What could Terra Group want with Miami Beach-owned property in Surfside?
The City of Miami Beach could approve the request by Terra Group—under the LLC 8701 Collins Development—to buy the site at 226 87th Terrace, sandwiched between Collins and Harding avenues and just across the street from the developer's planned luxury condo tower on North Beach. Documents with the city do no indicate the reason for Terra's interest.
Terra's David Martin made the request, according to city documents, and Miami Beach's finance committee is scheduled to discuss the prospect this week.
Terra, along with JV partners Bizzi & Partners Development and Miami-based Vector Group, is underway after receiving a $91M construction loan earlier this year on Eighty Seven Park (here), a 64-unit luxury condo tower on Collins Avenue at the site of the former Dezerland Howard Johnson hotel. Calls to Terra were not returned by press time.
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