Terra JV Advances Miami Beach Condo With $507M Loan
The project is replacing a 15-story property built in the 1960s.
A partnership led by Terra Group has received a $507 million construction loan for the development of 1250 W. Ave., a luxury waterfront condominium project in Miami Beach, Fla. TYKO Capital originated the note.
The joint venture includes RG Development Group, GV Development and LORE Development. The team expects to launch sales in 2027.
The 28-story condo tower is set to rise 330 feet. ODP Architecture and Design serves as architect of record.
The project is replacing an existing 15-story condo building with 238 units, completed in 1964. In September 2025, JDS Development paid $120 million for that site and the nearby Bikini Hostel. At the time, JDS partnered with Terra Group for a future condo redevelopment, while Northwind Group financed that acquisition with a $98 million loan.
Terra Group received city approvals in May 2026, while JDS exited the team, according to The Real Deal.
READ ALSO: The New Supertalls on the Skyline
Taking shape in the West Avenue neighborhood, the condo tower will be in a residential area with bayfront location, multiple parks and a mix of retail, dining and entertainment options. The project will rise along Biscayne Bay and close to the South Beach neighborhood. Downtown Miami is some 5 miles away, while its international airport is 10 miles west.
The property will include 106 residences with an average size of 3,500 square feet and will feature indoor and outdoor living spaces, two penthouses with private rooftop-level swimming pools and a dedicated amenity space.
Planned amenities will comprise a spa center, a 2,685-square-foot commercial space at ground-floor level, wellness spaces, a private lounge, an on-site juice bar and cafe, a padel court and tropical landscaping.
As part of the city-approved overlay zoning agreement, Terra Group will also add improvements to the Baywalk portion affiliated with the development, aiming to expand public access and connectivity to the western waterfront of Miami Beach.
A diverse, South Florida-focused pipeline
Terra Group is one of the biggest multifamily developers in the Miami metro area, with a portfolio comprising condominium, commercial and rental assets. Notable properties include Five Park, a 48-story luxury multifamily tower completed in 2024, built with the aid of a $345 million construction loan. Five Park rises 519 feet in the city’s South Beach neighborhood and is considered to be the tallest residential building in Miami Beach.
In the western Miami-Dade area, the developer is working on Upland Park, a $1 billion mixed-use, transit-oriented project. Recently, Terra received a $245 million for a 578-unit multifamily component representing the first phase of that development. The result of a public-private partnership, Upland Park will feature residences, retail and commercial space, as well as a 126-key hotel.
