Terra Group has commenced construction and obtained $230M in construction financing for the first phase of their CentroCity project in Miami, according to multiple reports.
CentroCity is proposed to include:
- 1,200 apartments
- 250,000 square foot Class A commercial office building
- Revamp of a shopping center with 300,000 square feet of lifestyle-oriented retail
- 3,145 parking spaces
CentroCity will be built by redeveloping the Central Shopping Plaza across from the Magic City Casino.
The first phase now under construction will include 470 apartments, and renovation and new construction of retail space.
Target has signed a lease for a 77,000-square-foot store in the complex.
Arquitectonica is the architect of the apartment area, with RSP Architects overseeing the shopping center upgrade.