Terra And Lion Development Group Acquire Development Site In Miami For $40M

Terra and Lion Development Group have purchased a vacant property in Midtown Miami for $40 million. The property is located at 3501 Northeast First Avenue and spans 1.6 acres. The sale was completed on June 26, 2023.

Summary of transaction details

• Property Type: Development Site
• Transaction Amount: $40,000,000
• Address: 3501 Northeast First Avenue
• Market: Miami
• Acres: 1.6

The buyer of the property is Terra, represented by David Martin, and Lion Development Group, represented by Michael Simkins. The seller, Midtown Opportunities IB LLC, was represented by Rene Altamirano and Adriani Danos. The lender for the transaction was Metropolitan Community Bank.

Terra and Lion Development Group plan to collaborate with architects Arquitectonica and Yabu Pushelberg to build a condominium on the vacant property. Construction is scheduled to begin in 2024.