The WPJ
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Miami Developer Plans Expansion
Miami-based developer Terra Group is working on plans for its first project in Florida's Broward County, the group's co-founder told WPC News.
Since 2001 the group has focused on neighborhoods throughout the Miami area with completed and ongoing projects in the areas of Doral, Coconut Grove, Miami's design district and Miami Beach.
The new project in the city of Sunrise will be mixed-used, co-founder David Martin said. Mr. Martin declined to comment further.
"We're looking at opportunities in horizontal [buildings], single-family [homes], gated communities in Broward right now," Mr. Martin said. "We just like to adopt a real estate strategy depending on the neighborhood and that for us can mean a lot of different things."
Family-run Terra Group has projects ranging from residential, to commercial and retail. Current projects under development include Atlantic 15, a 15-residence gated community project in Sunny Isles; Modern Doral, a 300-residence gated community in Doral; and Grove at Grand Bay, a high-rise luxury condominium project in Coconut Grove designed by Bjarke Ingels. Construction started two months ago on Grove at Grand Bay. (Mr. Ingels was one of the contenders in the controversial plans to redesign the area around the Miami Beach Convention Center.)
The company is also working on a grocery-anchored retail center in the city of Doral.
Similar to other developers, Terra Group is more careful in choosing projects than they were pre-crash, Mr. Martin said. The company takes a different approach for projects, designing some projects for locals and U.S. buyers, rather than focusing exclusively on the international buyers who dominate many Miami projects.
"Our company adopted a different philosophy," Mr. Martin told WPC News. "We really tried to understand what are the neighborhoods where there is greater quality of life and where we could really find users for our projects and buyers that are really going to make these their home."
For now, the company doesn't have plans to expand beyond South Florida, Mr. Martin said.
"We like the diversity [in projects] but we like to focus in South Florida; we're not developing in South America or other parts of the [U.S.]," Mr. Martin said. "We have a view that there's great opportunity in Dade county and Broward...there's a certain niche that we can create."
The company is also working on a grocery-anchored retail center in the city of Doral.
Similar to other developers, Terra Group is more careful in choosing projects than they were pre-crash, Mr. Martin said. The company takes a different approach for projects, designing some projects for locals and U.S. buyers, rather than focusing exclusively on the international buyers who dominate many Miami projects.
"Our company adopted a different philosophy," Mr. Martin told WPC News. "We really tried to understand what are the neighborhoods where there is greater quality of life and where we could really find users for our projects and buyers that are really going to make these their home."
For now, the company doesn't have plans to expand beyond South Florida, Mr. Martin said.
"We like the diversity [in projects] but we like to focus in South Florida; we're not developing in South America or other parts of the [U.S.]," Mr. Martin said. "We have a view that there's great opportunity in Dade county and Broward...there's a certain niche that we can create."
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