David Martin’s Terra and Michael Simkins’ Lion Development Group bought a site in Midtown Miami for $40 million, with plans for a condominium tower.
The joint venture scooped up 1.6 acres at 3501 Northeast First Avenue, and scored a $30 million loan from Metropolitan Commercial Bank for the purchase and initial site development, according to a Terra news release.
Alex Vadia, who developed mixed-use Midtown Miami, is the seller.
The tower, designed by Arquitectonica and international studio Yabu Pushelberg, is planned for the southwest corner of Northeast 36th Street and the Florida East Coast Railway tracks. The area is south of the Miami Design District and west of the Edgewater neighborhood.
Construction of the condo tower is slated to start next year and completion is expected in 2026, the release says. Terra, through a spokesperson, declined to provide details such as the planned condo height and number of units.
In 2021, Vadia scored Miami Planning Zoning & Appeals Board approval to increase the allowable building height on the land from 33 stories to 48 stories.
The price for the land breaks down to $25 million per acre. That’s more than the $19.3 million average price per acre for land recorded in the fourth quarter of last year in Miami’s urban core. Although development site prices dropped late last year, partly because of expensive financing costs, land prices seemingly are picking up.
Last week, LORE Development Group, a partnership between Leste Group and Brazilian real estate firm Opportunity Fundo de Investimento Imobiliário, paid $35 million for a half-acre — or $70 million per acre — for an apartment project development site in Brickell.
Terra and Lion’s condo announcement comes on the heels of Martin stepping back from what would have been a record Miami land purchase.
The Terra-led Smart City Miami investment group’s planned $1.2 billion purchase of Genting Group’s assemblage in downtown Miami was called off, The Real Deal revealed last week. Smart City, which was under contract for 15.5 acres at 1431 North Bayshore Drive in the Arts & Entertainment District, told TRD it “elected to end its current bid,” although it left the door open to potentially bid again.
Miami-based Terra’s projects in South Florida include the 48-story Five Park condo tower under construction at the entrance to South Beach. Martin is partnering with developer Russell Galbut on Five Park.
Terra also is nearing completion of the pair of Mr. C Residences condo towers in Miami’s Coconut Grove. And Terra plans a wellness-focused mixed-use development on a Bay Harbor Islands site the firm bought for $31.5 million in 2021. The Well Bay Harbor Islands will consist of 54 condos and 90,000 square feet of offices, according to Terra’s release.
Simkins is a partner in developing a pair of E11even-branded condo towers in downtown Miami. E11even Partners, led by Simkins, Marc Roberts and Dennis DeGori, as well as Property Markets Group, are developing the 449-unit E11even Hotel & Residences Miami and the 550-plus-unit E11even Residences Beyond at 20 Northeast 11th Street and 90 Northeast 11th Street, respectively. Both towers will be 65 stories tall.
Miami-based Lion Development, which Simkins leads as CEO, along with PMG and Marc Roberts Companies, also plan a 44-story, 659-unit short-term rental friendly condo tower at 18 Northwest 11th Street in downtown Miami.