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Terra Group is going forward with Coconut Grove's first new office building since 1989 without a tenant in tow.
With the help of a $32M BB&T Bank construction loan, Terra is breaking ground next month on Mary Street, a 78K SF office project that will also include 18K SF of retail in a retrofitted parking deck.
In a joint venture with Mayfair Real Estate Advisors, Mary Street is the latest development by Terra in the area. Affiliates of the Miami-based developer also are developing Grove at Grand Bay condominium, which delivered and sold out last year, and Park Grove, a three-tower luxury residential project.
Terra paid $16M for the 402-space garage at 2860 Oak Ave. last year from the Miami Parking Authority, according to The Real Deal. Terra President David Martin said in a statement the firm has seen a “surge of interest” among potential tenants since announcing the project.
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