Terra is continuing its work in South Florida and has now secured $170 million for its transformation mixed-use project in Miami, Upland Park.
The construction loan will help support the groundbreaking of the first phase to build 578 apartments for the 47-acre site. The plan is to turn the West Miami-Dade County’s Dolphin Park-and-Ride/Transit Terminal Facility into a hub that not only includes residential — but mainly into a multimodal transit community. Plus, the project will include retail and other commercial aspects.
The community will provide transportation to major areas including the Miami International Airport Downtown and Brickell, the Health District, and residential places in West Miami-Dade. Upland Park is expected to generate "millions" of dollars in tax revenues and rent, while creating thousands of employment opportunities, according to Terra.
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The target is to make Upland Park a $1 billion community. Once fully transformed, the site will consist of 2,000 garden-style apartments, 414,000 square feet of commercial space, and 282,000 of retail.
Direct lender SCALE Lending, which has closed $1 billion in loans in the past year alone, is providing the financing to Terra. Plus, Miami-Dade County is supporting the development too.
“We are grateful to Miami-Dade County for their support and partnership, which highlights what can be achieved through effective public and private collaboration, David Martin, CEO of Terra, said in a statement.
"As an example of the growing demand for mixed-use, transit-connected communities, Upland Park will not only create jobs and generate new tax revenues, but it will also help drive economic growth and mobility solutions in the County for decades to come."
Also, in Miami-Dade County, Terra is currently working on a 1,200-apartment development, CentroCity. It is located to the west of Little Havana. Additionally, the firm recently completed another transit mixed-use development in South Florida, Coconut Grove.
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