Terra and Lion Development Group Secure Midtown Development Site for $40 Million
June 30, 2023
Miami-based developers Terra, under the leadership of David Martin and Lion Development Group, helmed by Michael Simkins, have purchased a prime 1.6-acre property at 3501 NE 1st Avenue in Miami. The joint venture has ambitious plans for the site, envisioning the construction of an iconic luxury condominium tower. The tower, designed by renowned Miami-based architect Arquitectonica and international design studio Yabu Pushelberg, will be situated at the crossroads of Miami’s most sought-after neighborhoods, including the Design District, Midtown, Wynwood, and Miami Beach. The project secured $30 million in financing from Metropolitan Commercial Bank, covering the property acquisition costs and initial site development leading to the groundbreaking in 2024. The estimated completion date for the project is 2026.
David Martin, CEO of Terra, expressed excitement about the opportunity to develop a tower in the gateway to the vibrant Design District. This increasingly walkable neighborhood offers world-class shopping, dining, arts, and entertainment. The location provides residents with proximity to Miami Beach, making it an appealing choice for those seeking a vibrant and connected lifestyle.
Manuel Vidal, Florida Market Manager for Metropolitan Commercial Bank, highlighted the bank’s commitment to supporting best-in-class sponsors like Terra, who possess deep expertise and a proven track record in their respective fields. The bank recognized the opportunity to assist Terra in acquiring the last available undeveloped parcel in the Midtown Miami Planned Unit Development (PUD). Vidal expressed pride in adding David Martin and Terra to their roster of Florida sponsors.
Terra has an impressive portfolio of luxury developments across South Florida, including Five Park, a 48-story residential tower at the entrance of Miami Beach; the nearing completion of the two-tower Mr. C Residences Coconut Grove; THE WELL Bay Harbor Islands, a wellness-focused mixed-use property in Miami’s Bay Harbor Islands; and Villa Miami, a 55-story waterfront tower planned for Miami’s Edgewater neighborhood.
Under the leadership of Michael Simkins, Lion Development Group is recognized for its role in shaping South Florida’s landscape. Simkins is one of the visionaries behind the E11EVEN brand and holds extensive property holdings in Miami. Lion Development Group is currently involved in redeveloping various neighborhoods in the region, including projects such as E11EVEN Hotel & Residences, E11EVEN Residences Beyond, and West Eleventh Residences.
