Terra puts Bay Harbor Islands mixed-use dev site under contract

Bay Harbor Islands Town Council to vote on Wednesday on transferring development agreement for site

Terra’s David Martin and the site now at 1177 Kane Concourse, Bay Harbor Islands (Google Maps)
Terra’s David Martin and the site now at 1177 Kane Concourse, Bay Harbor Islands (Google Maps)

UPDATED, June 8, 8:35 p.m.: Terra has a development site along Bay Harbor Islands’ Kane Concourse under contract, with plans for a residential, office and retail project.

Coconut Grove-based Terra, led by David Martin, intends to purchase the 2-acre vacant property at 1177 Kane Concourse from NR/Wharton Kane Concourse Property Owner, according to a letter filed with the town. A purchase price has not been disclosed.

NR/Wharton Kane Concourse Property Owner, affiliated with Charlotte, North Carolina-based Northwood Ravin and New York-based Wharton Equity Partners, bought the property in 2016 for $20.25 million.

The Bay Harbor Islands Town Council on Wednesday will consider a request to transfer the development agreement for the site to Terra. The council in January 2020 approved the development of 90 residential units, 98,800 square feet of offices, and 14,900 square feet of commercial space.

In an emailed statement, Terra said it also plans a residential, office and retail project, adding that there will be a “signature food and beverage” operator at street level.

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“The development will meet growing demand for luxury living and boutique commercial space as more residents and companies gravitate to South Florida, while reinvigorating Bay Harbor’s iconic Kane Concourse,” the development firm said in its statement.

Berkadia’s Jaret Turkell and Scott Wadler, who declined to comment, are representing the seller.

Bay Harbor Islands, long a quiet waterfront town, now is seeing development, mostly of condominium buildings. Ugo Colombo’s CMC Group and Valerio Morabito’s Morabito Properties are developing the 41-unit, eight-story Onda condominium at 1135 103rd Street. The project is expected to be finished in 2023.

Also, Ian Bruce Eichner, who developed the Continuum South Beach, in May bought two waterfront properties for $29.5 million, with plans for two buildings with a combined 142 condos.

Terra, long a prolific developer of condos mostly in Miami, has branched out in recent years to other areas and project types. The group is developing the 460-unit Natura Gardens multifamily project near the planned American Dream Miami mega-mall in Northwest Miami-Dade County.