MIAMI BEACH, FLA. — A partnership between local developer Terra, RG Development Group, GV Development and LORE Development has received a $507 million construction loan for 1250 West Avenue, a new residential tower that will be located in Miami Beach.
TYKO Capital provided the financing for the waterfront project, which will rise 28 stories along Biscayne Bay. The tower will offer 106 for-sale condos, including two penthouses, sales of which are expected to begin in 2027.
The development will feature ground-level and rooftop pools, as well as a spa and a padel court. The development will also include underground parking, ground-floor retail space and tropical landscaping themes integrated throughout the property.
Beyond the residential tower, the development team has proposed a series of public improvements designed to strengthen connections between the neighborhood and Biscayne Bay.
“Securing this financing from TYKO is an important milestone for 1250 West Avenue and reflects the strength of the project and our long-term conviction in Miami Beach,” says David Martin, CEO of Terra. “This is a rare opportunity to create an exceptional waterfront residential experience while making meaningful investments in the surrounding neighborhood and public realm.”
“Miami Beach continues to be one of the most supply-constrained luxury markets in the country, and opportunities to build on the bay at this scale are rare,” adds Adi Chugh, founder and CEO of TYKO Capital. “Terra has proven itself on prior transactions with TYKO, and the team assembled for 1250 West Avenue has the experience and local market knowledge to deliver.”
- Taylor Williams