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.
The property is currently home to PepsiCo’s regional headquarters and distribution center. Terra and Terranova’s 7777 Investment LLC more than a year ago paid about $40 million for the site, which is next to the Palmetto Expressway and near Miami International Airport and Trump National Doral Miami.
Plans call for 51,000 square feet of retail space along 79th Avenue, 405,000 square feet of industrial space and about 600 parking spaces, the spokesperson said.
Terra has been active in Doral, where its projects include the Doral Commons, a retail development, and Modern Doral, a single-family home community. The Miami developer is also building retail on a lot near the PepsiCo facility.
The PepsiCo property was previously rumored to be one of the sites David Beckham and his group of investors were eyeing for their Major League Soccer stadium, but the Beckham group is planning to build its stadium on the Melreese Country Club east of Miami International Airport.
A Loopnet listing for the Doral project shows four two-story, retail and office buildings fronting 79th Avenue with three warehouse/office buildings.
Source: The Real Deal