Terra’s David Martin with Upland Park (Terra, Getty)
David Martin’s Terra scored a $35.3 million pre-construction loan for its Upland Park mixed-use project on Miami-Dade County-owned land near Dolphin Mall.
The financing for site preparation work sets the stage for the start of the transit-oriented development at the Dolphin Station Park & Ride at 11897 Northwest 12th Street in Sweetwater. The property is at the intersection of the Dolphin Expressway and the Ronald Reagan Turnpike.
An affiliate of Coral Gables-based private lender S&K provided the loan, according to records.
Terra plans to build out the entire 45-acre site, but will take the project in chunks. First on tap will be 900 apartments, 35,000 square feet of retail and 800 parking spaces, Martin said in an emailed statement. Construction on this phase is expected to start next year.
In total, Upland Park promises to bring much more to west Miami-Dade County, including 1,700 multifamily units, including workforce housing; 140,000 square feet of retail; 427,000 square feet of other commercial space; a 126-key hotel; offices; a charter school and improvements to the existing Dolphin Station, according to Terra’s website.
Last year, Miami-Dade County approved Terra’s contract to develop the publicly owned site after the firm won a county request for project proposals. In December, Terra and the county signed a lease for the site of Upland Park’s first phase.
Terra, based in Coconut Grove, is known for developing high-end condos, such as the pair of twisting Grove at Grand Bay buildings. It has continued to build in the Grove and other central areas, while also making a bet on west Miami-Dade.
This month, Terra and Shoma Group filed a proposal for a 375-unit garden-style community on the southwest corner of Northwest 87th Avenue and the Dolphin Expressway in Miami-Dade’s Fontainebleau neighborhood.
In Bay Harbor Islands, Terra plans a residential project with offices and retail at 1177 Kane Concourse, scoring a $141 million construction loan in January.
Suburban areas in west Miami-Dade also are experiencing some development, including multifamily projects, to meet the high demand for rentals. In Doral, Lincoln Property Company scored a $102.9 million construction loan in October to build apartments at 3450 Northwest 85th Court, the last vacant site at the Park Square at Doral mixed-use development.
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