REBusinessOnline

Terra Buys Land in South Florida for $52M, Plans to Build Nearly 1,400 Multifamily Units

Each subdivision will be centered around a communal clubhouse with pools, resident amenities and fitness centers, while a network of greenspaces will create outdoor recreation areas.

HIALEAH, FLA. — Terra plans to break ground early next year on 1,369 multifamily units across three master-planned subdivisions in Hialeah, about 20 miles northwest of downtown Miami. Prologis sold the land to Terra for $52 million. The 70-acre development site is situated along NW 170th Street near the border of Miami-Dade and Broward counties. The project will include a series of garden-style apartment buildings with each subdivision centered around a communal clubhouse with pools, resident amenities and fitness centers, while a network of green spaces will create outdoor recreation areas. Pascual, Perez, Kiliddjian Architecture (PPK) is designing the development’s master plan. Brian Smith of JLL represented Prologis in the land transaction. Jason Shapiro and Sean Harrington of Aztec Group arranged a $43 million acquisition loan through Synovus on behalf of Terra.

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