Terra 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.

Construction of Upland Park’s first phase is expected to get underway in early 2025.

Upland Park was designed by PPK Architects in collaboration with master plan architect Arquitectonica and urban planner Plusurbia Design. 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.

Terra is also currently developing CentroCity, which will include up to 1,200 apartments in central Miami-Dade County, just west of Little Havana.

The post Terra Lands $170M Construction Loan for Upland Park Project appeared first on Connect CRE.