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Terra nabs $141M construction loan for Bay Harbor Islands mixed-use project
Terra is making headway on its Bay Harbor Islands mixed-use project with a $141 million construction loan.
The Coconut Grove-based firm scored the financing for its development at 1177 Kane Concourse, according to a statement from the Terra affiliate that owns the site. Mack Real Estate Credit Strategies is the lender.
The project will consist of residential units, as well as Class A offices and retail, according to the statement. There will be a street-level “signature food and beverage” concept.
Construction is expected to start this year.
Terra, led by David Martin, paid $31.5 million in June for the land on the northeast corner of Kane Concourse and West Bay Harbor Drive.
Terra has not released specifics on its project, such as square footage, and said it has not yet determined whether it will build condos or apartments. But it took over the development agreement that the Bay Harbor Islands Town Council had granted the sellers.
Property sellers Northwood Ravin and Wharton Equity Partners’ Wharton Urban real estate investment platform had won the council’s approval in 2020 for 90 residential units, 98,800 square feet of office, and 14,900 square feet of commercial space.
The Town Council voted to transfer the development agreement to Terra’s affiliate last summer, shortly before Terra bought the site.
Another project on tap in Bay Harbor Islands is the 41-unit, eight-story Onda condominium at 1135 103rd Street. Ugo Colombo’s CMC Group and Valerio Morabito’s Morabito Properties are developing the building, with an expected completion in 2023.