A Terra Group-led joint venture has secured $507 million in construction financing for 1250 W. Ave., a planned luxury condominium tower on Miami Beach’s Biscayne Bay waterfront. The 28-story project is expected to replace an older condo building with 106 large residences, extensive amenities and improvements intended to expand public access along the waterfront. Sales are expected to launch in 2027.
Key takeaways
- TYKO Capital originated the $507 million construction loan.
- The 330-foot tower is planned to include 106 residences averaging 3,500 square feet.
- Terra Group’s partners are RG Development Group, GV Development and LORE Development.
- Plans include two penthouses with private rooftop-level pools and upgrades to the Baywalk.
Financing and development team
The loan supports construction of 1250 W. Ave., a high-end condominium development in Miami Beach’s West Avenue neighborhood. Terra Group is leading the joint venture with RG Development Group, GV Development and LORE Development. ODP Architecture and Design is the architect of record.
The project received city approvals in May 2026, according to the source report, after which JDS Development exited the team. The development is planned for a site occupied by a 15-story condominium building completed in 1964. The joint venture expects to begin sales in 2027.
Residences and amenities
The 28-story building will rise 330 feet and offer panoramic views of Biscayne Bay and the Miami skyline. Its 106 homes will average about 3,500 square feet and are planned with indoor and outdoor living areas. Two penthouses are slated to have private swimming pools on the rooftop level.
Planned amenities include a spa, wellness areas, a private lounge, an on-site juice bar and cafe, a padel court and tropical landscaping. Plans also call for 2,685 square feet of ground-floor commercial space. The project’s location places it near parks, shops, restaurants and entertainment in the South Beach area; downtown Miami is about five miles away.
Waterfront setting and public access
The development is planned along Biscayne Bay in a residential part of Miami Beach. Under an overlay zoning agreement approved by the city, Terra Group will also make improvements to the Baywalk section associated with the project. The work is intended to improve public access and connections to Miami Beach’s western waterfront.
Terra Group’s South Florida pipeline
The financing adds to Terra Group’s activity across the Miami area. The developer completed Five Park, a 48-story residential tower in South Beach, in 2024. In western Miami-Dade, it is advancing Upland Park, a planned $1 billion mixed-use, transit-oriented development with residential, retail and commercial space and a 126-room hotel. A 578-unit multifamily project is planned as the first phase there.