Developer plans condo towers at Dadeland Marriott site
By Sherri C. Ranta
Miami's Terra International Development has plans to buy 2 acres across from the Dadeland Marriott Hotel for a 400,000-square-foot condominium.
Terra is to buy the site from MDM Hotel Group, owners of the Marriott, 9090 S Dadeland Blvd., within a few months, said Pedro A. Martin, project principal and an attorney with Greenberg Traurig law firm. MDM plans to begin building by early 2003 after meeting a 50% target of pre-sales.
The MDM group also plans a Courtyard Marriott next to the site Terra wants to buy, Mr. Martin said.
Preliminary plans for Terra call for two towers of about 400 units at 180,000-200,000 square feet each and ground-floor retail. Condo units could cost from $350,000 to $400,000, officials said.
East Kendall is ripe for development. In November, Gulfside Development announced plans for Downtown Dadeland, a 7-building project with more than 300 condos and 150,000 square feet of retail and offices. Green Construction Co. plans to build 218 apartments next to the Dadeland North Metrorail Station.
Even though rentals in Kendall do very well, Mr. Martin said, he is banking on turning them into unit owners. "Because of the way the economy is and the lower interest rates, we believe people want to own their own place."
Developers say West Kendall residents are looking to move east and the project is also near US Highway 1, Metrorail stations, the Palmetto Expressway and Kendall Drive.
"The county did a good job on the Kendall downtown master plan. Once it is built-out, it will attract a lot of people," Mr. Martin said.
Terra International, a group of Miami and South American investors, is also developer of the Nautilus luxury condominium under construction on Miami Beach.