Terra Group to Build Miami Mixed-Use
Completion is expected in late 2024.
Terra Group is planning to bring 98,420 square feet of office space to metro Miami, with the development of The Offices at THE WELL. Construction is slated to start this quarter, with completion expected in late 2024.
The project is part of THE WELL Bay Harbor Islands in Bay Harbor Islands, Fla., a mixed-use development which will include the class A office space, 54 luxury residences, 11,000 square feet of retail space and 6,500 square feet of food and beverage space. According to CommercialEdge data, the development received a $141.8 million construction loan. Mack Real Estate Strategies is the lender, as reported by The Real Deal. Terra Group acquired the development site in June 2022 for $31.5 million, the same news outlet reveals.
The development is located at 1177 Kane Concourse. The site is near Route 1, which provides direct access to downtown Miami. There are several dining options, hotels and retail centers nearby.
Workspace and wellness in South Florida
CEO of Terra Group David Martin said in prepared remarks that The Offices at THE WELL will incorporate wellness into workplace, offering its tenants exclusive benefits. Blanca Commercial Real Estate will lease the office spaces.
The project is designed by Arquitectonica, while Meyers Davis is working on interiors. The Offices at THE WELL will comprise four floors and will offer a rooftop amenity deck and lounge areas. The building will also feature controlled access, security, office valet and parking spaces. Tenants at the Offices will have access to the building’s outdoor meeting areas, community gardens and greenhouse-style work pods.
Arquitectonica is designing another high-profile mixed-use development in the Miami metro area. The project will feature new Class A office space, luxury housing and ground-floor retail.
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