Miami development firm Terra Group and its partners Bizzi & Partners Development and New Valley have secured a $91 million construction loan for the development of Eighty Seven Park. The 70 unit luxury condominium tower is located at 8701 Collins Ave. along the ocean in Miami’s North Beach neighborhood. The project will feature residences with outdoor areas like summer kitchens, which will equal approximately 70 percent of each unit’s space. Units will range in size from 1,400 to 7,000 square feet. Construction will begin in early 2016 with completion slated for 2018. The financing was secured from United Overseas Bank. The building will mark the first U.S. residential building designed by architect Renzo Piano, winner of the Pritzker Prize.
“Our ability to secure favorable construction financing for Eighty Seven Park stems from the strength of the project’s development team, the uniqueness of its location, and the caliber of our design team led by one of the world’s best architects, Renzo Piano,” said David Martin, co-founder & president of Terra.
