Tag Archives: Terra Development Group

Terra Development Sells Grove at Grand Bay Penthouse

CEO of Terra Group Sells Grove at Grand Bay Penthouse for $17.9 Million

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Terra Development Sells Grove at Grand Bay Penthouse

CEO of Terra Group David Martin recently sold his penthouse at Grove at Grand Bay for $17.8 million.

The 9,541-square-foot, five-bedroom apartment at 2675 South Bayshore Drive was sold under the name GBPH Investments LLC.

Records show that a trust run by James Zubok and Leon Medzhibovsky purchased the penthouse. Medzhibovsky is a partner at DLA Piper and Zubok is a private equity investor.

David Martin’s penthouse had been advertised on and off for years, with a $28 million asking price at one point while the tower was still being built. Eloy Carmenate, Mick Duchon, John Gomes, and Fredrik Eklund brought it back to the market for $25 million in 2018 then for $19.8 million in late 2019. Summer of 2022, the unit was listed at $26 million.

The penthouse unit features 12-foot ceilings, floor-to-ceiling windows all around it, a rooftop pool, and 12-foot doors. Although Martin’s purchase price for the penthouse is unknown, developers frequently receive a sizable discount on their apartments. The price per square foot of the unit was roughly $1,900.

The Bjarke Ingels-designed project, a pair of 20-story twisted towers overlooking Biscayne Bay in Coconut Grove, was constructed by Martin’s Terra. The construction was finished in 2016. Billionaire Mike Fernandez, former baseball star and real estate investor Alex Rodriguez, and Martin’s father, Pedro Martin, have all purchased properties.

Since finishing Grove at Grand Bay, he has collaborated with Jorge Pérez’s Related Group to construct the three Park Grove towers in Coconut Grove and is currently constructing the Mr. C Residences condo towers close by. On the north side of U.S. 1 and 27th Avenue, a mixed-use apartment building with retail space called His Grove Central is also being built.

Outside of Coconut Grove, Terra is involved in a number of projects. The 15.5-acre land owned by Genting Group in downtown Miami is scheduled to be purchased for more than $1.2 billion by a group led by the company and Martin. The transaction, where Martin most likely intends to build a sizable mixed-use community, is anticipated to finalize later this year.

Downtown Miami Site Sells for $1.225 Billion

David Martin of Terra Group Acquires Prime 15.5 Acre Previous Miami Herald Site in Downtown Miami for $1.225 Billion from the Genting Group

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Downtown Miami Site Sells for $1.225 Billion

Terms have been agreed upon for the purchase of a 15.5-acre development property on Biscayne Bay in Downtown Miami by SmartCity Miami LLC, an investment company led by Miami-based Terra and its CEO, David Martin. Genting Group will sell the property to the organization for $1.225 billion (USD). The closing is scheduled for later this year.

The property, which is located at 1431 N Bayshore Drive in Miami, has 800 linear feet of direct Biscayne Bay frontage and highly aggressive zoning in one of the city’s most vibrant and connected neighborhoods. A notable mixed-use commercial, retail, residential, hospitality, and entertainment destination could be developed on the location.

The buyer of the property is a longtime Miami resident, Miamian David Martin, CEO of a Miami-based development firm, Terra Group.

 
 
 
 
 
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According to Martin, “This is a prized piece of real estate in the heart of one of the world’s most dynamic and fastest-growing cities, and we are honored to have been selected as the property’s next owner. At Terra, we have a long history of enhancing communities and transforming neighborhoods through careful planning, beautiful design, and a focus on connectivity and resiliency. Our development on Biscayne Bay will continue this tradition. “

Martin continues, “The scale and location of this site offers the opportunity to do something spectacular, something that all Miamians can take pride in, and we will deliver nothing short of that. For now, our team is focused on understanding the full potential of the property and the surrounding area. Our vision will evolve as we learn more. Over time, we will arrive at a plan that elevates Downtown Miami, improves access to the waterfront, and is welcomed by our community.”

The rare riverfront location in the Omni District was valued at just about $1.5 billion. The 15.5-acre development site, known as BayCity Miami, now hosts ArtMiami’s Art Wynwood show in February as well as CONTEXT Art Miami every year during Miami Art Week. The Miami Herald’s main office had stood on the land and was destroyed in 2014.

The Resorts World operator Genting Group, which owns 10 acres of land west of Biscayne Boulevard, will continue to be involved in the Omni neighborhood. Genting Group is one of the biggest resort, entertainment, and gambling organizations in the world.

The property, which spans many lots and once housed the Miami Herald’s headquarters, is zoned RTZ for mixed-use in Miami-Dade and is in the Metromover subzone (Rapid Transit Zone). The land has limitless buildable square footage, no setbacks, a height limited only by the FAA standards (649 feet), and a potential density of more than 8,000 units according to South Florida’s most benevolent zoning designation. The RTZ zoning offers builders a sizable, incredibly flexible building envelope as well as the chance to create a unique waterfront development on the site.

By comparison, Miami Worldcenter is 27 acres.

710 NE 29th Street-Major Food Group's New Tower in Edgewater

Major Food Group and Terra Development Partner on New Condo Tower in Edgewater-The Villa

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710 NE 29th Street-Major Food Group's New Tower in Edgewater

Major Food Group and Terra Development have announced their collaboration on a new waterfront development in Edgewater. Located at 710 NE 29th Street, The Villa, is planned to include 50 residential units.

In 2021, an application was filed with the Federal Aviation Administration for a 57 to 60 story tower at the proposed development site. The plan originally called for the demolition of two residential structures that are now located at 710 Northeast 29th Street and 530 Northeast 29th Street, just across from the Biscayne Beach Condominium.

Unknown who applied for the tower, but the lot’s existing zoning allows for a considerably taller multi-family building comparable to nearby new construction like Missoni Baia and Elysee Miami, all of which reach heights of 649 feet above sea level.

Harbor 29, a five-story condominium building with 15 units that was constructed in 1972 and is currently located at 710 Northeast 29th Street, occupies a plot of land that is around 12,600 square feet. The building occupies the entire corner of the ensemble and has the longest waterfront frontage.

On the other hand, 530 Northeast 29th Street, a 2-story residential structure with around 10 units on a 6,300-square-foot lot, was constructed in 1954. No recent sales of any units or property in general have been closed, according to Miami-Dade County’s Property Appraiser, so after receiving FAA approvals, the undisclosed developer will probably need to buy out the current owners to put together the assemblage, which should total close to 19,000 square feet.

Last year, Major Food Group was partnered with JDS Development for a supertall tower located in Brickell named 888 Brickell.