South Florida developer Terra has secured a $170 million construction loan from SCALE Lending, marking a significant step forward for its ambitious $1 billion Upland Park project. This mixed-use community, slated for West Miami-Dade County, is set to become the largest public-private transit-oriented development in the county’s history, aiming to revitalize transit access and create a vibrant new neighborhood.
Key Takeaways
- Terra has received a $170 million construction loan from SCALE Lending for the first phase of Upland Park.
- The $1 billion Upland Park project will feature over 2,000 residential units and substantial retail and commercial space.
- The development is designed to be a major transit-oriented hub, enhancing public transportation in Miami-Dade County.
Upland Park Project Details
Upland Park, a sprawling 47-acre development, is strategically located across from the Dolphin Park-and-Ride/Transit Terminal in West Miami-Dade County. Upon completion, the project is expected to deliver more than 2,000 residential units, including mid-rise and garden-style apartments. The initial phase, which will commence construction in early 2025 with a formal groundbreaking ceremony, will introduce 578 apartments.
Beyond residential offerings, Upland Park will encompass approximately 282,000 square feet of retail space and 414,000 square feet of commercial space. The development is designed to be a cornerstone of Miami-Dade County’s SMART public transportation plan, specifically anchoring the new East-West Corridor. Its design emphasizes multimodal transportation options, providing commuters with a viable alternative to driving to major employment centers such as Miami International Airport, the Health District, Downtown Miami, and the Brickell financial district.
Public-Private Partnership and Development History
Terra, a prominent South Florida developer known for its extensive portfolio, was selected by the county in 2021 to develop the government-owned site. The firm entered into a lease agreement for the land and previously secured a $35 million pre-construction loan in December 2022. A crucial utilities deal with the county was finalized in the summer of 2023, ensuring water and sewer services for the site.
The project is anticipated to generate thousands of jobs and contribute significantly to the county’s revenue through new rent and tax income.
Design and Terra’s Development Portfolio
The architectural vision for Upland Park is a collaborative effort, with PPK Architects leading the design in conjunction with master plan architect Arquitectonica and urban planner Plusurbia Design.
Terra, under the leadership of CEO David Martin, boasts a real estate portfolio valued at over $8 billion and has developed more than 5 million square feet of projects since its inception in 2001. The firm’s recent and ongoing developments include CentroCity, a large mixed-use project with up to 1,200 apartments; Grove Central, a completed transit-oriented development in Coconut Grove; and Pines Garden at City Center in Pembroke Pines. Terra also recently refinanced Natura Gardens, a 460-unit multifamily community, and broke ground on THE WELL Bay Harbor Island, a luxury condominium and office development.
SCALE Lending’s Momentum
The $170 million loan for Upland Park is part of SCALE Lending’s impressive year, with the firm announcing over $1 billion in closings. Other recent multifamily financings by SCALE Lending include a $135 million loan for a Bronx development, a $75 million bridge loan for a property in Little Ferry, New Jersey, and significant loans totaling $243 million in Jersey City, New Jersey.