Up to date, June 8, 8:35 p.m.: Terra has a progress site alongside Bay Harbor Islands’ Kane Concourse beneath agreement, with programs for a residential, place of work and retail project.
Coconut Grove-based mostly Terra, led by David Martin, intends to invest in the 2-acre vacant residence at 1177 Kane Concourse from NR/Wharton Kane Concourse Property Proprietor, according to a letter submitted with the city. A buy cost has not been disclosed.
NR/Wharton Kane Concourse House Operator, affiliated with Charlotte, North Carolina-primarily based Northwood Ravin and New York-dependent Wharton Fairness Partners, acquired the house in 2016 for $20.25 million.
The Bay Harbor Islands City Council on Wednesday will think about a request to transfer the enhancement arrangement for the web site to Terra. The council in January 2020 approved the progress of 90 household models, 98,800 square ft of offices, and 14,900 square toes of business house.
In an emailed assertion, Terra claimed it also programs a residential, business office and retail challenge, including that there will be a “signature food stuff and beverage” operator at road degree.
“The enhancement will satisfy developing need for luxurious living and boutique business house as more people and providers gravitate to South Florida, though reinvigorating Bay Harbor’s iconic Kane Concourse,” the enhancement agency stated in its statement.
Berkadia’s Jaret Turkell and Scott Wadler, who declined to remark, are symbolizing the seller.
Bay Harbor Islands, very long a silent waterfront town, now is viewing improvement, generally of condominium structures. Ugo Colombo’s CMC Group and Valerio Morabito’s Morabito Homes are building the 41-unit, eight-tale Onda condominium at 1135 103rd Road. The undertaking is expected to be concluded in 2023.
Also, Ian Bruce Eichner, who created the Continuum South Beach, in May perhaps acquired two waterfront houses for $29.5 million, with plans for two structures with a combined 142 condos.
Terra, very long a prolific developer of condos mostly in Miami, has branched out in current years to other parts and task varieties. The team is establishing the 460-unit Natura Gardens multifamily undertaking near the planned American Dream Miami mega-mall in Northwest Miami-Dade County.