Terra and Terranova Corp. are planning to build a mixed-use commercial project on a nearly 24-acre site in Doral.
“The two developers are aiming to present their proposal for District 79, an industrial and retail development at 7777 Northwest 41st Street, to the commission by the summer,” a spokesperson for Terra said.
“The joint venture is planning for the future and betting on the area’s strong industrial market,”David Martin, co-founder and president of Terra said.
Top US bankers have sounded caution over commercial real estate lending as concerns rise that bubbles are forming in parts of the country’s property market.
Lenders have helped fund a boom in recent years in cities such as New York and Miami, where luxury high rises have sprung up across the skyline.
But executives at several banks signaled during results season that they were tightening up standards for CRE lending, which includes mortgages secured against big apartment and office developments.