Miami-based development company Terra has secured $245 million in permanent financing for the first phase of a 47-hectare, transit-oriented development on the outskirts of Miami-Dade County. The financing, provided by Slate Property Group, covers 578 residential units within the mixed-use Upland Park development. This is located at 1455 Northwest 121st Avenue, on a portion of county-owned land directly adjacent to the Dolphin Station Park and Ride Transit Terminal.
The first phase of the project, completed this year, includes nine three-storey garden-style apartment buildings. They are situated west of Dolphin Mall, near the intersection of the Florida Turnpike and the Dolphin Expressway. New York-based Slate Property Group had previously provided the $170 million construction loan in 2024. A spokesperson for Terra, the company led by David Martin, confirmed that over 60 percent of the units are already leased, with monthly rents starting at $2,000.
Expansion and Long-Term Planning
The developer expects to begin construction on the second phase, which will include an additional 484 residential units, later this year. Back in 2021, Terra entered into a 97-year ground lease agreement with Miami-Dade County. For the entire term of this agreement, the County projected revenues of nearly $1.2 billion.
Upland Park is ultimately designed to accommodate a larger number of residential units as well as retail and commercial spaces. Arquitectonica and urban planners Plusurbia Design are responsible for the master plan. A representative of the developer declined to provide additional details on the project.
Upland Park Project Overview
- —Location: 1455 Northwest 121st Avenue, Miami-Dade County
- —Total area: 47 hectares
- —First phase: 578 residential units, completed 2026
- —Second phase: 484 residential units, construction planned to start end of 2026
