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BB&T Loan Lets Terra Go Spec On Mary Street Office

Terra Mayfair
Renderings of the planned Mary Street development

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.

David Martin Terra Group
Terra Group President David Martin

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.