A development partnership led by Terra has secured a $507 million construction loan from TYKO Capital for 1250 West Avenue, a planned luxury condominium on Miami Beach’s Biscayne Bay waterfront. The financing marks a major step toward construction of the 28-story, 106-residence project, with sales expected to begin in 2027.
Key takeaways
- Terra, RG Development Group, GV Development and LORE Development secured the loan from TYKO Capital.
- The proposed tower will include 106 residences, pools, spa facilities, a padel court and ground-floor retail.
- The project team has proposed Baywalk improvements intended to strengthen public access to the waterfront.
- Condominium sales are expected to launch in 2027.
The loan provides construction financing for the project at 1250 West Avenue. The development team has described the plan as a low-density residential offering, emphasizing large homes, indoor-outdoor living and views of Biscayne Bay and the Miami skyline.
Project plans and amenities
The 28-story building is planned to include ground-level and rooftop swimming pools, a spa and a padel court. Two penthouses will sit atop the tower, each with a private rooftop pool and dedicated amenity space. Plans also call for underground parking, ground-floor retail and tropical landscaping across the property.
The development team has proposed improvements beyond the building itself, including enhancements to the Baywalk. The stated aim is to improve neighborhood connections and expand public access along Miami Beach’s western waterfront.
Financing and market outlook
Terra CEO David Martin called the financing an important milestone and said the partnership intends to contribute to the surrounding neighborhood and public realm. TYKO Capital founder and CEO Adi Chugh pointed to Miami Beach’s limited supply of luxury housing and the rarity of development opportunities on the bay at this scale.
The project follows the Miami Beach Design Review Board’s approval of a proposal for a 106-unit tower in May 2026. Sales are anticipated to begin in 2027; the announcement did not provide a construction completion date.
Terra’s South Florida portfolio
Terra has developed and is pursuing projects across South Florida. Its recent work includes Five Park, a 48-story condominium tower in Miami Beach. The company is also developing the 800-room Grand Hyatt Miami Beach near the Miami Beach Convention Center. Other active residential projects cited by the firm include Villa Miami, Jean-Georges Miami Tropic Residences, THE WELL Coconut Grove and Mr. C Hotel & Residences West Palm Beach.