Terra Gets $291M for Massive Miami Mixed-Use Development

Part of the retail portion of the first phase includes the redevelopment of Central Shopping Plaza, which is headlined by a 100,000-square-foot Target store and is 95 percent leased. Some other new and existing tenants include Bank of America, Walgreens, Ross Dress for Less, and Fresco Y Mas.

JVP Management is issuing a $187 million loan to cover the multifamily aspect, while Hudson Bay Capital has issued $104 million for the retail portion. Both loans will wipe out Terra’s existing construction debt, which was provided by Apollo Global Management and Mack Real Estate Credit Strategies in 2022.

“Securing long-term financing for Centro City represents a significant milestone, not just for Terra but for the South Florida real estate market as a whole,” David Martin, CEO of Terra, said in a statement.

“This project embodies our vision of creating vibrant, sustainable communities that enhance the way people live, work, and connect. Centro City’s completion will provide much-needed housing options, state-of-the-art retail experiences, and community spaces in the heart of Miami-Dade, setting a new standard for mixed-use developments in the region. We are excited to continue building momentum with future phases that will further contribute to the area’s growth and vitality.”

The plan for the full 38-acre development in multiple phases is to include as many as 1,200 market-rate apartments, a Class A office building, green space, and a Mater Academy K-8 Charter School.

Architect for Centro City, Arquitectonica, wants to layer the multifamily assets on the perimeter of the property with pool decks, “lushy” landscaped sidewalks, and multiple courtyards, according to Terra.

The site is in proximity to the Miami International Airport, Blue Lagoon Office Complex, and Coral Gables Business District.

For new investments, multifamily is expected to be the most active sector on the investment side in 2025, according to a recent report from Colliers. David Goodhue, head of multifamily capital markets and an executive managing director at the firm, said particularly that there will be opportunities to get assets at below replacement costs in the Southeast and the Southwest regions.