Terra, Partners Score $91M Loan For Eighty Seven Park
- Jan 15, 2016
Miami—Local development firm Terra Group and its partners closed on a $91 million construction loan for the development of Eighty Seven Park, a 70-unit luxury condominium tower along the ocean in Miami’s North Beach neighborhood, marking the first U.S. residential building designed by Pritzker Prize architect Renzo Piano. Construction on the project will begin in early 2016 and vertical development is expected to begin by the second quarter of 2016. Terra, Bizzi & Partners Development and New Valley LLC secured the construction financing from United Overseas Bank, prompting the beginning of initial site work.
Located at 8701 Collins Ave. in Miami Beach, Eighty Seven Park will be one of South Florida’s most exclusive residences, with the Atlantic Ocean on the east, a 35-acre public park to the south and a two-acre private park to the north. The development will also have two swimming pools and third infinity pool on the rooftop, which serves as a private penthouse suite. The development is also just a few minutes away from Bal Harbour and South Beach. According to Terra, sales have been strong since the news of the property became public, with domestic and international buyers securing pre-construction units.
Renzo Piano and his team at Renzo Piano Building Workshop will lead the design the property, joined by project architect Stantec and West 8, which will be in charge of the property’s landscapes, including the two-acre private park. Paris-based Rena Dumas (RDAI) will be responsible for the project’s interior and exterior living spaces.
“Our ability to secure favorable construction financing for Eighty Seven Park stems from the strength of the project’s development team, the uniqueness of its location, and the caliber of our design team led by one of the world’s best architects, Renzo Piano,” said David Martin, co-founder & president of Terra. “Our experience with Eighty Seven Park is an example of how project benefiting from premium locations and credible development teams are appealing to lenders and buyers alike.”
The development will feature premium amenities like around-the-clock concierge and butler service, an outdoor juice bar, a full-service salon for residents, and a full-time botanist who will assist residents with maintaining their private balcony gardens. Residences at Eighty Seven Park will have large outdoor living spaces with summer kitchens, which will equal about 70 percent of each unit’s interior space. Units will range in size from 1,400 to 7,000 square feet.
The development is due for completion in 2018 and the luxury apartments are expected to start at a minimum of $2 million.
Renderings courtesy of Terra Group