Terra and Partners Secure $507 Million Construction Loan from TYKO Capital for 1250 West Avenue in Miami Beach

Terra, one of South Florida’s most active residential and commercial real estate development firms, in partnership with RG Development Group, GV Development and LORE Development, has secured a $507 million construction loan from TYKO Capital for the development of 1250 West Avenue, a new luxury waterfront condominium planned along Biscayne Bay in Miami Beach. The financing is a significant milestone for the project as it prepares to move forward with construction. Sales are expected to begin in 2027.

Located at 1250 West Avenue, the 28-story development along Miami Beach’s western waterfront will feature 106 residences. The project will introduce a low-density residential experience centered on expansive residences, indoor-outdoor living and sweeping views across Biscayne Bay and the Miami skyline.

“Securing this financing from TYKO is an important milestone for 1250 West Avenue and reflects the strength of the project and our long-term conviction in Miami Beach,” said David Martin, CEO of Terra. “This is a rare opportunity to create an exceptional waterfront residential experience while making meaningful investments in the surrounding neighborhood and public realm. We look forward to advancing our plans with our partners and bringing this vision to life.”

Plans for 1250 West Avenue include an extensive collection of private wellness and recreational amenities including ground-level and rooftop swimming pools, spa and a padel court. Two penthouse residences will crown the building, each featuring a private rooftop pool and dedicated amenity space. The development will also include underground parking, ground-floor retail space and lush tropical landscaping integrated throughout the property.

“Miami Beach continues to be one of the most supply-constrained luxury markets in the country, and opportunities to build on the bay at this scale are rare,” said Adi Chugh, Founder and CEO of TYKO Capital. “Terra has proven itself on prior transactions with TYKO, and the team assembled for 1250 West Avenue has the experience and local market knowledge to deliver. This is the type of project and sponsorship we look to back as we deepen our presence in South Florida.”

Beyond the residential tower, the development team has proposed a series of public improvements designed to strengthen connections between the neighborhood and Biscayne Bay, including enhancements to the Baywalk that would expand public access and connectivity along Miami Beach’s western waterfront.

Terra has an extensive track record of development across South Florida, including several major projects in Miami Beach. The firm recently completed Five Park, a 48-story luxury condominium tower at the gateway to South Beach and is currently developing the 800-room Grand Hyatt Miami Beach, now under construction adjacent to the Miami Beach Convention Center. Terra’s broader active luxury residential portfolio includes Villa Miami in Edgewater, Jean-Georges Miami Tropic Residences near the Miami Design District, THE WELL Coconut Grove, and Mr. C Hotel & Residences West Palm Beach, reflecting the firm’s growing presence across South Florida’s most sought-after residential markets.

Images via Terra

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Miami Beach's Design Review Board Approves Terra Proposal For ODP Architects-Designed 1250 West Avenue

The Miami Beach Design Review Board has approved a proposal by Terra, in partnership with RG Development Group and GV Development, for a 106-unit luxury condo tower at 1250 West Avenue in Miami Beach rising 330’.

The site is currently home to the 15-story, 238-unit Bay Garden Manor which was built in 1964. The developers will also redevelop the Bikini Hostel across the street into a public park. The site was acquired for roughly $120 million in September 2025 and had a previous height restriction of 150’. The height increase was granted by the Miami Beach City Commission in exchange for a lower density than previously permitted as well as the developer designing and funding a new portion of the baywalk.

Designed by ODP Architects, the proposal reflects a more boutique, design-driven approach to waterfront living and includes reduced density, expanded publicly accessible green space, and enhancements to the Baywalk and surrounding public realm.

“The approval by the Miami Beach Design Review Board marks an important milestone for 1250 West Avenue and reflects the thoughtful evolution of the project through continued collaboration with the City, board members, and neighborhood stakeholders. Throughout the review process, the proposal received strong support and constructive feedback recognizing its boutique scale, reduced density, expanded publicly accessible green space, and contributions to the Baywalk and surrounding public realm.

Developed by Terra in partnership with RG Development Group and GV Development, the project – designed by ODP Architects – reflects a more boutique and design-driven approach to waterfront living, featuring expansive residences, enhanced open space, and an architectural vision intended to thoughtfully integrate with the character of West Avenue while elevating the neighborhood’s waterfront environment.

We appreciate the Design Review Board’s support and look forward to continuing to advance the project through the City’s review process and ongoing engagement with the community.” Said David Martin, CEO of Terra.

Images via Terra

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