Florida Construction News staff writer
Terra Group has secured $230 million in financing for the CentroCity project in Miami and launched construction on the project that will include:
- 1,200 apartments
- 250,000 sq. ft. Class A commercial office building
- Revamp of a shopping center with 300,000 sq. ft. of lifestyle-oriented retail
- 3,145 parking spaces
CentroCity will redevelop Central Shopping Plaza across from the Magic City Casino. Arquitectonica is the architect of the apartment area, and RSP Architects is designing the shopping center upgrade.
The first phase now under construction will include 470 apartments, and renovation and new construction of retail space.
Terra will construct a three-building, 470-unit apartment complex with 50,000 square feet of commercial and retail space. In addition, the current strip mall redevelopment will add 350,000 square feet of retail and dining space
Target has signed a lease for a 77,000-sq. ft. store in the complex.