Terra Group just paid $12.5 million for a Doral parcel with plans to build a retail and restaurant center there.
Doral Court Development, an affiliate of Miami-based Banyan Street, sold the 3.86-acre parking lot at the southeast corner of Northwest 36th Street and Northwest 87th Avenue.
Doral Court, a 209,000-square-foot office building located at 8600 Northwest 36th Street, is situated adjacent to the parcel.
Banyan Street Capital and DRA Advisors LLC purchased the asset through a bankruptcy proceeding in April 2016, and has retained ownership of the ±140,000 square-foot, eight-story office building and an attached ±70,000-square-foot, three-story building. Cushman & Wakefield Director Gordon Messinger handles the leasing for the two-building office complex.
Terra Group intends to rezone the recently-acquired property and develop 81,000 square feet of commercial space, including retail and restaurants. The retail center could be no taller than three stories and the footprint of second and third floors would be limited to 35,000 square feet each. Before completing the retail, Terra Group must provide at least 567 parking spaces to the Banyan Street office building, including at least 499 spaces in a new parking garage.
If the Terra Group property is rezoned to retail within a year, it must promise to allow Banyan Street to use the retail site as part of the density calculations for a potential application to build residential on the Doral Court office site, the agreement says. By adding more acres to the development application, that could allow for more units per acre upon rezoning. However, if Terra Group can’t secure the retail rezoning within a year, it would be released from this promise.
The property is close to a number of developments in Doral, like Codina Partners’ Downtown Doral project and CityPlace Doral by The Related Group and Shoma Homes.