The Well Bay Harbor Islands Breaks Ground at 1100 Kane Concourse
In the heart of Miami’s Bay Harbor Islands, a new luxury development is taking shape. Terra, a renowned Miami-based real estate developer, in collaboration with the globally recognized wellness brand, THE WELL, has initiated the construction of THE WELL Bay Harbor Islands at 1100 Kane Concourse. This groundbreaking event, which took place on October 9, 2023, marked the beginning of a project that has already seen half of its residences sold.
This eight-story luxury project will house 54 tailor-made residences, boasting over 22,000 square feet of unparalleled amenities. Prospective residents can anticipate a cutting-edge fitness and wellness center, a 4,000-square-foot signature dining establishment, and a class-A office building spanning 102,000 square feet. This venture stands as the nation’s premier THE WELL-branded residential and office initiative, meticulously crafted to foster a comprehensive wellness lifestyle.
Esteemed attendees at the groundbreaking ceremony included Terra’s CEO David Martin, THE WELL’s Chief Creative Officer Kane Sarhan, and key officials from Bay Harbor Islands. This event symbolizes Terra and THE WELL’s shared ambition of seamlessly blending wellness into luxury living and workspace environments. The project’s completion is projected for the second quarter of 2025.
Designed by the award-winning Meyer Davis with architectural insights from Miami’s Arquitectonica, the development emphasizes holistic wellness. THE WELL’s signature touch ensures that residents are enveloped in a rejuvenating atmosphere, harmoniously integrated into their daily lives.
David Martin, CEO of Terra, expressed his enthusiasm, stating, “THE WELL Bay Harbor Islands is poised to redefine luxury living in South Florida, revitalizing the Kane Concourse and enhancing the Bay Harbor Islands community.” Rebecca Parekh, Co-Founder and CEO of THE WELL added, “Our vision is to create a sanctuary where wellness is woven into the fabric of everyday life.”
The residences, ranging from 924 to 3,291 square feet, will offer state-of-the-art amenities, combining THE WELL’s holistic philosophies with Miami’s natural beauty. From therapeutic soaking tubs to advanced wellness technologies, every detail is meticulously curated.
The wellness and fitness center is a haven for rejuvenation, offering a plethora of experiences, from Miami’s first caldarium to a diverse range of treatments and fitness sessions. Additional facilities include rooftop decks with a pool and hot tub, private boardrooms, and serene lounges.
The office component, The Offices at THE WELL Bay Harbor Islands, will redefine workspace wellness. Tenants can customize their spaces, access community gardens, and benefit from a plethora of wellness amenities. Blanca Commercial Real Estate is leading the office leasing endeavors.
Nestled near the iconic Bal Harbour Shops, Bay Harbor Islands is a gem in Miami’s real estate landscape. Known for its upscale community, proximity to elite retailers, and breathtaking waterfront vistas, it offers a blend of luxury and tranquility. This development is set to further elevate the stature of this coveted neighborhood.
CEO of Terra Group Sells Grove at Grand Bay Penthouse for $17.9 Million
CEO of Terra Group David Martin recently sold his penthouse at Grove at Grand Bay for $17.8 million.
The 9,541-square-foot, five-bedroom apartment at 2675 South Bayshore Drive was sold under the name GBPH Investments LLC.
Records show that a trust run by James Zubok and Leon Medzhibovsky purchased the penthouse. Medzhibovsky is a partner at DLA Piper and Zubok is a private equity investor.
David Martin’s penthouse had been advertised on and off for years, with a $28 million asking price at one point while the tower was still being built. Eloy Carmenate, Mick Duchon, John Gomes, and Fredrik Eklund brought it back to the market for $25 million in 2018 then for $19.8 million in late 2019. Summer of 2022, the unit was listed at $26 million.
The penthouse unit features 12-foot ceilings, floor-to-ceiling windows all around it, a rooftop pool, and 12-foot doors. Although Martin’s purchase price for the penthouse is unknown, developers frequently receive a sizable discount on their apartments. The price per square foot of the unit was roughly $1,900.
The Bjarke Ingels-designed project, a pair of 20-story twisted towers overlooking Biscayne Bay in Coconut Grove, was constructed by Martin’s Terra. The construction was finished in 2016. Billionaire Mike Fernandez, former baseball star and real estate investor Alex Rodriguez, and Martin’s father, Pedro Martin, have all purchased properties.
Since finishing Grove at Grand Bay, he has collaborated with Jorge Pérez’s Related Group to construct the three Park Grove towers in Coconut Grove and is currently constructing the Mr. C Residences condo towers close by. On the north side of U.S. 1 and 27th Avenue, a mixed-use apartment building with retail space called His Grove Central is also being built.
Outside of Coconut Grove, Terra is involved in a number of projects. The 15.5-acre land owned by Genting Group in downtown Miami is scheduled to be purchased for more than $1.2 billion by a group led by the company and Martin. The transaction, where Martin most likely intends to build a sizable mixed-use community, is anticipated to finalize later this year.
David Martin of Terra Group Acquires Prime 15.5 Acre Previous Miami Herald Site in Downtown Miami for $1.225 Billion from the Genting Group
Terms have been agreed upon for the purchase of a 15.5-acre development property on Biscayne Bay in Downtown Miami by SmartCity Miami LLC, an investment company led by Miami-based Terra and its CEO, David Martin. Genting Group will sell the property to the organization for $1.225 billion (USD). The closing is scheduled for later this year.
The property, which is located at 1431 N Bayshore Drive in Miami, has 800 linear feet of direct Biscayne Bay frontage and highly aggressive zoning in one of the city’s most vibrant and connected neighborhoods. A notable mixed-use commercial, retail, residential, hospitality, and entertainment destination could be developed on the location.
The buyer of the property is a longtime Miami resident, Miamian David Martin, CEO of a Miami-based development firm, Terra Group.
According to Martin, “This is a prized piece of real estate in the heart of one of the world’s most dynamic and fastest-growing cities, and we are honored to have been selected as the property’s next owner. At Terra, we have a long history of enhancing communities and transforming neighborhoods through careful planning, beautiful design, and a focus on connectivity and resiliency. Our development on Biscayne Bay will continue this tradition. “
Martin continues, “The scale and location of this site offers the opportunity to do something spectacular, something that all Miamians can take pride in, and we will deliver nothing short of that. For now, our team is focused on understanding the full potential of the property and the surrounding area. Our vision will evolve as we learn more. Over time, we will arrive at a plan that elevates Downtown Miami, improves access to the waterfront, and is welcomed by our community.”
The rare riverfront location in the Omni District was valued at just about $1.5 billion. The 15.5-acre development site, known as BayCity Miami, now hosts ArtMiami’s Art Wynwood show in February as well as CONTEXT Art Miami every year during Miami Art Week. The Miami Herald’s main office had stood on the land and was destroyed in 2014.
The Resorts World operator Genting Group, which owns 10 acres of land west of Biscayne Boulevard, will continue to be involved in the Omni neighborhood. Genting Group is one of the biggest resort, entertainment, and gambling organizations in the world.
The property, which spans many lots and once housed the Miami Herald’s headquarters, is zoned RTZ for mixed-use in Miami-Dade and is in the Metromover subzone (Rapid Transit Zone). The land has limitless buildable square footage, no setbacks, a height limited only by the FAA standards (649 feet), and a potential density of more than 8,000 units according to South Florida’s most benevolent zoning designation. The RTZ zoning offers builders a sizable, incredibly flexible building envelope as well as the chance to create a unique waterfront development on the site.
By comparison, Miami Worldcenter is 27 acres.
Major Food Group and Terra Development Partner on New Condo Tower in Edgewater-The Villa
Major Food Group and Terra Development have announced their collaboration on a new waterfront development in Edgewater. Located at 710 NE 29th Street, The Villa, is planned to include 50 residential units.
In 2021, an application was filed with the Federal Aviation Administration for a 57 to 60 story tower at the proposed development site. The plan originally called for the demolition of two residential structures that are now located at 710 Northeast 29th Street and 530 Northeast 29th Street, just across from the Biscayne Beach Condominium.
Unknown who applied for the tower, but the lot’s existing zoning allows for a considerably taller multi-family building comparable to nearby new construction like Missoni Baia and Elysee Miami, all of which reach heights of 649 feet above sea level.
Harbor 29, a five-story condominium building with 15 units that was constructed in 1972 and is currently located at 710 Northeast 29th Street, occupies a plot of land that is around 12,600 square feet. The building occupies the entire corner of the ensemble and has the longest waterfront frontage.
On the other hand, 530 Northeast 29th Street, a 2-story residential structure with around 10 units on a 6,300-square-foot lot, was constructed in 1954. No recent sales of any units or property in general have been closed, according to Miami-Dade County’s Property Appraiser, so after receiving FAA approvals, the undisclosed developer will probably need to buy out the current owners to put together the assemblage, which should total close to 19,000 square feet.
Last year, Major Food Group was partnered with JDS Development for a supertall tower located in Brickell named 888 Brickell.
Plans for 3 Tower Project at College Station Garage Location Moves Forward
In 2021, an unsolicited plan for a 3 tower project at the College Station Garage in Downtown Miami was submitted to the Miami Parking Authority (MPA). The proposal that has been submitted to the MPA during that time is now moving forward as of June 2022.
The brains behind the project include a partnership between Miami-based builders Related Group (Related) and ROVR Development (ROVR), as well as Terra Group (Terra) and Apollo Global Management (Apollo).
As of January 19, 2022, the MPA has ranked the proposal from Related and ROVR as the top bid ahead of Terra and Apollo. Both partnerships are planning to create substantial mixed-use projects. The replacement of a 1,439-space garage, which was erected in 1973 and is 7 floors tall, will be subject to a 99-year land lease and development agreement, according to the MPA.
According to the developer, 15% of the residential units would be set aside as worker housing for people earning up to 140 percent of the area median income, and 20% of the apartments would be reserved as affordable housing for seniors earning up to 50% of the area median income. Units would range in size from 360 to 1,310 square feet, with an average unit size of 722 square feet. There would be 138 studios, 636 one-bedroom units, 354 two-bedroom units, and 72 three-bedroom units.
In addition to an urgent care facility and a nonprofit art center, the public area might function as a fire station. The lease is anticipated to be finalized by Related and ROVR in 2023, with construction taking place over a 60-month period. The developers would need to find other parking solutions for adjoining residential towers that have previously used the College Station Garage, assuming that this proposal is truly the winning bid. The MPA would retain control of the parking component.
Project Details
1,200 rental units
1,357 Miami Parking Authority parking spaces over 8 levels
Ground floor retail w/potential fire station, urgent care, and art center
The developers stated earlier this year that they anticipate starting construction in early 2023.
Renzo Piano’s Eighty Seven Park Prepares To Break Ground; Is Contributing To North Shore Park Upgrades
Situated on the northernmost oceanfront lot in Miami Beach, Eighty Seven Park is preparing for its groundbreaking in April. The project will have just 70 residences and 18 stories and will incorporate an upgraded North Shore Park into its amenity list.
In 2013, Terra bought the lot at 8701 Collins Avenue from Dezer Development for $65 million. They also paid the City of Miami Beach an additional $10 million in return for the rights to close 87th Court just to the north of the lot. These funds have been earmarked for a redevelopment project in North Shore Park, which is open to the public. While we do not yet know the specifics of the redesign, it has been mentioned that the goal is to incorporate the look and feel of the ultra-luxury development throughout the park so as to feel as though the park is an additional amenity. In addition to the public park, residents of Eighty Seven Park will also have a private park that is gated. The development will distribute keys to the owners, similar to the famous keys to Gramercy Park in New York.
The building is designed by Renzo Piano, and Italian architect and engineer who has also won the coveted Pritzker Prize. He is also the architect behind the famed Shard in London. The idea behind Eighty Seven Park is to experience the beauty of the park throughout the entire building. The residences have large sliding glass doors and floor to ceiling windows so that the owners can experience the indoor/outdoor feeling. An on-staff botanist will care for the lush landscaping throughout the lobby and curate an ever-changing botanical exhibition.
The layouts of the units is expansive as well, even the one bedroom plans are over 1,000 square feet. The two bedroom plans are between 1,600 square feet and almost 1,850 square feet, three bedrooms range from 2,500 square feet to 3,500 square feet and the four and five bedroom layouts go all the way to 4,000 square feet. There are two penthouses, the eastern penthouse is a 7,500 square foot 5 bedroom and the western penthouse is a 4,200 square foot 3 bedroom. Both penthouses have rooftop terraces with private plunge pools. Prices range from $1.7 million for a north view 1 bedroom up to $7.25 million for the 3 bedroom with a south view overlooking the park. All units will also have an ocean view.
Some notable buyers in the project include Michael Huffington and the Conde Nast family.
Grove at Grand Bay is Done, Receives Temporary Certificate of Occupancy
Grove at Grand Bay seen from Park Grove. By Sean McCaughan.
The two twisting towers known as Grove at Grand Bay, which in their short lives have already become iconic Coconut Grove landmarks, have received their temporary certificate of occupancy, with closings beginning this week. They were originally going to be Danish architect Bjarke Ingels’ first completed project in the Americas, but due to construction delays were beaten out by Via 57 West in New York. The buildings have been entirely sold out for a while, except for the last remaining penthouse, a $28 million unit which developer David Martin had originally intended to keep for himself. According to Martin, who spoke to Real Deal, interior build-outs should be completed within three months, with move-ins expected in the next four to six.
Meanwhile Out in the Suburbs, Terra’s Modern Doral is 90% Sold
Photos courtesy Terra Group.
Even with all the action these days around urbanization and density and condo living, Miami still has suburbs and exurbs, and big single family houses are still selling mighty well out in SUV country. The Terra Group’s Modern Doral, for example, a planned community of 319 single family homes at 74th street between 94th and 107th Avenues, is now 90% sold according to the developer, with both construction and closing expected to be completed in 2017.
From the press release:
Modern Doral is comprised of three subdivisions, each featuring a different architectural style. Residences include between 4-6 bedrooms and vary in size from 3,100 square-feet to 4,500-square-feet. Each home offers open floor plans with 10-to-12-foot ceilings, 2-3 car garages, panoramic windows, balconies, and lush tropical landscaping. Prices range from $860,000 to $1.5 million.
Amenities at the gated community include 24-hour security, public green spaces, and clubhouses with fitness centers, children’s playrooms, libraries, business centers, family barbecue areas, and resort-style pools.
