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’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.