New Owner Wraps Up Delayed Construction of Miami Beach Condo Project
- Sep 09, 2010
By Barbra Murray, Contributing Writer
Miami–It has been six years since work got underway on Terra Beachside 6000 in Miami Beach, Fla., but just nine months after new Miami-based developer BH III LLC (BH3) took over the reigns, construction of the 164-unit upscale condominium property has reached completion.
Located just a stone’s throw from the ocean at 60th Street and Collins Avenue along Millionaire’s Row, Terra Beachside is a six-story development with residential offerings ranging from 1,095-square-foot one-bedroom units to 3,495-square-foot three-bedroom units with private rooftop terraces. The luxury property also features a lengthy list of coveted amenities, including a three-story lifestyle center encompassing a lap pool, fitness center and media room, as well as an underground parking facility.
New ownership has translated into a new life for Terra Beachside. After riding high for quite some time, the condo market took a plunge along with the collapse of the single-family housing market, and the onset of the credit crunch was the death knell. Terra Beachside’s original developer, South Miami-based Sieger Suarez Architectural Partnership Inc.’s BSG Development Corp., fell victim to the financial crisis and construction of the condo project came to a standstill. BH3 acquired the foreclosed-upon property from Regions Bank in November 2009 and resurrected construction earlier this year, and the rest, as they say, is history.
Now, with the City of Miami having granted Terra Beachside a Temporary Certificate of Occupancy, closings are set to begin shortly. Pordes Residential is spearheading marketing and sales, and within the last six months, has managed to sell over 60 percent of the residences; units are being marketed for as low as the high $200,000s to over $600,000. The brisk sales activity is reflective of the current changes in the Miami condo market. From July 2009 to July 2010, condo sales in the city increased 43 percent, according to statistics reported by the National Association of Realtors and Florida Realtors.