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Terra Group Receives $141M Construction Loan for Mixed-Use Project in Bay Harbor Islands

January 7, 2022 by Jacki Taylor

Terra Group Construction Project

Miami's very own Terra Group has received a $141 million construction loan for its Bay Harbor Islands mixed-use project.

According to a statement from a Terra affiliate that owns the site, the Coconut Grove-based business received finance for its construction at 1177 Kane Concourse. The lender is Mack Real Estate Credit Strategies.

Terra, led by David Martin, spent $31.5 million for the site on Kane Concourse and West Bay Harbor Drive in June.

The release states that the project would include a residential aspect as well as Class A workspaces as well as retail space. There will be a "signature food and beverage" concept on the main level of the tower.

Specifics on the project have not been released like square footage and where the tower will include condominium units or apartments.

Northwood Ravin and Wharton Equity Partners' Wharton Urban real estate investment platform obtained clearance from the council in 2020 for 90 residential units, 98,800 square feet of office space, and 14,900 square feet of commercial space. Terra Group took over the development agreement issued to the sellers by the Bay Harbor Islands Town Council.

Last summer, soon before Terra purchased the land, the Town Council agreed to transfer the development agreement to Terra's affiliate.

Terra Group also developed 900 Biscayne Bay, Quantum on the Bay, and Eighty Seven Park.

Construction is set to begin summer of this year.

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