An iconic, luxury condominium tower will soon begin construction in Midtown Miami, developers announced today.
Miami-based Terra, in partnership with Lion Development Group said in a press release that they closed on the purchase the 1.6-acre Midtown Gateway site for $40 million.
The partnership obtained $30 million in financing from Metropolitan Commercial Bank, which will provide for the acquisition of the property and fund initial site development.
Groundbreaking on the new tower is planned in 2024, with completion estimated in 2026.
“Terra has long been committed to promoting design excellence and connectivity, so the opportunity to develop a tower at the gateway to the Design District, which has come alive as one of South Florida’s most walkable neighborhoods, is appealing,” said David Martin, CEO of Terra.
“This tower will cater to residents who want to live steps away from world-class shopping, dining, and arts and entertainment – and minutes away from Miami Beach,” Martin said.
Miami commissioners voted in 2021 on a proposal to increase the height limit allowed on the site.
Arquitectonica is designing the new tower, with interior design by Yabu Pushelberg.
Previously: Developer In Contract At Midtown Miami
(image: Terra)