A development team led
by South Florida’s Terra acquired the majority of a 1960’s
era condominium building at 1250 West Avenue on Biscayne Bay
and plans to replace it with a luxury condominium tower.
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The Manhattan-based
private equity firm Northwind Group provided a $98 million
first-mortgage loan to Terra and its partners, Terra and its
partners, JDS Development Group, Rafi Gibly and Gianluca
Vacchi.
The developers have acquired more than 95% of the 238
condominiums in the existing building, which allows them to
dissolve the condominium association and proceed with
demolition. The team has also secured construction permits
for a 330-foot-tall building with an expected 100
residential units.
“Our team’s forward-looking vision for 1250 West Avenue will
showcase the strengths of the neighborhood through the
beauty of Biscayne Bay, investments in resiliency
improvements, completion of the long awaited baywalk and
enhanced public space that the surrounding neighborhood will
enjoy,” said Terra CEO David Martin in a press release.
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“This project will be part of a
transformation of an area in Miami Beach yearning for a
resilient neighborhood grounded by its residents and
upgrades in services, and our team will deliver with that
exact approach.”
