    A photo illustration of 1401 Southeast 15th Street (bottom) and 1300 Northeast Third Street (top) in Fort Lauderdale (Google Maps, Getty Images)
    LA investor pays $30M for aging 90-unit Fort Lauderdale rental portfolio
    LA investor pays $30M for aging 90-unit Fort Lauderdale rental portfolio
    From left: Alta Developers’ Raimundo Onetto, Bizzi & Partners’ Davide Bizzi, and Silverback Development's Josh Schuster with 100 Southwest Sixth Street
    Alta pays $21M for downtown Fort Lauderdale multifamily dev site
    Alta pays $21M for downtown Fort Lauderdale multifamily dev site
    One Thousand Museum (Google Maps, Getty)
    One Thousand Museum closing tops Miami-Dade’s weekly condo sales
    One Thousand Museum closing tops Miami-Dade’s weekly condo sales
    Montford Group' Sunju Patel and Opterra Capital Glenn Alba with 2940 Collins Avenue (Montford Group, Getty)
    Montford, Opterra JV buys Hilton Garden Inn Miami Beach for $28M
    Montford, Opterra JV buys Hilton Garden Inn Miami Beach for $28M
    Randy Walker with 60 Edgewater Drive (ExCo Group, Brown Harris Stevens)
    Gables Club developer Marc Kovens sells his penthouse
    Gables Club developer Marc Kovens sells his penthouse
    Gables Club Tower II at 60 Edgewater Drive in Coral Gables (Condo.com, Getty)
    Coral Gables closing tops Miami-Dade’s weekly condo sales
    Coral Gables closing tops Miami-Dade’s weekly condo sales
    Deerwood Town Center at 12085-2107 Southwest 152nd Street in Miami-Dade County, One Biscayne Tower at 2 South Biscayne Boulevard in Miami and 2990 Ponce office building in Coral Gables with Gildenson Real Estate's Eduardo Gildenson and CP Group’s Angelo Bianco (Google Maps, Gildenson Real Estate, CP Group)
    Lease roundup: Quest takes space at One Biscayne Tower & more
    Lease roundup: Quest takes space at One Biscayne Tower & more
    arrow_forward_ios

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

    Loading...