MIAMI—Terra has finalized plans to build more than 1,369 new multifamily apartments in proximity to some of the region's largest employment centers. The project will be on a 70-acre development site Terra purchased for $52 million in Northwest Miami-Dade County, located along NW 170th Street between I-75 and Florida's Turnpike.
Terra acquired the site from Prologis in a deal that closed on Dec. 9. The firm's purchase of the site was made possible with a $43 million loan from Synovus. The site is fully entitled for residential development, and a permit for initial site work has been issued. Construction is expected to begin in early 2020.
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