Terra Secures $245M Financing for Upland Park Phase One

• Terra has secured $245 million in permanent financing from Slate Property Group for the first phase of Upland Park at 1455 NW 121st Ave., Miami, Florida.
• The newly completed phase includes 578 multifamily apartments and is already more than 60% leased less than 90 days after opening.
• The broader Upland Park development spans 47 acres and is planned as a $1 billion transit-oriented mixed-use community in West Miami-Dade.
• Terra expects to begin construction on the project's second residential phase later this year, adding another 484 apartments.

What Upland Park Brings to West Miami-Dade

Terra has secured $245 million in permanent financing for the first phase of Upland Park, a large-scale transit-oriented development taking shape next to the Dolphin Station Park & Ride Transit Terminal in West Miami-Dade. Located at 1455 NW 121st Ave., the 47-acre project is planned to combine multifamily housing with retail and commercial uses around a major transportation hub. The site is also positioned along Miami-Dade County's planned East-West Corridor, part of the county's SMART Program to expand Bus Rapid Transit connections. The first phase is now complete, giving the larger development its first major residential component.

 

 

 

 

 

What The First Phase Offers Renters

The completed community includes 578 apartments with studio, one-, two- and three-bedroom floor plans, along with select den layouts. Residences range from approximately 700 to 1,528 square feet, with monthly rents starting in the $2,000s. The strong leasing pace has put the community more than 60% leased in less than 90 days since opening earlier this summer. Apartment interiors include Italian cabinetry, quartz countertops, stainless steel appliances, luxury vinyl tile flooring, roller shades and in-unit washers and dryers. Primary bedrooms feature spacious walk-in closets. The early leasing performance gives Terra a strong start as it prepares to expand the residential component of Upland Park.

 

 

 

 

What Amenities Residents Can Expect

Upland Park is designed to offer residents a broad selection of recreational and outdoor amenities. The community includes a resort-style lap pool and separate children's pool, along with a clubhouse, pickleball courts, outdoor grilling and gathering areas, and a playground. Residents will also have access to a dog park, game lawn and landscaped green spaces overlooking the community lake. Bike racks and electric vehicle charging stations reinforce the project's transit-oriented approach. The amenity package is designed to make the development function as a neighborhood rather than simply a collection of apartment buildings.

 

 

 

 

What The Financing Means for Terra

The $245 million permanent financing package from Slate Property Group comes after completion of the first residential phase, providing long-term financing for the newly delivered community. Terra CEO David Martin said the financing represents an important milestone for the project and pointed to the early leasing activity as evidence of demand.

“Upland Park reflects our long-term vision for creating communities that bring housing, transportation and everyday conveniences together in a thoughtful way,” Martin said.

He added that the project's rapid leasing progress shows that “we are seeing that promise realized as residents make Upland Park their home.”

 

 

 

 

What Comes Next for Upland Park

The first phase is only the beginning of the larger development. Terra expects to start construction on a second residential phase later this year, adding another 484 multifamily apartments. Future phases are planned to include additional mid-rise and garden-style residential buildings, as well as retail and commercial space. The project's master planning and architecture team includes PPK Architects, Arquitectonica and Plusurbia Design. PPK Architects is designing the residential buildings in collaboration with Arquitectonica as master plan architect and Plusurbia Design as urban planner.

 

 

 

 

What The Transit Location Means for Residents

Upland Park's location next to the Dolphin Station Park & Ride Transit Terminal is central to the project's identity. The development has access to express bus service along SR 836 and is positioned along the planned East-West Corridor. Residents are also within reach of Downtown Doral, Florida International University and Miami International Airport. For drivers, the property provides convenient connections to the Florida's Turnpike and State Road 836, making it easier to reach destinations throughout Miami-Dade.

 

 

What Upland Park Means for South Florida Development

The project reflects Terra's broader strategy of combining housing with transportation and neighborhood-serving amenities. The Miami-based developer has previously delivered projects including Grove Central, a mixed-use transit-oriented development near the Metrorail in Coconut Grove, as well as Natura Gardens and Centro City. With Upland Park ultimately planned as a $1 billion, 47-acre development, the project is positioned to become a significant new residential and commercial hub in West Miami-Dade.