Construction begins on the first phase of CentroCity in Miami
Construction has begun on the first phase of CentroCity in Miami, led by Terra Group. This follows the recently secured US$230 million construction financing from Athene, a subsidiary of Global Apollo Management.
As part of the project, Terra will construct an apartment complex consisting of three buildings and 470 units. The complex will have 50,000 square feet of commercial and retail space. Additionally, an existing strip mall will be repositioned as part of CentroCity’s first phase in Miami. As a result, 350,000 square feet of newly constructed retail and restaurant space will be delivered.
The renovation of the Centro Shopping Plaza was planned by RER architects.
Funding for this phase
Last year, Target also secured an anchor tenant for a 100,000 square foot store that Kmart had previously occupied.
The money will be used by Terra, under CEO David Martin, to launch the first stage of a massive venture on a 39-acre commercial property at 3825 Northwest 7th Street near Magic City Casino.
Also Read: US$57.5 Million Secured for Fourteen Residences Allapattah, Miami
A 250,000 square foot office building, 3,145 parking spaces, up to 1,200 multi-family residences in seven eight-story buildings and a charter school will all be part of later phases of the new development. Arquitectonica creates multi-family, office and educational components. Last year, CentroCity received permission from the city.
Learn more about the Miami CentroCity project
Martin said in a statement that the first phase of the project will be completed in 2024. Due to Miami’s growing demand for market-priced housing and urban infill developments, Earth was able to acquire favorable construction financing, according to Martin.
We want to improve this overlooked asset and make it a more beneficial contributor to the community. This will be achieved through the use of low-impact infill construction, which will enhance the site while adding much-needed market-priced housing to the neighborhood.
According to documents, Terra purchased the land in 2020 for $28.6 million from HayDay Inc., a company run by the Havenick family, owners of Magic City Casino. HayDay still owns a tiny portion of the land.