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<\/p>\nTerra, in partnership with RG Development Group, GV Development, and LORE Development, has secured a $507 million construction loan from TYKO Capital for a planned 28-story waterfront condominium development at 1250 West Avenue in Miami Beach. The project will rise along the western shoreline of Miami Beach, overlooking Biscayne Bay, and will contain 106 residential units. The financing comes as the development team prepares to advance construction, with sales expected to begin in 2027.<\/p>\n
The proposed tower will feature residences oriented toward views of Biscayne Bay and the Miami skyline, with an emphasis on indoor and outdoor living spaces. The development will also incorporate ground-floor retail space, underground parking, and tropical landscaping throughout the property.<\/p>\n
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1250 West Avenue (c) Terra<\/p>\n
\u201cSecuring 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,\u201d said David Martin, CEO of Terra. \u201cThis is a rare opportunity to create an exceptional waterfront residential experience while making meaningful investments in the surrounding neighborhood and public realm. We look forward to advancing our plans with our partners and bringing this vision to life.\u201d<\/p>\n
Residential amenities will include swimming pools at the ground level and rooftop, a spa, and a padel court. Two penthouse residences will occupy the uppermost portion of the building, each featuring a private rooftop pool and dedicated amenity space.<\/p>\n
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1250 West Avenue (c) Terra<\/p>\n
\u201cMiami 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,\u201d said Adi Chugh, Founder and CEO of TYKO Capital. \u201cTerra 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. This is the type of project and sponsorship we look to back as we deepen our presence in South Florida.\u201d<\/p>\n
In addition to the residential component, the development team has proposed improvements to the surrounding public realm, including enhancements to the Baywalk intended to expand public waterfront access and improve pedestrian connectivity along the western shoreline of Miami Beach.<\/p>\n
The development adds to Terra\u2019s portfolio of residential and hospitality projects across South Florida. The firm recently completed Five Park, a 48-story condominium tower at the entrance to South Beach, and is developing the 800-room Grand Hyatt Miami Beach, currently under construction adjacent to the Miami Beach Convention Center.<\/p>\n
Terra\u2019s other active residential developments include Villa Miami in Edgewater, Jean-Georges Miami Tropic Residences near the Miami Design District, THE WELL Coconut Grove, and Mr. C Hotel & Residences West Palm Beach.<\/p>\n
Sales for 1250 West Avenue are expected to launch in 2027.<\/p>\n
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