D
avid Martin, CEO of Terra, has built his reputation by effectively working with local government, competitors, and even NIMBYists (those opposed to new development). When entering a new neighborhood, he identifies who is anti-development and finds ways to engage them. "We can agree on 50-60% of the things," Martin said. "Our job is to work on those agreements and not let disagreements hold back progress for future generations."
Martin spoke at TRD's South Florida Real Estate Forum, discussing his pipeline of projects, including a condo tower in Midtown Miami with Michael Simkins, Mr. C Residences in West Palm Beach with the Morrison family, and the Miami Beach Convention Center Hotel with Jackie Soffer and partners. Voters recently approved a referendum allowing Terra and ESJ Capital Partners to develop a condo tower on Watson Island.
Martin has learned from past referendums, including one for the convention center hotel that received 64% of the vote, but another for Marina Park was unsuccessful. He attributed his failures to not communicating effectively with the community. "We need to participate and get involved to help fix issues," he said.
Terra's $1 billion purchase of Genting Group's downtown Miami assemblage was canceled, and their $500 million purchase of Castle Beach Club fell through earlier this year. Martin emphasized the importance of learning from mistakes and adapting to community challenges like transit, affordable housing, and stormwater management.
When working on new projects or referendums, Martin personally meets with people at senior centers and knocks on doors to communicate better. "We all need to participate and get involved," he said. Elliott asked about Martin's ability to work on multiple projects simultaneously, bringing together teams of star architects and restaurateurs. Martin attributed his success to a disciplined approach that avoids wasting time.
Elliott closed the conversation by asking about Martin's carpe diem approach to life, which was influenced by his childhood experiences with mortality. His grandfather started a funeral home business, and his mother has lived with Multiple Sclerosis her whole life. "Experiencing so much death on a daily basis...made me think differently about life," Martin said.
