Terra Group Has Big Plans In Downtown Miami With Smart City

 
Later this year Smart City, led by Terra Group, will close the most expensive development site in the history of Miami. For $1.2 Billion, they will acquire the old Miami Herald/Resorts World Miami site at 1431 North Bayshore Drive. The site boasts 800 linear feet of water frontage and 15.5 acres of developable land.

This is an interesting feat for all involved as the price works out to just under $1,800 per square foot. There was a time in the not-so-distant past when individual condos that were listed at $1,800 per foot were considered astronomically priced. Of course, those days are gone but this is still something for everyone to celebrate. This means that Terra and Smart City really have something monumental in the works.

Speaking of celebrations, Genting is likely having themselves a large party. They purchased the land a decade ago for $263 million, so are enjoying a profit of over $900 million.

It should also be noted that the (now) second most expensive land purchase in the history of Miami was just a year ago when Citadel purchased Tibor Hollo’s 2.5-acre site at 1201 Brickell Bay Drive for $363 million, or $145 million per acre.

These groups are clearly invested in the Magic City’s future. We are anxiously awaiting their plans!

About the site.

If you have ever attended Art Miami, you know this site. It is situated along the Biscayne Bay waterfront directly between Miami Beach and Miami International Airport. There are wide views, easy access to Miami Worldcenter and all of the attractions that the Miami Arts & Entertainment District and Edgewater offer. It is adjacent to the Adrienne Arscht Center for the Performing Arts and will have plenty of access to the Miami Metromover to easily cruise to Brickell and the Miami Riverfront.

“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.” said David Martin, CEO of Terra Group.

What are the plans though?

It’s impossible to say at this point. We assume it will be some sort of luxurious live-work-play area on the waterfront, but no clear word yet. Certainly don’t quote us on it. It’s just an idea we had.

What we do know is that Martin said via a statement, “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.”

If you are interested in more information about this area and possible nearby investments, please contact Michael Light, Broker and Executive Director of Luxury Sales at Douglas Elliman. You may reach Michael directly at (786) 566-1700 or via email at michael@miamiluxuryhomes.com.

Photo credit: Avision Young