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Terra, one of South Florida’s most active residential and commercial development firms, is preparing to break ground on Upland Park, a $1 billion mixed-use community that will transform West Miami-Dade County’s Dolphin Park-and-Ride/Transit Terminal Facility into a 47-acre multimodal transit hub with residential, retail and commercial uses.
The development will be made possible by a $170 million construction loan, led by SCALE Lending, Slate Property Group’s debt financing arm. The funds will be utilized for the construction of the project’s first phase, encompassing 578 multifamily apartments.
As the largest public-private transit-oriented development in Miami-Dade County’s history, Upland Park is designed to increase public transit ridership while anchoring the new East-West Corridor of the County’s SMART public transportation plan. Construction of Upland Park’s first phase is expected to get underway in early 2025 and be commemorated with a formal groundbreaking ceremony.
Designed by PPK Architects, in collaboration with master plan architect Arquitectonica and urban planner Plusurbia Design, Upland Park will satisfy growing demand for commercial and residential real estate in West Miami-Dade. All told, the master planned transit-oriented development will include more than 2,000 new mid-rise and garden-style multifamily apartments, about 282,000 square feet of retail, and approximately 414,000 square feet of commercial space.
“Securing this financing marks a major milestone in bringing Upland Park to life and allows us to move forward with the first phase of a transformative project that will reshape the West Miami-Dade area,” said David Martin, CEO of Terra. “We are grateful to Miami-Dade County for their support and partnership, which highlights what can be achieved through effective public and private collaboration.
“As an example of the growing demand for mixed-use, transit-connected communities, Upland Park will not only create jobs and generate new tax revenues, but it will also help drive economic growth and mobility solutions in the county for decades to come,” Martin added.
“We are proud to partner with Terra to bring such an innovative project to life,” said Martin Nussbaum, co-founder and principal at Slate Property Group. “SCALE has provided over $2.5 billion in loan originations for multifamily projects since its inception, and Upland Park adds to our core portfolio of loans. We are excited to continue with our Florida expansion plans and will be closing on over $250 million in loans in Florida in the next 90 days.”
Upland Park will enhance mobility and support multimodal modes of transportation while offering a viable commute alternative for potential transit riders from surrounding residential areas of West Miami-Dade to major employment areas such as Miami International Airport, Health District, Downtown and Brickell. The development will generate thousands of jobs and create millions of dollars in new rent and tax revenues for Miami-Dade County on land that was producing zero public revenues previously.
Terra’s portfolio of newly completed multifamily developments across South Florida includes Grove Central, a transit-oriented mixed-use development with residential and retail uses in Coconut Grove. Terra also currently is developing CentroCity, which will include up to 1,200 apartments as part of a larger 38-acre mixed use development in central Miami-Dade County, just west of Little Havana.
The loan continues SCALE’s momentum in 2024, announcing $1 billion of closings in the past year. The lender’s other recent multifamily financings include a $135 million construction loan in the Bronx, NY; a $75 million bridge in Little Ferry, NJ, and two cross-collateralized loans totaling $243 million in Jersey City’s Journal Square Neighborhood.
