Centro City

A guiding principle at Terra is to improve communities by filling voids in the market with thoughtfully considered developments that bring new interest and opportunity to the local area. Centro City is a prime example of this approach, located in an urban infill environment that is ripe for redevelopment. The existing shopping plaza on the site greatly under-utilizes what could be prime space for both residential and commercial purposes. Adding more value to the community by bringing increased economic activity, and new residents to spur on future developments will serve a growing local population. Aside from the immediate surrounding area, Centro City is close to numerous major employment destinations, including Miami International Airport, the Coral Gables Business District and Blue Lagoon office complex. The large-format retailers, shops, and restaurants integrated into the project’s design will serve all these communities as well.

The master plan for Centro City includes up to 1,200 market-rate residential apartments, a charter school, an office building, and a revitalized shopping center with 300,000 square feet of lifestyle-oriented retail and restaurant space anchored by a 77,000-square-foot Target store. The multi-phased project will begin with a newly re-imagined façade, common areas, landscaping, and signage for the property’s retail component. The project’s first phase of residential development will follow, encompassing two 8-story multifamily buildings with 470 rental apartments and one residential parking garage. Future phases with additional multifamily units and a 250,000-square-foot class A commercial office building are also planned.