Miami-Based developer Terra says a project to transform a Coconut Grove parking garage into an office/retail complex is expected to break ground in August after the developer secured a $32 million construction loan from BB&T Bank.
The developer says the mixed-use Mary Street project will be the district’s first newly built Class A office building since 1989, and will have 78,000 sq. ft. of office space and 18,000 sq. ft. of retail, as well as parking.
The mixed-use office complex is the latest example of ‘adaptive reuse’ infill development in Miami. Construction will be completed in late 2018. The news release announcing the project did not specify the general contractor or overall project building permit value. Touzert Studio is the designer and Terra says it is partnering with Mayfair Real Estate Advisors.
“Our ability to secure favorable construction financing for Mary Street speaks to the promising office market dynamics in Coconut Grove, the project’s superior location, and the surge of interest we’ve received among prospective tenants within months of unveiling our plans,” David Martin, president and co-founder of Terra, said in a statement.
Mary Street joins a growing list of retail and mixed-use projects planned or under development by affiliates of Terra, the developer says. Other examples include Pines City Center, a 300,000 sq. ft. lifestyle-oriented retail center in Pembroke Pines; a 130,000 sq. ft. retail complex at 16000 Pines Market in Broward County; and Doral Commons, a 140,000 sq. ft. retail shopping center in Doral.
*Originally posted on www.floridaconstructionnews.com