News

Know about market updates

Terra Group wins site plan approval for Pines Market in Pembroke Pines

Terra Group wins site plan approval for Pines Market in Pembroke Pines
Terra plans to close on its purchase of the property in early 2017, with opening set for late 2018
October 31, 2016 09:45AMBy Hortense Leon

Rendering of Pines Market and David Martin

Terra Group received site plan approval for the first 10-acre portion of its planned mixed-use project in Pembroke Pines — a retail development to house three national tenants in 135,000 square feet, plus 20,000 square feet of restaurants — to be called Pines Market.
The development is slated for 16000 Pines Boulevard, a site currently occupied by a post office and a postal distribution center.
The Pembroke Pines Planning and Zoning/Architectural Review Board approved the site plan at a meeting late Thursday.
“The approval of Terra’s phase one site plan for a mixed-use development [in Pembroke Pines] opens the door to up to 135,000 square feet of new retail development that will welcome three best-in-class national tenants and 20,000 square feet of restaurant space,” Terra President David Martin said in a statement.
He said Terra expects to close on the purchase of the property in the first quarter of 2017, with an opening set for late 2018.
Renderings of homes for second phase

A second phase of more than 120 single family homes is also planned, he said.
In January, the Terra Group signed a contract with the city of Pembroke Pines to buy the 27.4-acre development site for $23.5 million. The city purchased the site from the US Postal Service roughly a year ago for $17.8 million.  
Terra Group said it will buy the site in two phases: it will first pay $9.2 million for the 10-acre portion that is slated for commercial development. Later, Terra will buy the larger site, on which it will build homes, for $14.3 million.


Source: The Real Deal

Leave a Reply

Your email address will not be published. Required fields are marked *