Terra is getting $291 million to continue the development of its massive multi-use project, Centro City in West Miami Dade.
The permanent financing will support the first phase of the project, which has already been completed, and includes a mix of retail and multifamily components. This breaks down to three eight-story residential buildings (470 at market rates), and 350,000 square feet of new and improved retail space. The market rent units start at $2,500 per month and can include anything from studio to two-bedroom apartments — ranging from 500 to 1,250 square feet in size. Tenants can now lease apartments and move-ins are anticipated to start in March.
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