"This project is in line with Terra's ongoing efforts to shift large scale residential density from areas that are vulnerable to climate change to higher-lying ground," Martin says. "The firm is doing this though urban infill and new development on vacant land away from the coast. The project will address the market's pent up demand for attainable housing and bring residents close to major employers."

Martin says the average rent of the apartments, which do not have a name yet, will be between $1,400 and $1,500. Two bedrooms will go for $1,800 to $2,200 and three bedrooms will run between $2,400 and $2,500.

Terra says adding nearly 1,400 new units near the border between Miami-Dade and Broward Counties will address pent-up demand for rental housing in South Florida. Approximately 1.2 million Miami-Dade residents currently live in 500,000 apartment homes, according to data from the National Multifamily Housing Council and the National Apartment Association. Meeting rising market demand would require the development of an additional 13,000 new units annually.

"Solving South Florida's market rate housing crunch means identifying opportunities for urban infill development as well as land in suburban areas that can be rezoned to accommodate new inventory," Martin says. "In this case, we are going to convert a vacant site initially earmarked for industrial development into a residential community that will create much-needed apartment housing minutes away from some of South Florida's largest employers. And we're doing it in a sustainable, resilient way by building within the Urban Development Boundary and on high-lying ground."

Terra has enlisted Pascual, Perez, Kiliddjian Architecture (PPK) to create the development's master plan and design its buildings. JLL's Brian Smith represented Prologis in the deal.