Terra and Partners Secure $507M Loan for 106-Unit Miami Beach Condo

• Terra Group and partners secured a $507 million construction loan from TYKO Capital for 1250 West Avenue in Miami Beach.
• The planned 28-story waterfront tower will feature 106 luxury residences, averaging approximately 3,500 square feet, with sales expected to launch in 2027.
• The project will replace a 238-unit condominium built in 1964 and include public waterfront improvements and a new park across the street.

What Terra Is Building In Miami Beach

Terra Group, alongside RG Development Group, GV Development and LORE Development, secured a $507 million construction loan for 1250 West Avenue, a luxury condominium planned along Biscayne Bay in Miami Beach.

The 28-story tower will rise approximately 330 feet in the West Avenue neighborhood, offering waterfront views and access to South Beach, neighborhood retail and nearby parks. Sales are expected to launch in 2027. 

What The $507 Million Loan Funds

TYKO Capital originated the construction financing, giving the development partnership funding to advance the project before its planned sales launch.

The tower will feature 106 residences averaging roughly 3,500 square feet, including two penthouses with private rooftop swimming pools. ODP Architecture and Design is serving as architect of record.

Planned amenities include pools, a spa, wellness facilities, a private lounge, a juice bar and cafe, a padel court, tropical landscaping and ground-floor commercial space.

What Is Replacing The Existing Condominium

The development will replace Bay Garden Manor, a 15-story, 238-unit condominium completed in 1964.

The site and neighboring Bikini Hostel property were acquired for approximately $120 million in September 2025. JDS Development Group was involved in the earlier development partnership but subsequently exited, leaving Terra and its current partners advancing the project.

The redevelopment represents a major shift in the property's density, replacing hundreds of existing condominium units with a smaller collection of larger luxury residences.

What The Project Adds To The Neighborhood

The development includes public-benefit commitments tied to Miami Beach's approved zoning agreement.

The partnership is responsible for improvements to portions of the Baywalk, intended to expand pedestrian access and connectivity along the waterfront. The neighboring hostel property is also slated for redevelopment into a public park.

These commitments helped support approval of the taller tower and form part of the project's broader neighborhood plan. 

What The Deal Signals For South Florida Developers

Terra's latest financing adds to its South Florida development pipeline, which includes Five Park, a 48-story luxury condominium in Miami Beach, and Upland Park, a large mixed-use project in western Miami-Dade County.

For investors, the $507 million loan highlights the capital available for large-scale luxury residential projects backed by experienced developers and waterfront locations.

The next milestone is the planned 2027 sales launch. Buyer demand and presales will help determine how quickly the project advances toward construction and delivery.