Terra Group just scored $48.8 million in financing to begin construction on its planned mixed-use development in Pembroke Pines, called 16000 Pines Market, property records show.
The lender was Pineland Finance and Investment. Terra also purchased a portion of the development site at 16000 Pines Boulevard for $11.5 million from the city of Pembroke Pines, records show. The city had purchased the entire 27-acre property for $17.8 million in 2015 from the US Postal Service.
Last year, Terra won approval from the Pembroke Pines Planning and Zoning/Architectural Review Board to build 135,000 square feet of retail and 20,000 square feet of restaurants. The site is currently occupied by a post office and a postal distribution center.
A spokesperson for Terra confirmed that the construction financing is for the first phase of 16000 Pines Market. In a statement David Martin, president and co-founder of Terra, said Terra will also develop a new post office within the planned development.
The second phase will be building a neighboring residential community with more than 120 single-family homes. Terra will break ground on the development some time next year, according to the spokesperson.
Roughly five miles to the east, Terra is building an even larger mixed-use development called Pines City Center. Anchored by Publix, the 47-acre project will have 300,000 square feet of retail and restaurant space, and is set to open in late 2018.
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