Miami residents will be able to rent, work, run to Target and possibly even go to school in the new 38-acre CentroCity being planned south of the Miami International Airport.
Coconut Grove-based developer Terra Group will start construction on CentroCity during the third quarter 2021, according to CEO David Martin. CentroCity will replace the existing Central Shopping Plaza and stretch from Northwest 37th Avenue west to Northwest 39th Avenue and from Northwest 11th Street south to Northwest Seventh Street, near the existing Magic City Casino and planned Inter Miami soccer stadium.
“The access to this site is a plus and the ability to create a true mixed-use village is definitely a place where people will want to be,” said Martin. “It’s going to create a catalyst for investment.”
CentroCity plans call for 1,200 rental units, an office building, 300,000 square feet of retail and restaurant space anchored by a 77,000-square-foot Target — about 30% larger than a typical Target — that will open by 2022. Terra is exploring options to add a public, private or charter school for kindergarten through fifth or eighth grade.
Apartments will rent from about $1,200 per month for a 500-square-foot studio to about $2,800 per month for a 1,400-square-foot, three-bedroom unit. The first phase of construction, slated to start this summer, includes three 8-story multifamily buildings that house 460 rentals.
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“Rents that we are seeing in the financial district, Coconut Grove or Coral Gables have crept up,” Martin said. “What that allows us to do is build a case for office in a neighborhood where rents are much more competitive.”
Terra bought the land for $29 million in January from Hayday Inc., an entity managed by the owners of Magic City Casino.
Terra’s initial plans call for seven buildings on half the land, allowing room for future development beyond 2029, Martin said.
Terra has yet to sign financing for construction.
For the Martin family, the location comes with a personal connection. Pedro Martin, David’s father and Terra co-founder, worked as a stock boy at a Zayre — a now-closed discount chain store — once located on the property.
“We have been looking for opportunities in some of these mature neighborhoods where we can be a catalyst for positive things to happen to a neighborhood,” Martin said. “It is going to create more job opportunities and create an opportunity for multi-generational living.”
Terra has hired Miami-based Arquitectonica to design the residential buildings, RSP Architects for the commercial components and ArquitectonicaGEO to design landscaping.